Barcelona are reportedly set to complete the signing of Luis Suarez from Liverpool after agreeing a cut-price of around £58m – and the Catalans hope to announce the deal later today.

The La Liga giants have been in negotiations with Reds officials over the last few weeks in order to finalise the deal for Suarez – with several reports on Friday claiming the clubs had already agreed a deal in principle for £63m.

However, one of the most reliable Spanish journalists regarding Barca, Miguel Rico from Catalan newspaper Mundo Deportivo, claims the final fee will eventually be between €70m and €73 (£56-£58m).

According to Rico, who broke the news of Cesc Fabregas's move to Chelsea this summer, Suarez had a €95m (£75.5m) release cause in his contract should any foreign club want him, but Barcelona will actually pay around €20m less.

With Barcelona having already agreed personal terms with the 27-year-old striker, the deal could be announced later today (Wednesday).

The Catalans had earmarked the Liverpool striker as their top priority for the summer to form an impressive attacking trio with Lionel Messi and Neymar.

Liverpool boss Brendan Rodgers was believed to be interested in including Alexis Sanchez as part of the deal, as he saw the Chilean international as the perfect replacement for Suarez.

However, Sanchez himself spurned the chance to move to Anfield and is set to sign for Arsenal instead for a fee of around £28m.

Gunners manager Arsene Wenger recently revealed the deal for the Chilean winger is 'almost done' and that he expects to make it official by the middle of the week.