Liverpool have wasted no time in replacing Javier Mascherano after completing the signing of Porto's Raul Meireles for £10.7m.

According to The Guardian, the Reds have agreed a deal to sign the midfielder from Portuguese giants Porto on Saturday - just a day after agreeing to sell Mascherano to Barcelona for £20m.

Meireles, who was among the shining stars in Portugal's World Cup campaign, is understood to have agreed personal terms with the Anfield outfit.

And if everything goes according to plan, the deal can be completed over the weekend dependent on the player passing a medical examination.

Liverpool have managed to clinch their man at a low price as Meireles has only two years left in his contract with Porto, who have been trying to sell him rather than risk losing him on a free transfer.

The 27-year-old has been linked with Manchester United over the past month but Sir Alex Ferguson has closed the door on any more new signings at Old Trafford.

Meireles could be handed his Liverpool debut by manager Roy Hodgson as early as 12 September against Birmingham.

With Liverpool financially constrained as owners George Gillett and Tom Hicks attempt to sell the club, fans have had to make do with limited arrivals this summer - Christian Poulsen from Juve and Joe Cole on a free transfer from Chelsea being the headline names.

On the pitch Liverpool have started the season in uninspiring fashion under new boss Roy Hodgson, with last week's 3-0 defeat by Manchester City particularly dispiriting.

They at least have a Europa League campaign to look forward to after overcoming Trabzonspor this week.

Meireles, at home in the centre of midfield, is well decorated in Portugal, having claimed four league winner's medals.

He is an established international and scored in Portugal's 7-0 win over South Korea in South Africa this summer.