Liverpool have completed the signing of Colombia forward Luis Diaz from Porto, the Premier League club have announced.

The 25-year-old has signed a long-term contract with the Anfield club, understood to run until 2027, after the Reds agreed an initial fee of £37.5million with the Portuguese outfit.

The deal, which could also see Liverpool pay an additional £12.5m in potential add-ons, is subject to the acquisition of a work permit.

A tweet from the club read: “The moment you’ve been waiting for… Luis Diaz is a RED.”

Liverpool representatives travelled to South America, where Diaz is currently on international duty, to complete the deal ahead of Monday’s transfer deadline.

Diaz, who is due to play for Colombia in a World Cup qualifier in Argentina on Tuesday, is not expected to arrive on Merseyside until later in the week at the earliest.

Liverpool have beaten off competition from other clubs, notably Tottenham, to secure the services of the player.

Diaz was understood to have been Klopp’s first target for next summer but the club decided to move earlier than planned due to the interest of others.

In a brief video clip released by Liverpool, Diaz said: “I’m really happy to sign for Liverpool.”

Diaz scored 41 goals in 125 games for Porto after moving to Europe from Colombia’s Junior FC in the summer of 2019.

He played against Liverpool twice earlier this season as Porto faced Jurgen Klopp’s side in the Champions League group stage.

He has also scored seven times in 31 appearances for his country.