However, The Athletic reports that Liverpool may also hold discussions with VfB Stuttgart head coach Sebastián Hoeness and RC Lens manager Pierre Sage before the appointment is finalised.
Iraola, 43, left Bournemouth at the end of the season when his contract expired, having already turned down approaches from Crystal Palace, AC Milan and Bayer Leverkusen to wait for the right opportunity. Liverpool sporting director Richard Hughes was the man who appointed Iraola at Bournemouth in 2023, and their close relationship has given the Spaniard a clear advantage in the process.
Romano wrote on Saturday: "The negotiations will move forward quickly to get it done with formal steps but Liverpool decision made. Iraola will be the next manager."
Hoeness, 44, has led Stuttgart to Champions League qualification for the second successive season and plays a high-intensity pressing style that aligns closely with what Liverpool say they want to restore.
The Athletic previously reported that data analysis at Anfield found his coaching profile closely aligned with that of Jürgen Klopp. He is contracted with Stuttgart until 2028.
Sage, 46, guided Lens to second place in Ligue 1 this season — their best finish in the club's history — and reached the Coupe de France final. He publicly told French broadcaster Téléfoot that managing Liverpool had always been his dream. He spent 2023-25 at Lyon, saving the club from relegation before leaving in January 2025, and joined Lens last summer.
Liverpool's priority is speed. The World Cup begins on June 11 and the club want their new head coach in place to begin reshaping a squad in transition before the tournament disrupts the market. Iraola's availability and existing relationship with Hughes makes him the most straightforward appointment — but Liverpool will make sure before moving.