The striker made his debut for Chelsea during the 2014/15 campaign, with his Champions League appearance that year making him the club's youngest-ever player in the competition.
The 19-year-old forward looks likely to complete a move to Merseyside after the expiry of his contract at Stamford Bridge.
The signing will be the first of Liverpool's summer, and could potentially represent a real bargain if the England Under-20 man fulfils his potential.
Liverpool will now have to pay a tribunal fee of around £3m for the players development to Chelsea.
Today, Liverpool have agreed to sign Dominic Solanke...
But the English striker, 19, and Chelsea stalled on contract negotiations and Conte left Solanke to spend most of his time outside of the match day squad.
He was a member of Chelsea's FA Youth Cup winning teams of 2014 and 2015, also helping them win the UEFA Youth League in 2015.
Dominic Solanke's move to Liverpool may have surprised a few, but the Twitter history books suggest that he's had a connection to Anfield for some time.
According to a number of reports, Klopp's side fended off interest from the likes of German side RB Leipzig and Scottish treble winners Celtic to capture his signature.
Liverpool have qualified for the Champions League, but need to navigate the playoff round to join Chelsea, Tottenham Hotspur, Manchester City and Manchester United in the group stage.