Shaqiri underwent a medical with the Reds on Friday morning after they agreed to trigger the release clause in the winger's contract at Stoke City.
The Reds have been long-time admirers of the Switzerland worldwide, who underwent a medical earlier today before putting pen to paper on a five-year deal which will keep him at Anfield until 2023.
Following Stoke's relegation to the Championship, the 26-year-old expressed a desire to remain in Premier League and recently stated it is "no secret" he will leave the bet365 Stadium.
'I'm very happy to be here, ' Shaqiri told the club's official website.
The winger impressed for Switzerland at the 2018 World Cup, including scoring the victor against Serbia in the group stage.
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Shaqiri will link up with Jurgen Klopp's squad for their three-game tour of the United States, where they will play in the International Champions Cup against Borussia Dortmund, Manchester City and Manchester United.
The former Basel star has played for Bayern Munich and Inter Milan so he has plenty of experience of top level football and he'll provide competition for the likes of Mohamed Salah and Sadio Mane in attack this coming season. I want to improve myself too, I want to be with the best and I want to win titles.
Shaqiri will become the fourth Liverpool player in the Premier League era to wear the 23 shirt.
Speaking after the announcement of the signing, Klopp described the move for the winger as a "no-brainer" for Liverpool.