Balotelli had successfully passed his medical earlier today and has now signed a five-year contract with the Reds.
The Italian striker says the Reds are one of the best teams in England with good young players.
"I'm very happy. We've been talking about coming here and now I'm happy to be here," Balotelli told the club's official website.
"Liverpool are one of the best teams here in England and the football is very good here.
"It's a great team with young players, and that's why I came here."
The 24-year-old has scored 30 goals in 54 games for the Rossoneri since moving from Manchester City back to Italy in 2011.
Balotelli is Rodgers’ seventh signing of the summer following the arrivals of Rickie Lambert, Adam Lallana, Emre Can, Lazar Marcovic, Divock Origi (back on loan at Lille) and Dejan Lovren.
He is Rodgers' stellar signing to replace Luis Suarez and the £16 million fee take Liverpool’s spending spread to over £100 million for the summer.
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