The club confirmed, after weeks of negotiation in the close season, they had finally met the Seasiders' valuation of the Scotland international.
"Liverpool Football Club today announced they have reached agreement with Blackpool for the transfer of Charlie Adam," said a Liverpool statement.
"The player will now travel to Merseyside for a medical and to discuss personal terms."
In January the Reds had two bids - the latter worth £6.5million - rejected by the Seasiders, who were keen to hang on to their captain for a relegation battle which ultimately proved unsuccessful.
However, Liverpool maintained their interest and reopened negotiations at the end of the season, but a fee for a player who had only 12 months left on his contract continued to be the sticking point with Blackpool reportedly holding out for £9million.
But a deal that is acceptable to both sides has finally been struck, and with Adam having previously told the Seasiders he wanted a move to Anfield it seems unlikely personal terms will be an issue for the 25-year-old.
Providing he passes his medical, Adam will become manager Kenny Dalglish's second signing of the summer as the Scot has already bought England international Jordan Henderson from Sunderland for £16million.
The impending arrival of another central midfielder is likely to mean changes to Dalglish's personnel.
With Henderson already on board and Adam set to sign it pushes the likes of Alberto Aquilani and Christian Poulsen further down the pecking order and their futures seem destined to be away from Anfield.
Aquilani has returned from a season-long loan spell at Juventus, who chose not to take up the option to buy the Italy international, while Poulsen became a peripheral figure when Dalglish took over in January.
There are a number of other players Liverpool would like to move on in order to free up space not only in the squad but on the wage bill with Joe Cole and Milan Jovanovic, two players who failed to impress in their first seasons with the club, and striker David Ngog the likely candidates.
But having secured both his central midfield targets Dalglish must now turn his attention to filling gaps on the left-hand side.
Newcastle defender Jose Enrique remains an option while Aston Villa's Stewart Downing has emerged as the primary contender for the left midfield slot, although the club are increasingly being linked with Valencia's Spain international Juan Mata.