By Editor Wayne Veysey | 17 years experience of breaking major stories at Evening Standard, PA and Goal, including exclusives like this

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Loris Karius has become a Liverpool player after finalising his £4.7million transfer from Mainz, the club announced on Tuesday afternoon.

The 22-year-old goalkeeper has completed a medical with the Merseysiders and agreed a five-year-contract.

A well-placed Liverpool source has told Football Insider that Karius’ deal is worth £60,000-a-week, equivalent to £15.6million over the entirety of the agreement.

The entire deal could end up costing the Premier League giants more than £20million after they activated the £4.7million release clause in the goalkeeper’s contract.

Liverpool confirmed on their official Twitter account that the signing of the Germany Under-21 international had been completed.

Liverpool met the terms of the release clause in Karius’ Mainz contract, which was scheduled to run until 2018.

He will wear the vacant No1 jersey next season, which was last worn by Brad Jones.

There is a sense that the former Manchester City trainee is returning to England to be more than just competition for Simon Mignolet, whose performances since arriving at Anfield from Sunderland in 2013 have been error-prone.

Last week Karius was voted by readers of respected German football magazine Kicker as the second best goalkeeper in the Bundesliga behind Bayern Munich’s Manuel Neuer.

Kairus is the third permanent signing of manager Jurgen Klopp, following Red Star Belgrade’s Marko Grujic and Schalke’s Joel Matip.

In other Liverpool transfer news, the Reds are ready to make another Bundesliga raid with interest in this German defender.