The Belgium international is set to leave Sunderland after a fee was agreed for the transfer on Friday.
Mignolet was named the Black Cats’ player of the season for 2012-13 after keeping 11 clean sheets in 40 appearances in all competitions.
The 25-year-old’s arrival raises significant questions about the long-term future of Pepe Reina, who has been the first choice at Anfield since arriving from Villarreal in 2005.
But manager Brendan Rodgers has declared that he wants Reina to stay and ensure that the club’s goalkeeping department has strength in depth.
Reina, who has been linked with moves to Barcelona and Arsenal, declared on Sunday that he will be happy to stay and fight for his place next season.
The Spain international, currently on duty with his country at the Confederations Cup in Brazil, is under contract with Liverpool until 2016.
Mignolet, who came to England when he joined Sunderland from Belgian club Sint-Truden for £2 million in June 2010, is set to become Liverpool’s fourth summer signing.
Central defender Kolo Toure has been secured on a free transfer from Manchester City, forward Luis Alberto was signed from Sevilla for £6 million on Saturday, and the drawn-out £7.7 million capture of Celta Vigo striker Iago Aspas was confirmed on Sunday evening.
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