Fekir will become Liverpool’s third summer signing after Fabinho and Naby Keita.
Express Sport understands Michael Edwards has been handling negotiations and Liverpool have medical staff in Paris.
Fekir will undergo his medical today and the deal should be confirmed before he flies to Russia with the France team ahead of the World Cup.
Liverpool will pay £48m rising to £53m in another huge sign of their intent for next season after losing the Champions League final last month.
Liverpool have been in negotiations with Lyon ever since losing to Real Madrid but club president Jean-Michel Aulas has been difficult to deal with.
However the breakthrough came last night when Lyon seemingly bowed to pressure from Liverpool and Fekir to get the move sorted before the World Cup.
Liverpool have always been intent on getting the deal done before World Cup fever takes over, while Lyon were keen to see how he did incase his value rose.
But Fekir has been convinced to join Jurgen Klopp’s Liverpool revolution rather than wait on interest from Atletico Madrid and Bayern Munich to be firmed up.
Reports in France have claimed Klopp has personally convinced Fekir to pick Liverpool and he will sign a five-year deal at Anfield.
Liverpool remain in the hunt for Xherdan Shaqiri to add more options to their attack in a move that would allow them to loan some of their bright youngsters out.
Harry Wilson and Ben Woodburn are both of interest to Steven Gerrard at Rangers, who clinched a deal for Ovie Ejaria yesterday.
Fekir, 24, was a sensation in France last year, scoring 18 goals in Ligue 1 – just one fewer than Neymar – as Lyon finished third and was named in the team of the season.
He is expected to play back up for the France team this month though, competing with a glut of talent in Didier Deschamps’ squad including Kylian Mbappe, Thomas Lemar, Ousmane Dembele and Antoine Griezmann.
After making his debut in 2015 he now has 11 France caps, scoring two goals including one in May against the Republic of Ireland.
But Lyon have now emphatically denied the latest development in a post on their Twitter account.
“The information on the transfer of Nabil Fekir is false. Olympique Lyonnais categorically denies the false information disseminated by many media about the transfer of Nabil Fekir to the Liverpool club,” they wrote.
“In this period of transfers where the slightest rumour is often presented as a reality, Olympique Lyonnais reminds that only the information broadcast by the club on its website is authentic.”
However it is understood Liverpool remain confident a deal can be concluded this afternoon.