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Rickie Lambert is expected to undergo a medical at Liverpool on Saturday after an initial £4m fee was agreed with Southampton.
The Reds had a bid accepted for the 32-year-old and Sky Sports News understands personal terms have been agreed.
Lambert was part of the youth team at Anfield before being released at 15 and is a lifelong Liverpool fan.
The centre-forward, who is in England's squad for this summer's World Cup, scored 14 times last season for the Saints, who paid Bristol Rovers £1m for the player's services in August 2009.
Since then he has become an established Premier League striker and scored on his England debut, notching with his first touch in international football after coming on as a substitute against Scotland in August 2013.
A powerful and strong player, Lambert is also a free-kick specialist and has an exceptional penalty record, having scored his past 34 spot-kicks and having never missed for Southampton.