The 20-year-old made 29 appearances for Leverkusen in the Bundesliga last season, scoring on three occasions.
The Frankfurt-born midfielder moved to the BayArena from Bayern Munich in 2013 and is set to become Liverpool's second signing following the capture of Rickie Lambert from Southampton.
It is understood that Can has already signed his contract and will be officially unveiled as a Liverpool player on July 1, subject to all the relevant paperwork being completed.
A statement on Liverpool's official website read: "Liverpool FC have today agreed a deal in principle with Bayer Leverkusen to sign 20-year-old Emre Can, subject to documentation being completed."
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