Speculation has raged over whether the Spanish striker will conclude a move to the Premier League champions before the transfer window closes on Monday night.
And it now seems the 26-year-old is on the brink of completing a last-minute switch after the two clubs settled on a towering price for his signature following the Blues' failed £35m offer earlier this week.
Liverpool confirmed on their official website: "Liverpool Football Club tonight confirmed they have agreed a fee with Chelsea for the sale of Fernando Torres.
"The player has now been given permission to speak to the London club."
Torres has flown down to London from Liverpool on Monday evening ahead of undergoing a medical at Chelsea's Cobham training ground.
The Reds were initially reluctant to allow his departure, but their stance appears to have changed after the club agreed deals for strikers Luis Suarez and Andy Carroll on Monday.
Sky Sports
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