There was no official confirmation from Stamford Bridge but Telegraph Sport understands that Torres is travelling down to London where he will be checked over by Chelsea's doctors. Personal terms are still to be agreed, although these are not expected to be a problematic
Chelsea's lavish spending comes on a day when they reported an annual operating loss of £68.6m. The club's results for the financial year to end June 2010 show a small increase in turnover from £203.3m to £205.8 million, but with operating loss reducing from £72.3 to £68.6m.
"Liverpool FC confirmed this afternoon that Newcastle United had accepted a club record offer for the transfer of Andy Carroll," said a statement on Liverpool's website.