The expected development will help increase the capacity of the stadium by about seven thousand spectators, making Anfield the third largest stadium in the English Premier League after Old Trafford of Manchester United and Tottenham Hotspur.
Liverpool also secured approval to host six major concerts and events at Anfield over the course of five years.
Andy Hughes, Liverpool managing director, said in a statement: “This is a huge step in our journey towards having more fans at Anfield.
Liverpool also announced that it will put new easy-to-fold seats at Anfield on a trial period for 12 months, starting from the 2021-2022 season.
Liverpool will install the new 7,800 seats in the Cobb stand and Anfield Road, after obtaining the necessary safety approvals.
Liverpool stressed that the new seats are not areas to encourage standing, but their design will allow fans to stand safely at important moments during the course of the match.
Hughes said: “The safety of our fans at Anfield is our absolute priority and we are fully committed to working with the Sports Grounds Safety Authority to pilot these new seats at Anfield.
Liverpool completed the expansion of the main stand in 2016, which helped bring the stadium’s capacity to 54,000 spectators.