Lyon said the player was arriving in the city on Sunday before taking a medical on Monday, when “the finalisation of the last administrative formalities” would also take place.
Shaqiri looks set to become the second Liverpool player to make a move to a Ligue 1 club this summer, with Georginio Wijnaldum having joined Paris St-Germain after his Reds contract expired.
The 96-cap Switzerland international, who featured for his country at Euro 2020, scored eight goals in 63 games for Liverpool, six of which came during his first season on Merseyside.