The FOX Soccer six-part series will follow the players and management team and will be part of Channel 5's autumn schedule.
Kenny Dalglish's departure as manager will be at the start of the documentary, before it focuses on the arrival of new boss Brendan Rodgers and the pressures and spotlight on the players at the club.
Scott Boggins, who previously worked on HBO's Emmy-winning 24/7 series, is helming the project.
Katie Keenan, head of acquisitions at Channel 5, said: "It's an incredible coup and an incredible show for Channel 5 - this kind of access to a club just doesn't usually happen. The audience will get an amazing insight into Liverpool FC that they will never have had before."
FOX Soccer's David Nathanson added: "We are pleased to partner with Channel 5 to bring Being Liverpool to football fans in the United Kingdom.
"This is a global television event that will be seen by fans of the beautiful game everywhere, and we are proud to produce a project of this scale."