Sportsmail reported last month how 28-year-old Jovanovic had given his word on a move to Anfield.
Negotiations on a pre-contract agreement for the 28-year-old to join them in the summer are at an advanced stage.
Frosty reception: Next season's Merseyside derby will be an interesting one for Serbia international Jovanovic
The Serbia international is out of contract at the end of the season and Liverpool manager Rafael Benitez has been tracking the player for some time.
Barclays Premier League rivals Birmingham and Serie A giants AC Milan were also believed to be interested in the former Lokomotiv Moscow forward, who is reportedly ready to sign a three-year deal at Anfield.
The capture of Jovanovic would reinforce Benitez's continued assertions that he plans to remain at Liverpool for the long term despite strong interest from Juventus to make him their coach at the end of the campaign.
If the player does complete his move to Liverpool, he has already done plenty to endear himself to Reds fans.
Just over a year ago he was linked with Merseyside rivals Everton, as well as Aston Villa, but rejected a move to Goodison Park out of hand.
'Everton aren't a big club. That club I have turned down already,' he told Serbian website Blic online at the time.
That almost mirrored Benitez's insult of three years ago when, after a goalless Merseyside derby, he said the Toffees were a 'smaller club'.
Jovanovic averages almost a goal every other game for Standard Liege, for whom he has scored 12 in 23 appearances this season, and can also operate as left-sided forward or attacking midfielder.
Benitez has also been linked with Bordeaux's Morocco striker Marouane Chamakh, who is also eligible to sign a pre-contract agreement with a foreign club as he is a free agent in the summer.
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