Before leaving Liverpool, McConnell put pen to paper on a new long-term deal on Merseyside. The midfielder has signed a five-year extension at the club.
The 20-year-old McConnell, who joined Liverpool from Sunderland back in 2019, made his professional debut for the Reds in 2023, when Jurgen Klopp brought the midfielder on against Toulouse in the UEFA Champions League.
McConnell, who changed his position from attacking midfielder to defensive midfielder in recent years, has since gone on to play 13 matches for Liverpool, for whom he's worn the captain's armband in the U21s.
Ajax have been looking for a new controlling midfielder since the departure of captain Jordan Henderson, who left the club on a free in June before returning to the Premier League, where the English international joined Brentford.
'Real winner's mentality'
With McConnell, Ajax have brought in their second Liverpool loanee after first loaning Czech goalkeeper Viteszlav Jaros from the Premier League champions.
Where the club initially preferred to recruit an experienced, controlling midfielder with leadership qualities, Ajax found no suitable player within their budget. West Ham's Edson Alvarez was a target, but the Mexican turned out to be too expensive.
"James has a real winner's mentality and will provide the necessary extra drive within the squad," technical director Alex Kroes said on the club website.
"With him, we are bringing in a player who will add quality to the team as a defensive controlling midfielder. He has been part of the Liverpool squad for several seasons and therefore knows what is required at the highest level. He has a lot of potential and will have the opportunity to develop well with us.
"We are very pleased that he has chosen Ajax."