Jiangsu Suning have agreed a deal to sign Liverpool target Alex Teixeira from Shakhtar Donetsk for 50million euros (?38million), the Ukrainian club have announced on their website.
Liverpool had been closely linked with a move for the 26-year-old Brazilian during the January transfer window and Shakhtar said they rejected a ?24million offer from the Reds for the attacking midfielder, with their asking price being 70m euros (?53m) for a summer transfer.
Now, Shakhtar have announced a deal with Chinese side Jiangsu.
A statement on shakhtar.com read: " Shakhtar Donetsk and Jiangsu Suning FC have agreed on all the necessary formalities for the transfer of Alex Teixeira to the Chinese club. Transfer fee for the Brazilian midfielder is 50 million euros.
"Shakhtar thank Alex for the time spent in the team and wish him success at his new club."
Teixeira joined Shakhtar in December 2009 from Vasco da Gama and scored 89 goals in 223 appearances for the Ukrainian outfit.
He has also helped the club claim five Premier League titles, three domestic cups and five Super Cups.
Teixeira is the third big-money signing by a Chinese club in the last fortnight, with the Asian transfer record being broken on each occasion in the wake of a bumper new TV rights deal.
Jiangsu, who are coached by former Chelsea defender Dan Petrescu, paid ?21.5million to sign Ramires from Chelsea before Guangzhou Evergrande smashed the record again this week with ?31.7million signing of Jackson Martinez from Atletico Madrid.
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