The 19-year-old striker's contract with the Blues expired last month and rather than sign an extension, he decided to pen a deal that sees him swap London for Merseyside.
Chelsea will be due compensation for the England youth international after he rejected an extension to the three-year deal he signed in September 2014, with the fee to be decided by a tribunal.
Solanke has not made a first-team appearance for the current Premier League champions for three years and opted to move elsewhere in search of more regular opportunities - explaining that he believes under Jürgen Klopp there is a pathway to the senior squad.
Striker looking forward to linking up with international team-mates
"Every time I see Liverpool there’s such a family nature, there’s a lot of young players doing well at the club, so I think it will be a good place for me to develop my career," he told LFCTVGO.
The striker further revealed that his decision was motivated by being at a club that is "pushing young players through", adding: "I’m quite good friends with Joe Gomez. I've known him since we were young and obviously Ovie [Ejaria] and Sheyi [Ojo]. We spoke a bit when we were away [at the U20 World Cup] so I’m looking forward to enjoying it with them."
Solanke insisted that Liverpool are a club with "a lot of good young players" as he hoped that "everyone can play their part."
U20 World Cup success good for my confidence, reveals 19-year-old
The Reds' new No.29 is coming off a summer in which he helped England to a maiden U20 World Cup crown, scoring four goals as the Young Lions ran out tournament winners.
He was even handed the Golden Ball for being the stand-out performer in South Korea as Paul Simpson's charges ousted Venezuela in the final.
Solanke added that his experience of the international stage was "a fantastic achievement" and called it "amazing" as he touched upon previous successes with England, having also won the U17 European Championships in 2014.
"Winning that tournament can only help my confidence so I’m really looking forward to getting started," he continued. "I didn't really play much football last season so for me to get some minutes on the pitch and some game time was really good."
On receiving the accolade of Golden Ball, Solanke hailed it a "good achievement" and noted that his mood "took off again" after hearing he had won the award, already in the knowledge that England had won the tournament.
Solanke "over the moon" to join Liverpool
Solanke, whose only involvement for Chelsea's first-team last season was as an unused substitute in a League Cup clash with Bristol Rovers, revealed Klopp's impact in convincing him to choose Liverpool.
The teenager said that he is "so excited" to get started at his new club under a new manager, insisting: "Every time I've seen him [Klopp] he's always so enthusiastic and passionate. I think that’s what you need as a manager so I’m really looking forward to working with him."
He said that he wants to reach his "full potential" and believes to do so you need "good players around you and a good manager to help."
On his aspirations at Liverpool, Solanke said that he hopes to "make an impact" and to take his opportunity and "help the team" when the chance comes.
"It feels amazing [to join]," he continued. "Everyone’s made me feel very welcome. even putting on the training top I was over the moon so hopefully I can put on the shirt in the near future and make some good history."
Looking forward to playing at Anfield, which he called "an amazing stadium", Solanke relished the experience of tasting the atmosphere - stating: "When you see it on TV you can get a bit of what the atmosphere’s like but to actually be there, I can't imagine what it's going to be like."