According to Chris Bascombe of The Telegraph, the 19-year-old will be tied to Anfield until at least 2020. The announcement is expected shortly after the final home again against Crystal Palace.
Liverpool officials were in discussions with Ibe for the past few weeks, and have finally reached a break through over agreeing to a new deal.
Unlike Raheem Sterling, who has refused to sign a new contract at Anfield, Ibe’s has been a smooth process because he is represented by his stepfather rather than an agent.
Ibe was signed by Kenny Dalglish in 2012 from Wycombe. He made his debut two years ago and was sent on loan at Derby County at the start of the season. His impressive form led Liverpool to recall him in January and since then he has been more of a regular starter at the club.
Bascombe adds that Liverpool defender Martin Skrtel is expected to renew his contract while Jon Flanagan will be retained despite facing another year on the sidelines with injury.
Liverpool are hopeful that contract rebel Raheem Sterling will eventually sign a new deal at the club in the summer.