Liverpool legend Steven Gerrard has said that he respects Philippe Coutinho's decision to leave the club, but is "still digesting" the loss of the Reds talisman.

The Brazil international completed his record-breaking move to Barcelona on Monday -- sealing a deal that looked on the cards ever since Liverpool rejected repeated bids from the Spanish giants in August.

The transfer fee was not confirmed publicly, but ESPN FC sources and multiple reports said it would reach £142 million (€160m), with Liverpool receiving £105m (€120m) up front and the rest in performance-related add-ons.

"I'm still digesting it as a Liverpool fan," Gerrard told BT Sport.

"I'm not surprised by it. I know Liverpool have done everything they can to keep him and they fought very hard to keep him until the summer.

"But when a kid's got a dream, a South American, that he wants to play for Barcelona and he thinks this is the only opportunity he's going to get, then it's very difficult to stop it.

"There's no doubt about it, Liverpool will miss him. He's a wonderful footballer, a great person and to be fair to him he hasn't downed tools at all. I respect his decision and wish him all the best.

"Liverpool will go on. They've got big money for him and I'm sure they'll replace him with the right people."

Coutinho, meanwhile, took to Instagram to thank Liverpool fans for their support during his five seasons at the club.

"Since the moment I arrived in Liverpool , me and my family have been made to feel so welcome and have made so many friends," the message read.

"On the pitch and off the pitch, we have experienced the beauty of this club and its fans. In turn, I hope I have delivered memories and moments that have brought happiness to the Liverpool supporters."

Coutinho underwent his medical on Monday morning, and Barcelona have confirmed in a statement that the midfielder "has an injury to his right thigh and he is expected to be out for around three weeks."