"A fee has been agreed with Liverpool for Jordan Henderson and he travels to Anfield today with the club's blessing," Sunderland confirmed in a statement on the club's website.
Henderson, 20, will head to Anfield as part of a deal which will see French striker David Ngog join Sunderland as a makeweight according to reports.
The deal, revealed in The National last week, comes after days of speculation linking Henderson to a Liverpool move, with Kenny Dalglish, the Liverpool manager, determined to clinch the transfer before the midfielder travels to Denmark for the Under 21 European Championships, which start on Saturday.
Henderson's signing will be the third major transfer since Dalglish took over as caretaker in January, following the acquisitions of Andy Carroll and Luis Suarez, the Uruguayan international.
Henderson has been a key figure for Sunderland in the past two seasons, and made his senior England debut against France in November last year.
He is the latest part of a transfer strategy that will see Liverpool target young talent rather than established stars, reports said.
The club are also chasing Blackpool midfielder Charlie Adam, 25, Blackburn centre-half Phil Jones, 19, and Ipswich's teenage striker Connor Wickham, 18.