The 23-year-old has signed a five-year contract with the Premier League champions.
"It's just a really exciting moment for me and my family," said Jota.
The move represents a net outlay of about £30m for Liverpool, with defender Ki-Jana Hoever moving the other way for £9m and a possible £4.5m in add-ons.
Liverpool have also negotiated a 15% sell-on clause in the transfer taking Dutch player Hoever to Molineux.
"When you look at the Premier League, you always see Liverpool as one of the biggest teams in the country, so it's impossible to say no," said Jota.
Read more here.
