The 20-year-old only moved to the BayArena in August last year after departing Bundesliga champions Bayern Munich.
However, he is now set to ply his trade in the Premier League, subject to the necessary documentation being completed.
Can made 29 appearances in Germany’s top flight last term, scoring three goals, and played a large part of the campaign under the stewardship of former Liverpool defender Sami Hyypia, who was sacked in April following a poor run of form.
The news follows Liverpool’s signing of England striker Rickie Lambert from Southampton on Monday.
Manager Brendan Rodgers is in the process of bolstering his squad after they secured UEFA Champions League football by finishing second in the Premier League last season.
Lambert’s former Southampton team-mate Adam Lallana has also been heavily linked with a move to Anfield.
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