Oxlade-Chamberlain is believed to have turned down a new contract offer from Arsenal and an approach from champions Chelsea, both of whom were reported to have offered him higher wages than Liverpool.
The transfer window shuts in England at 11pm BST on Thursday, August 31.
Oxlade-Chamberlain is currently on England duty and is expected to undergo a medical at St George's Park on Wednesday evening before signing a reported six-year contract with Liverpool.
The Independent claims Chelsea will part with 35million pounds (USD 45.2m, 37.7m euros)
Alex Oxlade-Chamberlain has not played since injuring his knee in the Champions League defeat to Barcelona on February 23.
Oxlade-Chamberlain (hamstring) Walcott (calf) suffered injuries during their their 0-3 loss to Sheffield Wednesday during a League Cup contest at the Hillsborough Stadium.
Ross Barkley, Alex Oxlade-Chamberlain and an own goal by Lithuania goalkeeper Giedrius Arlauskis helped England score a 3-0 win and complete 10 wins out of 10 in their Euro 2016 qualifying campaign.
Alex Oxlade-Chamberlain netted the all-important goal in his side's 1-0 victory over bitter rivals Chelsea in the Community Shield
Alex Oxlade-Chamberlain suffered a hamstring injury during the second half of Arsenal's 2-1 FA Cup quarter-final win at Manchester United on Monday.
With Therri Henry hanging up his boots, Alex Oxlade-Chamberlain has been following other notable football personalities to improve his game, like Dutch medio Wesley Sneijder who has certainly caught the 21-year-old's eye.
Alexis Sanchez's last-gasp goal for Arsenal helped the team defeat Southampton in a recent English Premier League match.
Tottenham forward Erik Lamela failed to clear in the 74th minute and the ball ricocheted around the penalty area before falling to Alex Oxlade-Chamberlain, who lashed the ball in from close range for an Arsenal equaliser. Lamela put his face in his hands after the goal in the north London derby, whose result leaves Spurs winless in four matches.
The allegations centred on a chant by a section of the England crowd that suggested the Ferdinand brothers should be burned on a bonfire. It has been suggested the song had racist overtones because QPR defender Anton Ferdinand was the target of racist abuse from Chelsea's former England captain John Terry last season.
Roy Hodgson has revealed that he sees Manchester United striker Wayne Rooney as England's future captain.
Alex Oxlade-Chamberlain opened his goal-scoring account for England against San Marino and silenced his father into the bargain.
Wayne Rooney admits he is desperate to make amends for years of under-achievement with England after being named as captain for Friday's World Cup qualifier against San Marino.
England manager Roy Hodgson has named Wayne Rooney as captain for Friday's World Cup qualifier against San Marino at Wembley.
Ashley Cole will escape a playing ban from England in the upcoming World Cup qualifiers despite insulting the Football Association in an offensive Twitter post.