The Reds have been locked in talks with Middlesbrough for a couple of weeks over the Australia international, who Roy Hodgson wants as his new No.2.
Jones, who is also classed as a home-grown player under new Premier League rules, is now on his way to Liverpool's training HQ at Melwood to complete his medical.
It is understood personal terms have already been agreed and he will pen a three-year contract upon completion of his medical.
Skysports.com revealed last week the two clubs had agreed a fee, but an issue remained over how the sum - believed to be around £2.5million - would be paid.
The two clubs have now succesfully concluded talks over the instalments and Jones is set to complete his move in the coming hours.
Boro boss Gordon Strachan will now be left with the quandary of whether to spend the money he has recouped on Jones, on a new keeper or invest it elsewhere in the squad.
England youth international Jason Steele has stepped in a performed admirably against both Chesterfield and Leicester last week, and with veteran Danny Coyne also still around - Strachan may not opt for a new keeper at all.
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