Reds seal deal for Meireles
The 27-year-old has joined Roy Hodgson's side for €14million, the Premier League club announced on their official website.
Portugal international Meireles has signed a four-year contract and will add weight to a Reds midfield which was looking short on numbers following the departures of Mascherano and Alberto Aquilani.
Quoted in the Sunday Express, he said: "Roy Hodgson was key to me coming here because he worked so hard to sign me.
"I am Meireles and not Mascherano and that will be clear to the fans. I hope one day the Liverpool fans will remember me for being successful."
Meireles has won four titles with Porto and been capped 38 times by Portugal, playing in all four of his country's games at this summer's 2010 FIFA World Cup™.
Liverpool on Friday agreed a deal to send Mascherano to Barcelona after the midfielder, whose family could not settle on Merseyside, was reportedly unprepared to play for the club.
Aquilani also departed for Juventus in a loan deal which brought to an end, at least temporarily, an injury-hit spell in the city.
Meireles, at home in the centre of midfield, scored in Portugal's 7-0 win over Korea DPR in South Africa this summer.