The Reds dismissed Arne Slot on Saturday, and reports at the time identified Iraola as the frontrunner to succeed him.
Formal discussions between the club and the 44-year-old were expected to begin this week, with an official confirmation potentially arriving within the next few days.
Liverpool's search was spearheaded by sporting director Richard Hughes, who has long admired Iraola's work. Hughes originally targeted the coach during his time at Bournemouth and was responsible for bringing him to the south-coast club in 2023 before making his own move to Merseyside in 2024.
The club's hierarchy prioritised finding a manager whose football philosophy aligned with Liverpool's preferred style of play, and Iraola emerged as the standout candidate. His impressive achievements at Bournemouth further strengthened his case.
Under Iraola, Bournemouth enjoyed a remarkable second half of the 2025/26 Premier League campaign, putting together an 18-match unbeaten run.
The Cherries ultimately secured sixth place, earning qualification for next season's Europa League and finishing only three points behind Liverpool in the final standings.
That strong end to the season played a significant role in convincing Liverpool that Iraola was the right choice to lead the team into a new era.
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