The proposed transfer package is believed to include more than £100 million in guaranteed payments, while performance-based bonuses could push the total fee to about £120 million.
The agreement follows weeks of negotiations between the two clubs.
Liverpool had been working to reduce PSG’s initial asking price of £145 million before making progress in talks.
Bradley Barcola, 23, has been Liverpool’s main transfer target for several months as the club searches for a replacement for Mohamed Salah following his move to Trabzonspor.
Liverpool had also shown interest in Yan Diomande and saw a bid for the player rejected before he eventually joined Real Madrid.
Sporting director Richard Hughes and Fenway Sports Group president Mike Gordon were said to have played leading roles in the negotiations for Barcola.
The France international moved to PSG from Lyon in 2023 and has established himself as an important player for the French club.
Bradley Barcola has made 152 appearances, scoring 39 goals and providing 37 assists.
During his time in Paris, Barcola has won several major honours, including three Ligue 1 titles, two Champions League trophies and two French Cups.
If the transfer is completed, Barcola will become Liverpool’s fourth signing of the summer, following Jeremy Jacquet, Victor Munoz and Ronald Araujo.
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