Javier Mascherano has been given permission to open talks with Barcelona after Liverpool agreed terms with the Spanish champions.
The Argentina captain has been linked with a move away from Anfield for much of the summer with Barca and Inter both making bids for him.
Mascherano was left out of Liverpool’s squad for Monday’s 3-0 Premier League defeat at Manchester City after informing Hodgson he did not want to be considered for selection.
Liverpool, who tuned down Barcelona’s opening bid, have now accepted their latest offer offer.
A statement on the club’s official website read: “Liverpool Football Club have agreed terms for the transfer of Javier Mascherano to FC Barcelona.
“The Spanish club have now been given permission to speak to the Argentina midfielder.”
A statement on the Barcelona’s official website read: “FC Barcelona and Liverpool FC have reached an agreement in principle for the transfer of Javier Mascherano to the club for the next four seasons.
“The deal was closed after intensive efforts made by the club in the final hours and through the player himself in the negotiations.
“Barcelona will report the details of the operation once the player passes the medical and the transfer is concluded.
“It is hoped Javier Mascherano will arrive in Barcelona this weekend.”
Inter also made an offer for the midfielder, but Liverpool boss, Hodgson, said on Thursday night that he considered the offer to be derisory.
“I saw a fax the other day but I think it was sent tongue-in-cheek, to be honest,” he told Sky Sports. “The offer was so unbelievably far from a valuation it seemed to me the sporting director was putting the fax in to maybe satisfy people at the club.
“We didn’t even bother to answer it – that is how ridiculously far from a serious offer it was.”