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In the most high-profile move of the day, Harry Wilson is set to join Cardiff City on loan for the rest of the season.
The moves on Friday, promise to be more low-key, with EFL clubs looking for any last-gasp bargains.
After impressing for the Cherries, Wilson had been hoping to complete a move to another top-flight club, but instead will settle for a move to Cardiff.
The Welsh international has spent the last two campaigns away from Anfield, first with Derby and then last term in the Premier League with Bournemouth.
Nottingham Forest have been extensively linked with the 23-year-old, as Chris Hughton looks to put his stamp on his new team.
Phillips could join Kane in completing a permanent Anfield exit after spending time on loan with German outfit VfB Stuttgart.
Woodburn is expected to leave on a temporary deal, with a move to League One most likely.
Midfielder Herbie Kane has already completed a permanent exit after the 21-year-old signed a four-year-deal with Championship outfit Barnsley.
Elsewhere, Ben Woodburn and Nat Phillips are both expected to leave before the 5pm deadline.
Kane made his senior debut for Liverpool in the Carabao Cup last season, before spending the rest of the season on loan with Hull City.
After playing with Oxford United last term, Hull City and Charlton Athletic are both keen to sign the 20-year-old.
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