Ben Davies is going to be signed by Rangers and they have an agreement with the other team.
The deal to take Davies, who played 21 Championship games on loan at Sheffield United last season, is worth more than $3m guaranteed, with the rest of the fee linked to matches played and team performance.
The defender was the subject of interest from a number of clubs, including both Blackburn and Middlesbrough, as well as the possibility of a season long loan from the Reds.
Since signing a long-term contract with the club in February last year, Davies has not featured in the first team.
The loan fee that was paid bySheffield United was used to make up for the initial £500,000 signing of Davies.
Davies came through the academy and made over 100 appearances for the club before moving to the Reds.
Sky Sports reporter.
Rangers appear to have won the race to sign Ben Davies. A move to a club like Rangers is a good outcome for Ben and the club.
Chris Wilder has been after Ben since he was a manager.
It shows Ben's reputation in the game. He was a popular player in the dressing room.
When he joined, he hoped it would work out, but he has remained involved with Ben.
Calvin Bassey is closing in on a move to Amsterdam, as a deal to sign Davies is close.
There is a 10 per cent sell-on clause in the deal and Rangers have agreed a fee for the defender.
Bassey was going to sign a four-year deal in Amsterdam.
Rangers will get a club-record fee for a player that they paid less than two years ago. A deal worth up to £16m was struck in January between Rangers andEverton.
The new season will begin with a 2-0 victory over Crystal Palace by the Reds.
After being soundly beaten by Manchester United in their first outing, the side responded well and took the lead at the break thanks to Jordan Henderson's goal.
Alex Oxlade-Chamberlain left the game with a injury just before the break and the Reds made 11 changes at half-time.
It didn't take long for the Egyptian to get in on the action as his shot beat Guaita to seal the win.
The transfer window will close at 11pm on September 1st.
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