Nunez joined the Reds for an initial 75 million euros ($87 million, £65 million) from Benfica three years ago but has failed to live up to that price tag.

The Uruguayan scored 40 goals in 143 appearances but slipped down the pecking order at Anfield under both Jurgen Klopp and Arne Slot.

According to reports in the British media, Al-Hilal will pay an initial 53 million euros for the 26-year-old.

"Al-Hilal Club Company is pleased to announce the signing of Uruguayan striker Darwin Nunez from Liverpool FC on a three-year contract," Al-Hilal said in a statement.

Nunez was likely to play even less this season after Liverpool signed Hugo Ekitike and Florian Wirtz as part of a 300 million euro spending spree that also includes full-backs Milos Kerkez and Jeremie Frimpong.

However, the club could still break the British transfer record by signing Isak.

Liverpool reportedly had a first bid of £110 million rejected, with Newcastle demanding a fee of up to £150 million for the Swedish striker.

The sale of Nunez would take Liverpool's income for transfer sales this window to nearly 200 million euros after the departures of Luis Diaz, Jarell Quansah, Caoimhin Kelleher, Trent Alexander-Arnold and Tyler Morton.

Nunez is the latest big name to join Al-Hilal, who shocked Manchester City to reach the quarter-finals of the recent Club World Cup.

Coached by former Inter Milan boss Simone Inzaghi, the Saudi club's squad includes Portuguese internationals Ruben Neves and Joao Cancelo, Senegal captain Kalidou Koulibaly and former Fulham striker Aleksandar Mitrovic.