The Reds will pay an initial 106m for the 23-year-old, with a further 17m available through performance-related additions. Barcola has agreed a five-year contract at Anfield, bringing an end to his two-year spell in the French capital.
The transfer makes Barcola the second-most expensive player in Liverpool’s history. Only Alexander Isak, who arrived from Newcastle for 125m last summer, commanded a higher fee.
PSG had previously valued the forward at around 145m, but Liverpool ultimately negotiated a considerably lower guaranteed payment. His arrival also represents Iraola's third major acquisition of the summer, following Victor Munoz and Ronald Araujo.
Barcola began his development at Olympique Lyonnais, progressing through the club's academy before making his senior debut in November 2021. He emerged as one of Ligue 1's brightest young players during the 2022-23 campaign, forming an effective partnership with veteran forward Alexandre Lacazette.
PSG moved to secure his services in August 2023, handing him a five-year agreement. During his time with the Parisian side, Barcola developed into an important component of Luis Enrique's aggressive pressing-based attack.
His progression has also extended to the international stage. After representing France across several youth categories, the winger earned his first senior cap in 2024. He has since featured regularly in significant matches for Les Bleus, including at the 2026 FIFA World Cup.
