Roy Hodgson is expected to be appointed new Liverpool manager within the next 24 hours once the formalities of his move from Barclays Premier League rivals Fulham have been completed.
The Merseysiders set themselves a deadline of the end of the month to find a successor to Rafael Benitez, who parted company with the Reds 27 days ago after a disappointing season saw the club finish seventh in the table.
It is believed it will cost Liverpool a reported £2million to release the Englishman from his contract at Craven Cottage.
Former player and manager Kenny Dalglish, who was part of the selection process with managing director Christian Purslow and is currently an ambassador for the club's academy, had expressed an interest in returning to a role he enjoyed great success in the late 1980s and early 1990s but has been overlooked for the post.
Hodgson's name has also been linked with England after their disappointing World Cup campaign under Fabio Capello but Liverpool were already in advanced negotiations with the current League Managers' Association manager of the year.