The two clubs have agreed on a transfer fee of £79 million, which will be broken down into an initial payment of £69 million and an additional £10 million in bonuses.
Ekitike has already accepted the terms of a six-year contract with Liverpool and is set to undergo a medical examination on Merseyside within the next 48 hours.
Last season, Ekitike scored 22 goals in 48 games, helping Eintracht Frankfurt qualify for the Champions League.