The Reds first announced that they had agreed terms with Solanke in late May, with the player originally expected to complete that switch to Merseyside after his Stamford Bridge contract officially expired on 1 July.
Since agreeing to join Liverpool, the 19-year-old has embellished his burgeoning reputation with a stellar showing for England at the Under-20 World Cup.
Having fallen agonisingly short in the race for the Golden Boot, he followed the likes of Lionel Messi, Luis Figo and Diego Maradona in scooping player of the tournament honours after spearheading Paul Simpson's side to a memorable triumph in South Korea.
Solanke was pictured putting pen to paper on a deal with Liverpool last week and could subsequently be seen training alongside his new teammates at Melwood. The versatile Reading-born forward has been handed the number 29 shirt.
"It feels amazing and everyone has made me feel welcome already. Even just pulling on the training top, I was over the moon," Solanke told Liverpool's official website. "Hopefully I can put on the shirt in the near future and make some good history here."
A key member of Chelsea's successful youth sides, Solanke scored seven goals in 25 games during a season-long loan stint with Eredivisie outfit Vitesse Arnhem in 2015-16. His sole senior appearance for the reigning English champions came under Jose Mourinho in October 2014, when he replaced Oscar for the final 27 minutes of a 6-0 Champions League thrashing of NK Maribor.
Solanke, who also drew interest from the likes of Celtic and RB Leipzig, is reportedly set to earn around £20,000-a-week ($25,775) at Liverpool having spurned the chance to remain in west London. The transfer fee for a homegrown player under the age of 24 is expected to be settled by a tribunal in the absence of any agreement between the two clubs, with the Evening Standard claiming that Chelsea are seeking more than £10m in compensation after rejecting an initial offer of £3m.
Solanke is the second player to arrive at Liverpool so far this summer after former Chelsea winger Mohamed Salah completed his club-record £36.9m switch from AS Roma in June.