Liverpool have confirmed Virgil van Dijk is to join the club from Southampton and the deal is understood to be worth £75million.
The Dutch centre-back will move to Anfield for the highest price ever paid for a defender, according to Southampton.
Sky Bet make Liverpool odds-on at 4/7 for a top-four finish in the Premier League.
The online bookmaker go 16/1 for the Reds to win the Champions League.
Liverpool revealed the transfer in a statement: "Liverpool Football Club can confirm they have reached an agreement with Southampton for the transfer of Virgil van Dijk.
"The Reds have agreed a deal with the south coast club, and the player himself, that will see the 26-year-old defender move to Anfield when the transfer window re-opens on January 1, 2018.
"The Netherlands international will be assigned squad number four, upon his arrival at Liverpool."
Southampton also announced the deal on Wednesday evening: "Southampton Football Club can confirm it has reached an agreement with Liverpool over the transfer of Virgil van Dijk.
"Southampton have agreed a fee that will set a new world-record for a defender. The club wishes Virgil well in his future when the deal is completed on January 1st 2018."
Sky Bet offer Southampton at 7/1 in their Premier League relegation market.
Van Dijk, who was also reported to have been interesting Chelsea and Manchester City, has finally secured the move he wanted after a protracted transfer saga reached its end.
The Dutchman, who handed in a transfer request during the summer when trying to push through a move, posted a message on his official Twitter account, posing with a Liverpool shirt.
"Delighted and honoured to have agreed to become a Liverpool FC player," Van Dijk wrote.
"Today is a proud day for me and my family as I join one of the biggest clubs in world football.
"I can't wait to pull on the famous red shirt for the first time in front of the Kop and will give everything I have to try and help this great club achieve something special in the years to come."
Van Dijk joined Southampton from Celtic during September 2015 and under the terms of that transfer the Scottish club are set to receive a sell-on fee in the region of £7.5million.
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