The Anfield club announced on its official website that "The Reds will proceed with the formalities of finalising the deal for the 22-year-old over the coming days."
Ben Smith of BBC Sport reports that the fee for Moreno is an initial £12 million, significantly lower than the £16 million that the club was reported to have bid earlier in the window, according to Chris Bascombe of The Telegraph.
Moreno will become the eighth signing of a busy summer on Merseyside and take the club's spending to just above £100 million, as per This Is Anfield. Having recouped more than £77 million so far, it's fair to suspect that money is still available for Brendan Rodgers now to sign a forward that the club so clearly needs.
Liverpool have added much-needed depth to their squad ahead of the 2014/15 campaign. You need only to look at the subs bench from Sunday's friendly win over Borussia Dortmund to realise that this has been a success.
Lucas Leiva, Joe Allen, Rickie Lambert, Mamadou Sakho, Jose Enrique and youngsters Suso and Jordon Ibe were all on Rodgers' bench.
Not in the squad due to injury were Daniel Agger, Borini, Lazar Markovic, Jon Flanagan and Adam Lallana.
Whichever way you would pick the first XI for Sunday's opener against Southampton, Liverpool's bench will be significantly stronger than it was at any stage of last season. Instead of Luis Alberto, Iago Aspas and Victor Moses being relied upon, Rodgers will have Lambert, Markovic and Lallana once the latter two return from injury.
Liverpool have added exciting, young players, but they have also brought in the Premier League experience they will need to see them through the campaign.
Just 20 years old, Markovic will be an exciting prospect, possibly as an impact sub in his early days. Despite only being 20 himself, Emre Can has impressed in pre-season. Javier Manquillo, yet another 20-year-old, had a solid debut.
Dejan Lovren appears to be the player Rodgers has identified to add much-needed leadership and organisation to the back line, finally replacing Jamie Carragher at the heart of the Reds defence.
Lallana, once fit, will add even more creativity to the Liverpool attack. The thought of him, Philippe Coutinho and Raheem Sterling supplying the ammunition to Daniel Sturridge is an exciting one. Throw in Markovic and Lambert as other options.
Finally, 19-year-old Divock Origi appears to be an extremely bold signing for the future, and he will be on loan back to Lille for 2014/15 as part of his £10 million arrival.
One Final Piece
With almost three weeks of the transfer window remaining, Liverpool still need one signing—possibly two if you include a back-up goalkeeper—to give Rodgers a near-perfect squad.
Back in March 2013, the Northern Irishman outlined his desire for two players in every position, according to The Telegraph.
After two years in charge at Anfield, it's pretty clear that this is now the case. Each respective position now looks strong. No longer is there a clear weak point in the squad (perennially left-back up until Moreno's capture).
Indeed, the full-back positions are a good example of how the club has improved. Glen Johnson and Manquillo are at right-back, and Jose Enrique and Moreno are at left-back, which means leaving Flanagan as cover for either side.
This is a stark contrast to last season, when Flanagan played out of position as the default left-back due to Enrique's extended absence and Aly Cissokho's disappointing loan.
The same applies at centre-back, where Lovren, Sakho and Martin Skrtel—plus Daniel Agger if he stays at the club—are competing for two places.
The only position where there isn't the strength in depth is in the main centre-forward, where only Lambert is backup to Sturridge (assuming Borini departs as expected).
The recent reports that Samuel Eto'o is under consideration, as per The Guardian, come as a surprise, but it shows how clear the need to add a forward of some sort is. It will be all the better if an additional player with Champions League experience arrives.
If Liverpool do sign the forward they need and crave in these final weeks of the transfer window, this will have been a hugely successful transfer window. Liverpool have acquired young, hungry players who fit the mould of the team Rodgers is building.
Of course, only with time can the success of a transfer window be truly judged, but on the face of it, things are looking good for Liverpool.