A Liverpool spokesman said "We have reached a verbal agreement with Portsmouth and have given them permission to speak with Peter."
The fee is believed to be an initial £9 million with up to an extra £2 million to be paid to Liverpool depending on clauses and add-ons, though hopefully the fee will be confirmed if (or more likely when) the deal goes through.
I won't be jumping for joy until this deal is confirmed and Peter signs on the dotted line, as we've seen big moves break down in the past.