The deal will see the firm create a range of action figures with movable head, shoulders, arms, waist, legs, knees and ankles. The Liverpool FC range will launch later this year.
Pattni Imaginations was formed last June and the new deal adds to a deal announced last week for Manchester United FC.
Pattni Imaginations MD Mayur Pattni, said: “Adding Liverpool FC to the Pattni Imaginations range is a dream for us.
"A host of other top clubs are also interested in granting us a license and we have exciting plans for this new range.”