The Stamford Bridge outfit had a bid for the player rejected at the weekend before Torres, himself, had a transfer request turned down the Reds.
However, the deal was resurrected on transfer deadline day when Liverpool splashed out over £50m to land Andy Carroll from Newcastle United and Luis Suarez from Ajax
Those deals meant Torres could make the move to London and the Spanish World Cup winner wrapped up what is believed to have been a £50m switch by signing a five-and-a-half-year contract with Chelsea just hours before the transfer window slammed shut.
The 26-year-old later told his new club’s official website: “I am very happy with my transfer to Chelsea and I am looking forward very much to helping my new team-mates this season and for many years to come.
“Having played against Chelsea many times since coming to England, and in some very big games I will never forget, I know there are many great players here and I will work hard to win a place in the team.
“I hope I can score some important goals for the supporters to enjoy this season.”
Club chairman Bruce Buck added: “This is a very significant day for Chelsea, capturing one of the best players in the world with his peak years ahead of him.
“We have long admired the talents of a player who is a proven goalscorer in English football and Fernando's arrival is a sign of our continuing high ambitious.
“I hope every Chelsea fan is as excited as I am with this news.”