Iraola is the favourite to grab the vacant managerial role after Arne Slot was sacked on Saturday, bringing the curtain down on his two years in charge of the club.
The Reds hierarchy are now close to reaching an agreement with the 43-year-old, and according to Ben Jacobs, his official appointment could be made before the end of next week.
Bayer Leverkusen are also interested in Iraola, although ever since the Spaniard announced his exit from Bournemouth, he has been on Liverpool's radar.
That is arguably one reason why Slot was sacked this weekend, because they didn't want to risk the talented head coach moving elsewhere after missing out on Xabi Alonso to Chelsea.
Iraola has previously expressed his desire to remain in the Premier League, and therefore, it seems likely he will be leading the Merseyside giants into an exciting new chapter.