Elliott, who became the youngest player to feature in the Premier League when he came on for Fulham last season aged 16, is set to reject a scholarship at Craven Cottage and join Liverpool.
Jurgen Klopp’s side have beaten Real Madrid, Paris Saint-Germain and Arsenal to sign the England Under-17 international.
Liverpool will have to negotiate a compensation package with Fulham for Elliott, who cannot turn professional until his 17th birthday next April.
Reports in Spain suggest that Liverpool could be ready to step up their chase for Junior Firpo, who has a €50m release clause.
Liverpool require defensive cover following Alberto Moreno’s departure and Firpo has been identified as a possible replacement, claim Mucho Deportivo.
The report adds that Liverpool are unwilling to pay the release clause, although the Liverpool Echo contrasts this by saying neither Jurgen Klopp or sporting director Michael Edwards have discussed signing 22-year-old from Real Betis.
Liverpool are interested in signing 15-year-old wonderkid Charlie Allen, but face competition from Manchester United, Manchester City and Tottenham.
Allen has been named in Linfield’s squad for the Uefa Champions League first qualifying round against Rosenborg at Windsor Park and could become the youngest UK player to feature in the tournament.
Divock Origi is close to signing a four-year deal at Liverpool after his Champions League heroics last season.
He will commit his future to the club by signing a four-year extension, with Daniel Sturridge’s departure set to hand him a more prominent role as the back-up to Mohamed Salah, Roberto Firmino and Sadio Mane.
The Real Madrid forward has long been linked with a move to Anfield and it would take a bid in the region of £75m to even tempt Real Madrid into selling him, although Zinedine Zidane may get involved and urge the club to keep hold of him unless Sadio Mane comes the other way.
AC Milan remain in discussions with Liverpool about the availability of defender Dejan Lovren, according to Tuttosport.
Liverpool have been in frequent communication with the Serie A club with Lovren willing to leave, but he will not force a deal. Jurgen Klopp is continuing to preparing for next season with Lovren in the squad. Liverpool are not willing to give in to AC Milan's attempts to reduce the £25m asking price.
The club may be tempted to dip into the transfer market to bolster their attacking midfield options after Jurgen Klopp revealed Xheradan Shaqiri will be out for "a while".
The Reds struggled in creative areas last season, with injuries to Shaqiri and Adam Lallana reducing the number of scoring chances in games they drew in the middle of the season that ultimately cost them the title.
Ousmane Dembele has made it clear to Barcelona that he is determined to stay and prove to the Spanish champions he can become a key player for the first team after he returned to training a week early.
Liverpool have long been linked with a move for the French wingers, but he is not letting speculation prevent him from preparing for his third season with the Catalan club.
The move lands Jurgen Klopp one of England’s premier talents as they bid to secure their future as well as their current success.
The England Under-17 international had five goals and four assists in the Under-18 Premier League last term, eventually making two senior appearances before the Cottagers suffered relegation to the Championship.
Klopp, meanwhile, could look to take over from Joachim Low, should the opportunity arise.
The Reds boss’ agent Marc Kosicke admits Die Mannschaft is the one job that could tempt him away.
“Jurgen himself once said that in the event that Joachim Low someday no longer wants to be the national coach – and it would be possible for him do that – this is an option for him,” Kosicke told Welt.
Fernandes’ agent has met with representatives of United, Liverpool and Tottenham but no club has agreed a fee with Sporting yet.
The Reds look set to miss out on Real Madrid midfielder Dani Ceballos, with Tottenham now in pole position to secure the 22-year-old’s signature.
Ceballos is keen to leave the Bernabeu to play more regular football and has attracted plenty of interest from the Premier League with Arsenal also in the running.
One report in Spain suggests Real Madrid would be happy to sell Ceballos for around £50m but would insist on a buy-back clause of around £70m just in case he should fulfil his potential.
According to Muchodeportivo, Liverpool also have their eye on Real Betis defender and Barcelona target Junior Firpo.
Firpo was also part of that victorious Spanish European U21 Championship-winning side this summer and is said to be available for around £25m. The report claims Liverpool are considering offering a swap deal with Champions League hero Divock Origi, though claims of a new deal for the Belgian suggest that appears unlikely.
Meanwhile, the club have moved closer to buying Lille’s Nicolas Pepe after the president admitted he has begun talks with the Anfield club, adding that another side is also interested in attracting the forward.
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