LIVERPOOL completed the signing of Craig Bellamy and sold Raul Meireles to Chelsea for £12million on a frenetic transfer deadline day.
Striker Bellamy sealed his return to Anfield and penned a two-year contract after being granted a free transfer from Manchester City.
But the late drama involved Meireles who submitted a written transfer request to force through his move to the capital.
The Reds reluctantly accepted Chelsea's offer which was sizeable improvement on the £7million plus Yossi Benayoun which they had offered on Monday.
Meireles, who has been on the bench in the opening weeks of the season, put pen to paper on a four-year contract at Stamford Bridge.
The Portugal international, who cost Liverpool £11.5million from Porto a year ago, leaves after scoring five goals in 44 appearances.
Bellamy, who will wear No 39, was given permission to leave Wales' training camp in Newport to fly to Merseyside to discuss terms and undergo a medical.
The 32-year-old previously joined the Reds for £6million from Blackburn Rovers in the summer of 2006. He went on to score nine goals in 42 appearances and played his part in Liverpool's progress to the Champions League final in Athens.
His last goal for the Reds was against Barcelona in the Nou Camp, just days after he had been involved in a bust-up with team-mate John Arne Riise at a training camp in Portugal.
Bellamy left after just 12 months as he completed a £7.5million switch to West Ham. He moved on to Manchester City for £14million in January 2009 but had fallen out of favour at Eastlands and spent last season on loan at Cardiff City.
As expected David Ngog, Joe Cole and Christian Poulsen all completed moves away from Anfield, while Philipp Degen had his contract cancelled by mutual consent.
Ngog completed his £4million switch to Bolton and signed a three-year contract.
The 22-year-old striker scored 19 goals in 94 appearances for the Reds following his £1.5million transfer from Paris St Germain in 2008 for £1.5million.
“David will be a great addition to our squad,” said Bolton boss Owen Coyle.
“He is quick, can score goals.”
Cole has joined French champions Lille on a season-long loan deal.
The 29-year-old midfielder was lured by the prospect of playing Champions League football after enduring a miserable year at Anfield following his arrival from Chelsea last summer.
“I wanted a challenge from abroad,” Cole said.
“Lille is a beautiful club, a family club that plays well. It will be an interesting experience for me.”
Poulsen, who cost Liverpool £4.5million from Juventus a year ago, has joined French club Evian for an undisclosed fee.
Liverpool also tied up the signing of USA Under-18s striker Villyan Bijev from American outfit California Odyssey. Bijev has been immediately loaned out to Fortuna Dusseldorf.
Liverpool's third round Carling Cup tie at Brighton is on Wednesday, September 21 (7.45pm) and will be shown on Sky Sports.