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Published 18:57 31 Aug 2018 BST
Updated 19:08 31 Aug 2018 BST
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Liverpool will receive 50% of any fee that Anderlecht receive if they sell the player in the future.
He joined Liverpool in 2014 for £20m as one of many players to arrive at Anfield that summer after Luis Suarez left to join Barcelona. He never settled at Liverpool and was subsequently sent out on loan to a range of clubs and seems to have finally found a home at Anderlecht.
He missed out on a place in Serbia's World Cup squad but will hope that this move will help him hit some form and regain his place in the national team set up.
Markovic played 34 times for Liverpool during the 2014/15 season. But has spent his time out on loan since then. He has featured for Fenerbahçe, Sporting Lisbon, Hull City and joined Anderlecht on loan back in January. The 24-year-old now joins the Belgian club on a permanent deal.32 is the score to beat in our World Cup legends quiz
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