Andoni Iraola has been light on options at the back since Konaté left on a free transfer to Real Madrid this summer, and the Reds are now close to completing a season-long loan for the Uruguay international, with the agreement including an option to make the move permanent.
AraĂșjo is expected to link up with his new teammates this weekend once the paperwork is finalised.
The move represents a striking fall from favour for a player who was Barcelona's captain at times last season and has helped the club win La Liga in three of the past four campaigns.
Despite that status, the 27-year-old made just 11 league starts last term as Gerard Martin and Pau CubarsĂ emerged as Hansi Flick's preferred central-defensive pairing, leaving him surplus to requirements at the Camp Nou.
He remains under contract with Barcelona until 2031, having signed fresh terms only last year.
AraĂșjo joined the Catalan club from Uruguayan side Boston River in 2018 and has gone on to make more than 200 appearances for Barcelona, establishing himself as one of the most experienced defenders in their squad before this season's demotion down the pecking order.
For Liverpool, his versatility across both centre-back and right-back should offer Iraola much-needed cover in defence, an area the head coach has repeatedly flagged as requiring reinforcement since Konaté's exit left the club short of senior options.