The Reds have confirmed the signing of Luis Diaz subject to a work permit and international clearance.
The 25-year-old has signed a five-year deal with Liverpool and he will arrive in Merseyside following Colombia’s World Cup qualifier against Argentina on Tuesday.
Diaz had been linked with a move to Liverpool all month and, following interest from Tottenham Hotspur, Jurgen Klopp’s side made a late bid for the winger.
The Colombia international completed his medical in Argentina over the weekend and was confirmed as a Liverpool player at 12pm.
On Diaz’s arrival, Klopp said: “I could not be happier that we’ve been able to get this deal done and bring Luis to Liverpool.
“He is an outstanding player and someone we’ve been tracking for a very long time.
“This team deserved to add quality and when we played against Luis earlier this season, we saw what a danger he is, how fast he is and how his mentality was to help his team.
“Luis is a player we believe will make us better now and in the future. He is the player we really wanted and they’ve made it happen, so I am very happy.”
Diaz joins the Reds after three years with Porto, following a €7 million move from Atletico Junior in 2019.
The 25-year-old has made 18 appearances in the Primeira Liga this season - scoring 14 goals and assisting another four.
He has also scored twice in the Champions League and impressed during Porto’s group stage defeats to Liverpool.
The Merseyside club’s FA Cup clash with Cardiff City next weekend could come too early for Diaz, but he may be in contention to make his Premier League debut against Leicester City the following Thursday.