Solanke, who made the move last summer after attracting Jurgen Klopp's interest, has been the subject of a tug of war between Liverpool and Chelsea for an extended period.
'BBC Sport' report that Liverpool wanted the fee to be in the region of £3m, while Chelsea were looking for something closer to £10m.
However, although we do not know what the specific fee is, the aforementioned outlet state that an agreement has been reached, avoiding the need to take the dispute to a tribunal.