Howedes, a World Cup winner with Germany in 2014, is poised to leave Schalke, the club where he has spent his entire professional career, having been stripped of the captaincy by new coach Domenico Tedesco earlier this month.
Reports in Germany have suggested Jurgen Klopp had identified the 29-year-old as a possible alternative to Virgil van Dijk, with central defence still a major area of concern for the Reds. DW Sports reported the Premier League side were considering an £18m bid for the defender, with his agent Volker Struth since confirming an offer from an unnamed English side.
However, a move to the Serie A champions is now expected to be confirmed imminently.
"I expect the deal to go through," Struth told Sky90, FourFourTwo report. "It is about the details now. There is an offer from England too, but the club is only a little attractive."
Liverpool, who have also struck a deal with RB Leipzig to sign Naby Keita next summer, are looking to make at least two more additions to their squad before Thursday's transfer deadline.
The club have made two offers for Monaco attacker Thomas Lemar, the second which includes Divock Origi on loan, while their interest in Southampton captain van Dijk also remains.
Liverpool was forced to abandon their £60m pursuit of van Dijk in June after it emerged the Merseyside club have made an illegal approach to try and sign the defender. When faced with the threat of a Premier League investigation, they issued a grovelling apology to Southampton, insisting they had ended their interest in the player.
But interest from Merseyside continues to linger with just three days of the transfer window remaining.