Liverpool hand Torres 4m pay hike to head off interest from Stamford Bridge

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Torres, who actually took an £800,000-a-year pay cut when he arrived at Anfield from Atletico Madrid last summer, will now - ironically - receive an £800,000-a-year rise, according to The Sun.

The Spain superstar was also entitled to a £3million slice of his £21.5m transfer fee — but was so desperate to move that he waived it.

Euro millions: Liverpool's Spain striker Fernando Torres trains ahead of Euro 2008

Torres was told his deal would be reviewed after one season. If all went well, his pay would be bumped up to what he was earning in Madrid for the remaining five years of his contract.

The hitman bagged an astonishing 33 goals and will now see his wages jump from £74,000 a week to £89,000 a week.

Sportmail understands that Margarita Garay, who represents Torres, was in Liverpool from May 14-16 to meet with Anfield officials.

A source close to Torres said: “There has been a meeting between Fernando’s people and Liverpool.

“It was very amicable and set the tone for what should be a straightforward negotiation.”