The 32-year-old will reportedly make the move to his boyhood club after completing a medical on Saturday.
The Reds have acted quickly in their pursuit of Lambert ahead of the World Cup and are believed to have already agreed personal terms on a two-year deal for the England player.
Fowler told The Sun: "For £4m you're getting a recognised striker who scores goals and who can hold balls up. He's what Liverpool need, he's got a little bit of everything."
Liverpool, who missed out on winning the Premier League title by two points last season, have also been linked with Lambert's Southampton teammate Adam Lallana.