Liverpool have told Chelsea owner Roman Abramovich he can sign Fernando Torres - for a deal worth £50 million. The Mail on Sunday says Liverpool have agreed to let Torres go for straight cash or a part-exchange deal involving Chelsea striker Nicolas Anelka, who would be valued at £8m.

Crucially, Liverpool manager Kenny Dalglish is in agreement with American owner John W Henry's strategy and accepts that it is better for the club to sell at the right price than to keep an unhappy player.

Torres has a clause in his contract which allows him to leave for £50m this summer and Liverpool are determined not to get a penny less by selling him now in a deal that would smash the British transfer record, set in 2008 when Manchester City paid Real Madrid £32.5m for Brazilian forward Robinho.

By handing in a formal transfer request on Friday, 26-year-old Torres ensured his departure will not be blamed on Henry and chairman Tom Werner, who bought the club for £300m last autumn.

 It's all kicking off again! Click here for the No1 coverage of Chelsea's winter market transfer news.