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Published 14:18 30 May 2017 BST
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As Solanke is under 24, Liverpool will have to pay a compensation fee, which is understood to be between £2m and £3m. The 19-year-old will reportedly be paid £20,000 a week, and will be initially part of Liverpool's U23 side.
The club are said to have beat off competition from a number of clubs in England and Europe to sign Solanke, who made one senior appearance for Chelsea. The striker spent the 2015/16 season on loan at Vitesse Arnhem in the Netherlands, scoring seven goals in 25 games.
Solanke will be Liverpool's first summer transfer.
The club are said to have over £100m to spend this summer, and are reportedly targeting at least one winger, a central midfielder and a central defender.
Liverpool are understood to be interested in Roma's Mohamed Salah, three years after the winger turned them down to sign for Chelsea. The Egyptian was in brilliant form for Roma last season, scoring 15 goals, and making 11 assists, in 30 Serie A games.
Virgil Van Dijk, Alex Oxlade-Chamberlain, and Red Bull Leipzig midfielder Naby Keita are also said to be targets for Liverpool. Klopp also still has an interest in Christian Pulisic, Borussia Dortmund's 18-year-old winger.
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