The 20-year-old Germany under-21 international, who joined Leverkusen from Bayern Munich in 2013, accepted an offer submitted by the English club and would join them from July 1, Leverkusen said.
"Emre Can developed as a player very quickly in the last 12 months at Bayer Leverkusen and we would have liked to hold on to him," club CEO Michael Schade said in a statement.
"But the exit clause is part of his contract. So we wish him further development and success in the Premier League."
Liverpool, who finished second in the Premier League last season, confirmed that a deal had been agreed in principle for the Frankfurt-born midfielder, who made 29 Bundesliga appearances last season, scoring three goals.
(Reporting by Karolos Grohmann; Editing by John O'Brien)
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