The striker left Celta Vigo last summer to sign for the Premier League outfit for a fee of €10m but struggled to settle at Anfield.
Aspas made 14 Premier League appearances without scoring once with his only goal for the club coming in the FA Cup.
Sevilla will have the option to sign Aspas on a permanent transfer at the end of the loan period.
"Sevilla FC and Liverpool FC have reached a tentative agreement for the loan, with an option to purchase, of Iago Aspas, who will wear the shirt of Sevilla FC for the 2014-15 season. At the end of the campaign Sevilla FC may exercise a clause to purchase the Galician forward for three seasons with an option for a fourth," Sevilla said in a statement.
"The president of Sevilla FC, José Castro, and the executive director of Liverpool FC, Ian Ayre, have finalised this tentative agreement, which is subject to the Galician footballer passing the medical examination and the signing of the contracts which have been drafted by all parties."
- Sports & Recreation
- Premier League
- Liverpool FC