The Reds have forked out an initial £106million for the winger, and another £17m could eventually head to Paris in add-ons.
That takes the total outlay to a dizzying £123m – making Barcola the second-most expensive signing in Premier League history, behind his new £125m team-mate Alexander Isak.
Liverpool now have three of the five most expensive arrivals, with Florian Wirtz costing £116m from Bayer Leverkusen last summer.
But they will take some comfort in having knocked a fair chunk off PSG’s initial £145m asking price for Barcola.
The French international is at his best on the left wing and will compete for minutes in a strong Liverpool attack.
The 23-year-old, who has penned a long-term deal and taken the No29 jersey, said: “It’s a great pride to be able to play for Liverpool. I’m very happy.
“It took a long time but I’m really happy today to be able to play for Liverpool and all I want is to be on the pitch and be able to play.
“I hope to achieve very big things. First of all, winning the Premier League – it’s one of my biggest dreams in my life.” – The Sun
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