The report add that Bristol are ready to offer the 19-year-old wages of around £10,000-a-week and that Liverpool are ready to facilitate the transfer by including a sizeable sell-on clause as well as a buyback option.
There has been no official confirmation from either party regarding an agreement taking place but it now very much seems like Canos will be plying his trade at the Ashton Gate this summer.
Now according to reports from the Bristol Post, it has been claimed that Bristol City will be withdrawing their pursuit of Gillingham star Bradley Dack once their expected signing of Canos goes through.
Dack was one of the stars of League One last season, scoring 15 goals as well as providing 10 assists in 44 appearances in all competitions.
As a result of his exploits, the 22-year-old had managed to grab the attention of a host of clubs including Bristol City. However, reports claim that Bristol are now ready to pull out from the race to sign Dack as they are set to spend a huge chunk of their transfer budget on Canos.
The Daily Mail had reported back in May that Gillingham are open to selling Dack for a fee of around £2 million and Bristol City dropping their interest could prove to be a huge boost for Celtic, who are believed to be interested as well.
New Celtic boss Brendan Rodgers is planning to strengthen his squad this summer and bringing in a couple of attacking players to Parkhead will surely be a priority for the Northern Irishman.
Although Dack is relatively inexperienced at the highest level, his potential, availability as well as low asking price should tempt Rodgers to take a punt on the talented attacking midfielder this summer.