Liverpool will pay Burnley ?6.5million for striker Danny Ings - a new record for a fee ordered by a tribunal.
The figure eclipses the ?3.5million sum Chelsea had to pay Manchester City in 2009 for forward Daniel Sturridge - coincidentally now also at Anfield - although add-on clauses took the England international's eventual cost to ?8.3million.
Liverpool have also announced they will pay a further ?1.5million in add-ons in accordance with the Professional Football Compensation Committee's ruling while Press Association Sport understands there is a 20 per cent cut due to Burnley on any future profit should the club sell the player.
Ings allowed his contract to run down with the Clarets last season before moving to Anfield in the summer.
Liverpool offered ?6million for the player as Burnley were entitled to compensation, with Ings under 23 years old at the time.
That was rejected as the Clarets, after a reported ?12million bid from Tottenham, valued the player in excess of ?10million.
"Liverpool Football Club would like to thank the PFCC panel for their time and diligence in deciding this matter," said a club statement.
"We believe the process was conducted fairly and we respect the outcome.
"We are pleased for Danny Ings, in particular, that this chapter is now complete and he can look forward to a long and successful career at Liverpool."