Fernando Torres may be on the verge of becoming the most expensive signing in Liverpool’s history, but the Spain striker will take a pay cut to hasten his move to Anfield. Torres has also indicated that he is prepared to cut short his holiday to sign for Liverpool this week. But, failing that, the Atlético Madrid forward will fly to Merseyside to sign what is expected to be a five-year contract worth about £90,000 a week when he returns from the Polynesian Islands in seven days’ time.

Although the deal will put him among the club’s best-paid earners, alongside Xabi Alonso and Jamie Carragher, it is still less than the annual £5.4 million he presently earns with Atlético and some way short of the reputed £120,000-a-week salary of Steven Gerrard, Liverpool’s highest-paid player.

Liverpool have agreed a deal in principle with Atlético, although it is thought to be significantly less than the £27 million release clause stated in the player’s contract. It is thought that Liverpool will pay between $26-30 million, with Luis GarcÍa, who is valued at about £4 million, moving the other way.

The Torres transfer will not collapse if GarcÍa rejects a return to his former club, however, and whatever the eventual cost, it will still comfortably eclipse the £14.2 million that Liverpool paid for Djibril Cissé, who is expected to complete his move to Marseilles early this week.

The deal was held up over the weekend in the wake of late intervention from West Ham United.