The 31-year-old Croatia international joined the Reds from Southampton in the summer of 2014 and was a mainstay in the centre of Liverpool’s defense for most part of his career on Merseyside.
Lovren has however dropped down the pecking order recently, with the likes of Joe Gomez and Joel Matip selected to partner first choice Virgil Van Dijk in Liverpool’s defence.
Lovren made just 10 league appearances this season as Liverpool won their first league title in three decades.
In addition to the Premier League, the former Olympique Lyon defender leaves Anfield as a UEFA Champions League winner, UEFA Super Cup winner and FIFA Club World Cup winner.
Liverpool boss Jurgen Klopp paid tribute to Lovren when he told the club’s official website: "Another Liverpool legend has left the club, because he was absolutely a very important part of this team.
"From the first day, I remember when we played with [Borussia] Dortmund against Liverpool in a pre-season friendly and Dejan scored with a header with incredible power. That was the image in my mind when I came here and thought about the defenders we had.
"A great player, great person. We will miss him; he's a model athlete. He has everything you need. But now he goes to Russia."
Lovren totaled 185 appearances for Liverpool in six years and scored eight goals.