The Reds have been linked with a host of players in recent weeks as Jurgen Klopp looks to strengthen his side ahead of his first full season in charge of the Merseyside outfit.
Matip, 24, has been touted as a possible target for the Merseyside outfit in recent weeks as Klopp aims to bolster his defensive options at Anfield.
And now, Sky Sports is reporting that the Reds are on the verge of announcing a deal to sign Matip from Schalke in the summer.
The report states that German club Schalke will announce the details of the free transfer on Monday afternoon.
Cameroon international Matip came through the youth system at Schalke and has made 27 appearances for his national side.
Liverpool returned to winning ways in the Premier League with a thumping 6-0 win at basement club Aston Villa on Sunday afternoon.
Get 8/1 enhanced odds on Tottenham to win or 11/1 enhanced odds on Liverpool to win at White Hart Lane on Saturday afternoon. Click here to sign up now. T&Cs apply.
MORE: Latest Man Utd news
MORE: Latest Arsenal news
MORE: The latest football news