Riise, who is Norway’s most capped international player, is currently a free agent after his contract with Cypriot side APOEL Nicosia was terminated by mutual consent.
The 34-year-old is now expected to become the marquee signing for Kerala, who are managed by former England U21 coach Peter Taylor and co-owned by Indian cricket legend Sachin Tendulkar.
Riise joined Liverpool from Monaco in 2001 and scored on his debut at his old stamping ground as the Reds beat Bayern Munich 3-2 to win the European Super Cup at the Stade Louis II.
The full-back spent seven years at Anfield, during which time he made 334 appearances, winning an FA Cup, a League Cup and the Champions League in 2005.
Riise moved to Serie A side Roma in 2007, playing 136 games and scoring 11 goals during a four-year spell in the Italian capital. He then returned to England to play at Fulham for three seasons before leaving for Cyprus at the start of last term.
If Riise completes his move to Kerala, he will link up with striker Chris Dagnall, who turned down a new contract with Leyton Orient to join the Cochin-based outfit.
Dagnall netted 20 goals in 62 games during his 18-moth spell with Orient, including 13 in the league as he finished the season as Orient’s top goalscorer.
“This will be a new challenge for me over in India and a completely new environment, country and culture, but one I look forward to,” the 29-year-old told Orient’s official website.
Dagnall replaces former Tranmere team-mate Ian Hume, who completed a move to ISL champions Atletico Kolkata on Sunday after a successful spell in India which saw the Canadian international earn the Player of the Tournament accolade.
Meanwhile, former Arsenal, Chelsea and Real Madrid striker Nicolas Anelka has now confirmed his return to play in this year’s ISL.
Anelka, 36, will return for his second stint in India and will once again play for Mumbai City.
“I am glad to be back in Mumbai City FC again,” he said. “I really enjoyed my time there last season and I can’t wait to see Mumbai, India and all you fans again.”
Anelka is the second marquee player to confirm his participation in this year’s ISL after former Bayern Munich and Inter Milan defender announced he will play for FC Goa, who are managed by Brazil legend Zico.