Fernando Torres will join Milan permanently on January 5 ahead of his expected return to Atletico Madrid.
Liverpool boss Brendan Rodgers has insisted Mario Balotelli will not be going out on loan in the January transfer window.
The forward, who signed from K-League outfit Chunnam Dragon in a £2m deal in June 2011, was out of contract on Wearside at the end of the season.
Ji Dong-won scored just two goals before joining Augsburg on a five-month loan last season, where he impressed with five goals in 17 games.
He returned to the Stadium of Light in the summer, but has failed to make an impact under either Paolo Di Canio or his successor Gus Poyet, his last appearance coming in the FA Cup third-round win over Carlisle.