There has been interest in Shaqiri from a number of clubs, but Liverpool are set to win the race and will activate his release clause of around £13.75m rather than thrashing out a different fee.
That represents fine business for Liverpool considering Shaqiri's ability and experience.
Klopp has been in the market for attacking reinforcements as he's yet to sign a replacement for Philippe Coutinho following his move to Barcelona in January and the Reds saw a move for Nabil Fekir collapse last month.
Shaqiri, who was in action at the World Cup this summer with Switzerland, will become Klopp's third signing of the current transfer window.
Proven cover is needed for Sadio Mane and Mohamed Salah, and Stoke City's Xherdan Shaqiri has been heavily linked with a move to Anfield in recent weeks.