Countinho in Barcelona

British media say Barca will pay out £142m for the Brazil international - that is a whopping 160 million euros!

Barcelona is to sign Liverpool midfielder Philippe Coutinho in a big-money deal worth 160 million euros - that is £142m.

In a statement, Barcelona said the Brazil international will sign up for the remainder of the season and five more and will have a buyout clause of 400 million euros.

It was announced to fans on the club's Twitter account, with a video in which a Coutinho shirt is revealed inside a locker room cupboard.

Liverpool confirmed the deal, which will be the third most expensive transfer in football history.

Liverpool manager Juergen Klopp said the club had tried everything to keep Coutinho at Anfield but the player had remained determined to join Barca since they had bids for him rejected in August.

"It is with great reluctance that we – as a team and club – prepare to say farewell to a good friend, a wonderful person and a fantastic player in Philippe Coutinho," Klopp said in a statement on Liverpool's website.

"I can tell the Liverpool supporters that we, as a club, have done everything within our means to convince Philippe that remaining part of LFC was as attractive as moving to Spain, but he is 100 percent certain his future – and that of his family – belongs at Barcelona.

"It is his dream and I am now convinced there is nothing left at our disposal to change his mind."

Coutinho will be unable to play for Barca in the Champions League this season after taking part in the competition for Liverpool but he will boost their bid for a 25th La Liga title.