The Saudi Arabian side, managed by Liverpool legend Steven Gerrard, have agreed a fee of £12m with the Reds for Henderson.
The Liverpool skipper was put through his medical paces on Friday and came through the tests without an issue.
Henderson is now waiting for the paperwork to go through in order for him to officially become an Al Ettifaq player.
The 33-year-old is putting pen to paper to a lucrative three-year contract with the Saudi side.
He is set to earn £700,000 per week playing for Al Ettifaq and the switch will see him play his football outside England for the first time in his career.
Liverpool are looking at an extensive midfield rebuild this summer.
As well as Henderson, Liverpool are also set to lose another key midfielder in the shape of Fabinho, who is expected to join Al Ittihad in a deal which will net the Merseyside club £40m.