Flanagan has been mulling over his decision over the past two weeks, as opting to leave his boyhood club, even for a season, would be a significant change.
Now, according to the Mirror‘s Neil Moxley, Flanagan has seen the benefits of a move, and will join Sean Dyche’s side imminently.
Moxley claims that Burnley have “tied up” the deal, with Flanagan likely receiving regular first-team football at the Turf Moor Stadium.
Flanagan could be set to complete his move in the coming days, joining Ben Mee, Matthew Lowton, Stephen Ward, Danny Lafferty and Tendayi Darikwa as Dyche’s full-back options.
Klopp is said to see Flanagan playing a big part of his long-term plans, with the local lad signing a new three-year deal back in March.
Flanagan’s departure cast doubt over Klopp’s options for 2016/17, however, suggesting a possible first-team role for Andre Wisdom or Trent Alexander-Arnold.
Wisdom has been linked with a move away from the club this summer, but has performed ably at both centre-back and right-back during pre-season, while Alexander-Arnold is expected to drop down to the U23s on his return, but has shown his composure in a first-team role in the US.
Klopp is currently without versatile 19-year-old Joe Gomez, but the former Charlton Athletic defender is able to operate across the back line.
Flanagan spent 619 days on the sidelines with a series of knee injuries before returning against Exeter City in the FA Cup in January.
His move to Lancashire should see him continue to work on his fitness ahead of a role under Klopp in 2017/18.