The former Borussia Dortmund boss is the front-runner to replace Brendan Rodgers, who was sacked on Sunday, and Klopp was pictured preparing to board a flight from Dortmund to Liverpool on Thursday.
Reports have suggested he will put pen to paper on a three-year contract at Anfield before his unveiling on Merseyside.
"Liverpool Football Club can confirm a press conference will be held at 7pm (AEDT) on Friday at Anfield for a major club announcement," read a statement on the club's official website.
Klopp garnered a reputation as one of Europe's best coaches during a seven-year spell at Dortmund, where he challenged the domestic dominance of Bayern Munich.
The 48-year-old won two Bundesliga titles and claimed the DFB-Pokal, while also making it to the Champions League final in 2013 only to lose out to Bayern at Wembley.
Klopp left Dortmund in May following a difficult final season in which the club flirted with relegation before eventually securing a Europa League spot.
Having initially insisted on taking a sabbatical, Klopp looks set to be in place for Liverpool's Premier League fixture at Tottenham on Saturday, October 17.
The German is in line to take over a side who have endured a stuttering start to their campaign and sit 10th in the Premier League.