The 28-year-old handed in a transfer request on Wednesday and has signed a four-year deal.
Chelsea manager Andre Villas-Boas worked briefly with the Portugal international at Porto before Meireles moved to Anfield last August.
He is currently injured with a collarbone problem suffered at Exeter
City in the Carling Cup.
Earlier this week, Liverpool turned down an offer of £8m plus Yossi Benayoun from their London rivals for the player, who they signed for £11.5m last season.
Benayoun announced earlier on Wednesday he had joined Arsenal from Chelsea on loan.
The Stamford Bridge club turned their attention to Meireles after being frustrated in their attempts to sign Tottenham's Luka Modric.
Meireles found his best form at Liverpool after Kenny Dalglish returned as manager in January and made two substitute League appearances this season, earning praise from Dalglish for his part in both goals in the 2-0 win at Arsenal
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