While supporters wait patiently for their first glimpse of the Brazilian playing in Liverpool colours, we've put together everything you need to know about the new arrival.
Here are 10 facts about him...
1) Philippe Coutinho is 20-years-old and was bought by Inter Milan at just 16.
2) After being loaned back to Vasco da Gama until he was 18, Coutinho was handed his debut for the club by former Liverpool boss Rafa Benitez.
3) As a teenager in his first season for Inter he made 28 appearances, scoring four goals and providing three assists.
4) After a succession of manager changes at Inter prompted by Benitez's sacking, Coutinho made just 11 appearances the following year before being loaned to Espanyol.
5) His experience in La Liga was productive, he scored five goals in 16 games for Espanyol and provided one assist.
6) Coutinho is an attacking midfielder who can play through the middle, or on either flank, but plays predominantly on the left.
7) One of Coutinho's top assets is his dribbling ability; no player has completed more dribbles in the Europa League this season than he has - 21 in total.
8) He has so far made just one international appearance for Brazil, a friendly match with Iran in 2010, playing just 45 minutes.
9) At Espanyol last season he played under new Southampton manager Mauro Pochettino, which pre-empted the Saints late bid to try to hijack the deal which brought him to Liverpool.
10) He has been awarded Liverpool's number 10 shirt, previously worn by departed flops Joe Cole and Milan Jovanovic, but made famous by John Barnes and even Michael Owen.
Watch him in action below...
image: © skau