Figo has negotiated a one-year contract with the option of another year after having agreed to reduce his current £90,000-a-week salary to around £55,000 a week.
"An accord exists between Liverpool and Luis over the financing of the move," said Figo's agent Luis Douens. "Luis wants to play in England and Liverpool is a great club.
"But the decision rests on Real. If they want money for the transfer then I believe it will be hard."