Sturridge's wages of around £120,000 a week would be covered under the terms of the deal, while Newcastle would also pay around £1.5 million for the loan transfer.
The Birmingham-born striker is anxious to complete his move to the Hawthorns before Wednesday's transfer deadline, having previously been courted by Serie A giants Inter Milan and La Liga side Sevilla.
Sturridge has not played for Liverpool since December and made only five starts in all competitions this season.
West Ham and West Brom have also expressed an interest in signing Sturridge but Newcastle are hopeful they can secure a deal after missing out on Nicolai Jorgensen.
Mission to rescue Polish mountaineer from Pakistan's 'killer mountain' called off
The 8,126-meter (26,660-foot) Nanga Parbat is the ninth-highest in the world. Mackiewicz has made six previous attempts to scale Nanga Parbat in winter.
Sturridge struggled for regular first team football at Liverpool this season as Reds boss Jurgen Klopp regularly preferred other options to the 28-year-old.
In an interesting turn of events the England striker will now join the club that knocked Liverpool out of the FA Cup on Saturday evening.
Odds were slashed on Sturridge joining West Brom on Sunday following a flurry of bets over the weekend.
Despite taking four points from their past two league games, West Brom sit second bottom and three points from safety.