The final fee will be £5m upfront, plus £2.7m in potential add ons. Romano also reveals that the contract Carvalho will sign with Liverpool will be until 2027.
Fulham will also have a 20% sell-on clause included in the deal.
Fabrizio has also said that medical tests have already been completed in Liverpool with Fulham's permission and Jurgen Klopp has already had a conversation with Carvalho.
Despite reports that Liverpool might loan the 19-year-old back to Craven Cottage next season, Romano's report states that at the moment, the Reds have no plans to loan him back to the Lilywhites.
Finally, an official announcement is expected after the season ends in May, out of respect to Fulham and their fans.
Anfield Watch Verdict
Despite it taking a bit longer than hoped, Liverpool can finally call Fabio Carvalho their player. The 19-year-old has been a massive part of Fulham's promotion push this season, scoring seven goals and getting seven assists in 29 games.
This seems to be the same deal that Liverpool had already agreed with Fulham in the January transfer window.
Even though Carvalho's contract with Fulham expires at the end of this season, Liverpool are still paying a pretty penny for the player.
I think that's purely to keep a good working relationship with Fulham and also to avoid it going to a tribunal, similar to what happened with Harvey Elliott when we signed him from the London based club.
If it went to a tribunal then the Reds might be ordered to pay more to Fulham and they'd also have to pay legal expenses on top of that fee. So, a good deal for everyone in the end.