Bournemouth have signed England striker Dominic Solanke from Liverpool for £19m.
Solanke, 21, had been due to join Crystal Palace on loan earlier this week but the deal fell through because of fitness concerns.
Bournemouth are about to allow forward Jermain Defoe to join Scottish Premiership side Rangers.
It is understood Solanke cannot move to the Cherries on loan under Premier League regulations.
Bournemouth have also signed Reds right-back Nathaniel Clyne on loan until the end of the season.
“The club is going somewhere – it’s a good club to be at, especially for someone of my age,” said Solanke.
Cherries boss Eddie Howe said he was “really excited” about working with Solanke.
“Dominic is technically gifted, very athletic and has the physical profile that will give us something different in our front line,” said Howe.
Solanke, a former England youth international who has one senior cap against Brazil in 2017, joined Liverpool from Chelsea in 2017 after his contract at Stamford Bridge ended.
The two clubs eventually came to an agreement over the fee, which had been due to be set by a tribunal.
He did not make a first-team appearance for the Premier League leaders this season and was ruled out of recent matches because of a muscle problem.
The Under-20 World Cup winner made 21 appearances last season, 16 of which were from the bench, scoring one goal.
He never made a senior league appearance in three years at Chelsea, spending the 2015-16 season on loan at Dutch side Vitesse Arnhem, where he scored seven goals in 25 Eredivisie appearances.