Ajax reportedly won the bid to sign McConnell due to their head coach, John Heitinga, who has a good relationship with the player from their previous time working together at Liverpool.
Several other teams, including Ipswich Town, West Bromwich Albion, Hull City, Oxford United, and Sturm Graz from Austria, were also interested in McConnell's services.
The Dutch team's technical director, Alex Kroes, highlighted McConnell's strong mentality and potential as the main reasons for signing him.
"James has a winning mentality and will bring extra power to our team," Kroes said. "As a defensive holding midfielder, he can provide valuable qualities to the team. He has experience playing for Liverpool's first team and has great potential, which we will help him develop."
McConnell has progressed through Liverpool's Academy and has made 13 appearances for the senior team. He will now have the opportunity to continue his development at Ajax under the guidance of coach John Heitinga.