After weeks of speculation and discussion between the two clubs, sources at Chelsea confirmed that the deal is almost complete and the player will make his move early in the January transfer window.
Sturridge, 23, has been a long-term target for Liverpool. The England international lacks first-team opportunity at Chelsea as first-choice Fernando Torres is preferred.
Apart from Sturridge, Blackpool winger Tom Ince, 20, who was sold by Liverpool 18 months ago, is set to complete £6 million return to Anfield.
Brendan Rodgers has been left with only one senior striker in Luis Suarez after Andy Carroll was sent on loan to West Ham United and Fabio Borini was ruled due to injury.
Meanwhile, Liverpool winger Stewart Downing is set to leave the club in January after being left out of first-team action. Rodgers is likely to offload midfielder Joe Cole with West Ham and Queens Park Rangers interested in the 31-year-old.
Liverpool can cash-in on the two players wages, nearing a sum of £150,000-a-week, to fund a new deal for young winger Raheem Sterling. Rodgers is set to offer £35k-a-week for the 18-year-old England star.