The 22-year-old defender, who has played three times for his country, will cost the Anfield club about 12 million pounds according to local media in Spain and England.
Moreno did not feature in Sevilla's 2-0 loss to Real Madrid in their UEFA Super Cup clash in Cardiff on Tuesday but the Spanish club's manager Unai Emery praised him after the match.
"Yes he is going, but he leaves with our best wishes and we thank him for everything he has done for the club," he said.
Liverpool added on their website: "The Reds will proceed with the formalities of finalising the deal for the 22-year-old over the coming days and will make no further announcement until it is complete."
Moreno, who was born in Seville, has earned a reputation as an effective overlapping fullback and was a key part of the Sevilla side that won the Europa League last season.
(Reporting by Mike Collett; editing by Ken Ferris)
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