Liverpool's quest to capture Fulham's outstanding young striker Fabio Carvalho before the winter transfer window closed was unsuccessful.
The clubs agreed on a cost in the area of £8 million soon before the deadline, but the transfer's final elements were unable to be finalized in time.
Carvalho, 19, was to be loaned back to Fulham as part of the transaction.
The EFL does not employ contract documents, and with Fulham's loan return being non-negotiable, Liverpool's attempts were rebuffed.
Since making his Fulham debut in September 2020, the Portugal-born England youth international has netted eight goals in 23 appearances.
Liverpool bought Colombian winger Luis Diaz from Porto for 45 million euros (£37.5 million) with an additional 15 million euros (£12.5 million) in possible incentives this month, while defender Nat Phillips joined Bournemouth on loan.
Meanwhile, Fulham defender Denis Odoi, 33, has left the club after five and a half years to join Belgian club Club Bruges.