The Uruguayan forward is completing the formalities of a move to Barcelona after the clubs agreed on a fee, according to Liverpool's official statement.
Gerrard wrote on Instagram:
On an emotional day for me would just like to say what a pleasure it has been playing with an amazing talent such as Luis. I would like to thank him for his outstanding contribution on the pitch during his time @liverpoolfc and to wish him and his family all the best on his new adventure in Spain. #lfclegend
It's a classy send-off for a divisive player.