Brendan Rodgers will be named as the new Liverpool manager in the next 48 hours after agreeing a three-year deal with the club.
Swansea City and the Reds have negotiated a £4m-£5m compensation package, as the Northern Irishman appears to conclude a drastic U-turn.
Rodgers rejected the Reds' overtures two weeks ago, but after owner John W Henry met with Wigan Athletic boss Roberto Martinez in Miami, it appears as though the Swans' impressive boss has emerged as the preferred option.
On Monday Swansea said no fresh approach had been made by Liverpool to speak to the 39-year-old, with Jenkins claiming reports were merely "pure speculation".
But after a flurry of bets, Rodgers was made favourite for the Reds hot seat.
Latics chairman Dave Whelan granted Henry and chairman Tom Werner to speak to the Spaniard three weeks ago, however a flurry of bets on Rodgers replacing Kenny Dalglish have recently been made, elevating him to top of the bookies' chalkboard.
Rodgers guided Swansea to an excellent debut season in the Premier League, finishing 11th in the table on 47 points - just five behind Dalglish's Liverpool.
The Scot was sacked earlier in May, with the club's dire domestic form cited for his dismissal after less than 18 months back in the managerial hot seat.