The 21 year-old has struggled to fill one of the problem areas in the Reds’ defence since arriving from Boca Juniors almost three years ago.
The Argentine, who has a solitary international cap, is travelling to Italy to discuss personal terms.
An Anfield spokesman said: “We have agreed a fee for the sale of Emiliano to Fiorentina and given them permission to speak with the player.
“Emiliano has now left our training camp.”
Roy Hodgson’s first game as Liverpool boss was abandoned without a ball being kicked last night.
The friendly against Al-Hilal in Austria was called off due to a waterlogged pitch.
Hodgson must now wait until Wednesday’s match against Grasshoppers.
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