Simon Mignolet completed his £11 million transfer to Liverpool on Tuesday night to cloud further doubt over Pepe Reina's future at Anfield.
Reina, currently with Spain at the Confederations Cup in Brazil, has struggled for form since Rafael Benítez left Merseyside in 2010 and Reds manager Brendan Rodgers has belatedly addressed the club's goalkeeping issue.
Mignolet, 24, has signed a long-term contract with Liverpool and is relishing the challenge of competing with Reina.
"It's a challenge, but that's what you want. You want to play in the big games, you want to play for a big club and to play with pressure,'' said Mignolet.
"I'm very confident in myself and my own abilities and I can't wait to get the first clean sheet under my belt.
"Pepe is an experienced goalkeeper who has proven a lot over the years.
"I'm looking forward to working with him, the same as I am with Brad (Jones) and the goalie coach."
Reina signed a six-year contract with Liverpool in 2010 but has been linked with a move to Barcelona, with their first-choice keeper Victor Valdés expected to leave next year.
Mignolet becomes the Reds' fourth signing of the summer following Manchester City's Kolo Touré, Celta Vigo's Iago Aspas and Sevilla's Luis Alberto.