The 18-year-old was named the Scottish Football Writers' Association's Young Player of the Year for the 2021-22 season after a stellar breakthrough campaign at Pittodrie.
Ramsay scored one goal and provided five assists in 22 Scottish Premiership appearances during the regular season - starting 19 of them - while also setting up four goals in the Europa Conference League qualifiers.
Ramsay's exploits understandably led to interest from clubs elsewhere, and Liverpool have long been considered the favourites to sign the teenager in the upcoming window.
A report from earlier this month claimed that Liverpool had entered 'advanced talks' with the full-back after being given the green light by Aberdeen to discuss a summer transfer.
According to Football Insider, Ramsay's move to Anfield is now inching ever closer after the Reds agreed terms with Aberdeen for a £4m deal including add-ons.
The report adds that the deal is 'all but done', and the Scotland Under-21 international is set to complete his medical in the coming days before his signing is made official.
Liverpool have fended off interest from Leeds United to land Ramsay, with the Whites instead securing a move for Red Bull Salzburg right-back Rasmus Kristensen.
Ramsay could supposedly be announced as a Liverpool player before the end of the week, and he prepares to leave Aberdeen having scored one goal and provided nine assists in 39 games for the Scottish club.
The defender will take up the role of Trent Alexander-Arnold's understudy at Liverpool, with that role being freed up after Neco Williams left for Fulham on a permanent deal.
Ramsay had previously admitted that he was trying to ignore the speculation surrounding his future, telling The Press and Journal: "here has been quite a few clubs linked with me, in January as well.
"But, for me, I'm still an Aberdeen player. It's good being linked with those clubs but I've just tried to block it out really. You can't get caught up in all of that. That's the worst thing, especially as a young player.
"I've just broken into the first team this season, so I'm trying to block it out and keep playing my game. The rest will take care of itself."
Ramsay is set to follow Fabio Carvalho as the Reds' second signing of the summer transfer window, and Ben Doak's arrival from Celtic is also expected to be announced by the club soon.
Liverpool are also reported to have agreed a blockbuster deal for Benfica striker Darwin Nunez, who could become the Reds' most expensive transfer of all time in a €100m (£85.6m) switch if all add-ons are met.
The Reds also released their retained list for the 2022-23 season on Thursday and confirmed that seven players would depart the club upon the expiration of their contracts, including Divock Origi and Loris Karius.