The Serbia international is out of contract at the end of the season and Benitez has been tracking the player for some time.
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Jovanovic's siganture reinforces Benitez's continued assertions that he plans to remain at Liverpool for the long term despite strong interest from Juventus to make him their coach at the end of the campaign.
Just over a year ago he was linked with Merseyside rivals Everton, as well as Aston Villa, but rejected a move to Goodison Park out of hand.
"Everton aren't a big club. That club I have turned down already," Jovanovic said at the time.
That almost mirrored Benitez's insult of three years ago when, after a goalless Merseyside derby, he said the Toffees were a "smaller club".
Jovanovic averages almost a goal every other game for Standard Liege, for whom he has scored 12 in 23 appearances this season, and can also operate as left-sided forward or attacking midfielder.