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Liverpool have broken their transfer record for the signing of Germany international Florian Wirtz from Bayer Leverkusen, the club announced on Friday.
ESPN previously reported the deal to be worth a total of £116 million ($156.27 million) -- it includes an initial £100 million payment with £16 million in add-ons.
Wirtz has signed a five-year deal with the Premier League champions, a source told ESPN.
"This was also a big point of my thoughts: that I want to have something completely new, to go out of the Bundesliga and to join the Premier League.
"I will see how I can perform there.
2 on the ESPN 100 list of attacking midfielders.
Wirtz, who registered 57 goals and 65 assists in 197 appearances for Leverkusen, becomes Liverpool's second signing of the summer following the arrival of Wirtz's former Leverkusen teammate Jeremie Frimpong.
The 22-year-old had been expected to remain in Germany next season, either staying put at Leverkusen or joining Bundesliga rivals Bayern.
However, the 22-year-old opted to join Liverpool weeks after Slot's side lifted the Premier League title.
"I would like to win everything every year!" Wirtz said of his ambitions at Liverpool.
Last season they won the Premier League so my goal is for sure to win it again and also to go further in the Champions League.
He had been earmarked at City as a potential replacement for Kevin De Bruyne, who left on a free transfer and joined Napoli.
However, sources told ESPN that following conversations with Leverkusen and Wirtz's representatives, City opted to walk away from the negotiating table, with a source telling ESPN that club bosses did not view the deal as financially viable.
Information from ESPN's Rob Dawson contributed to this report.