All the latest summer transfers news from Anfield...
The 22-year-old forward impressed last season despite the Clarets being relegated back to the Championship, and the English striker told the Liverpool official website that the move was a 'no-brainer' having left Burnely at the end of his contract this summer.
"As soon as I knew that Liverpool were interested, it was a no-brainer," said Ings. "It was the only club on my mind, to be fair. And now that it has happened, it's fantastic for me and my family," he added.
One departure has also been confirmed, as Atletico Madrid announced on their official website that defender Javi Manquillo has left Anfield a year early.
The Spanish right back joined the Reds on a two-year loan last summer, but having struggled for first team football under Brendan Rodgers, Manquillo is now heading back to the Spanish capital.
Meanwhile, the saga surrounding Raheem Sterling's future at Anfield continues, with The Guardian reporting that the England international has refused to take part in the club's pre-season tour.
The report states that Sterling, 20, is attempting to push through a big-money transfer to Premier League rivals Manchester City, and his latest move is yet another signal that he wants to leave Liverpool as soon as possible.