Liverpool forward Philippe Coutinho has signed a new five-year contract worth about £150,000 a week, making him the highest-paid player at the club.

The 24-year-old Brazil international joined the Reds from Inter Milan for £8.5m in January 2013, and his new deal will take him through to 2022.

Coutinho has scored 34 goals in 163 appearances for Liverpool.

"It is a club that I am very grateful to and this shows my happiness here," he told the club's website.

There is no release clause in Coutinho's new contract, the terms of which come into effect from 1 July.

Coutinho, who had been linked with a move to Spanish champions Barcelona, added: "I signed this new contract to stay here for a few more years because it's a great honour for me.

"It gives me great happiness because I was welcomed here with open arms by everyone at the club and the supporters right from my first day."