The Anfield club have given Woodburn permission after manager Jurgen Klopp considered keeping him until nearer the end of the transfer window.
Hearts expect him to arrive in the Capital imminently to sign paperwork for a loan until January, which could be extended if all parties agree.
“We’re expecting him up either tonight or tomorrow morning. It’s been authorised by Liverpool so it’s just a case of getting him up and getting him ready,” explained the Hearts manager Robbie Neilson following Sunday’s 1-1 draw with Aberdeen.
“I’m delighted to get him. We are quite light squad-wise and today [against Aberdeen], we have some of the young ones like Aidan Denholm and Connor Smith in with the first team who need to go out on loan to develop.
“We are keeping them here because we don’t have the numbers for the bench in case we need to make changes. It’s hindering their development. Once we get three or four in, it gives them the opportunity to go and it gives us more options for the bench.
“The only options we had really were Jamie Walker, Aaron McEneff and Euan Henderson – who will go out on loan as well. We need more in there.”
Woodburn is an attacking player who can play out wide or in the traditional No.10 position. He is keen to move north to play more regularly.