The 25-year-old will miss the Magpies' pre-season game against Doncaster on Wednesday night as the two clubs are in advanced talks.
A sticking point seems to be the payment of the transfer fee, with Newcastle wanting a larger part of the proposed fee to be up front but Liverpool wanting staggered payments.
Wijnaldum was signed from Dutch side PSV last summer for £14.5m and impressed in his first campaign - scoring 11 goals and playing in all 38 Premier League games - as a rare bright spark in a dismal campaign for the club that saw Steve McClaren sacked and the team relegated.
Rafa
Benitez took over from McClaren, and despite improved performances it
was too late to stop the club from spending next season in the
Championship. After such an impressive individual season it was always
going to be difficult to keep hold of the Holland international.
The
Spanish manager has already allowed Papiss Cisse and Andros Townsend
leave the club as he crafts a squad that will be capable of promotion at
the first time of asking.
Liverpool,
meanwhile, have also been busy in the transfer market and Wijnaldum
would become their sixth summer signing after Ragnar Klavan, with the
Estonian international close to a move from FC Augsburg.
Jurgen
Klopp will be expected to push for the Champions League qualification
places in the coming season after a full pre-season with his squad.
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