Philippe Coutinho is flying to Barcelona to finalise his €160 million (£142m) move to the Catalan giants after Liverpool finally agreed an extraordinary deal to sell the Brazil international.

The fee is the biggest ever received by a British club - as well as the biggest ever paid by a Spanish one - and is the third-highest ever in the world after Neymar’s world record €222m (£197m) move to Paris Saint-Germain and the €180m (£160m) the French club are also paying for Kylian Mbappe.

Exclusively revealed by Telegraph Sport, the deal was agreed on Saturday afternoon after months of delicate negotiations, with Barcelona paying a significant portion of the money up-front and then a number of guaranteed add-ons. Importantly, it means Liverpool will eventually receive the full €160m.

A statement from Liverpool read: "Liverpool FC can confirm Philippe Coutinho will be leaving the club after a transfer agreement was reached with FC Barcelona, subject to medical and agreement of personal terms.

"The player now has permission to complete the usual formalities to conclude the transfer immediately."

It is possible that Coutinho - who is set to sign a five-and-a-half-year deal with a €400m buy-out clause - will attend Barcelona’s match at the Nou Camp against Levante on Sunday afternoon. If everything goes smoothly, the 25 year-old could then train with his new team-mates on Monday and even be available to make his Barca debut in the Copa del Rey against Celta Vigo on Thursday evening.