The Reds had been boosted by the news that Tottenham would not follow up their interest and were locked in negotiations throughout Friday, but the attacker's club stood firm
Liverpool have failed in their attempts to sign Ukraine forward Yevhen Konoplyanka, Goal understands.
The Dnipro Dnipropetrovsk star underwent a medical ahead of a potential transfer but the Reds were unable to agree a fee and payment structure with his club.
|11/1||Liverpool are 11/1 with Paddy Power to beat West Brom 3-1|
The Reds were locked in talks with the Ukrainian club throughout Friday, but Oliver Cabrera, one of the key figures working on the deal, told Goal that an agreement was "very unlikely" early in the afternoon.
The player was understood to be very keen on a move to Anfield, but the Merseysiders and the player's camp were frustrated by Dnipro's negotiating tactics.
"We have a very good relationship with the president Kolomoyskyi and he doesn't want to sell the player," Cabrera, who owns the agency Konoplyanka is signed to, told Goal.
"Yehven and his father respect that so a move is very unlikely."
Despite an agreement looking unlikely as the 23:00 deadline approached, Liverpool remained positive that they would be able to finally agree terms, but their hopes were dashed as Dnipro stood firm.The Merseysiders were desperate to force the move through after being gazumped by Chelsea in their attempts to sign Mohamed Salah from Basel.
Brendan Rodgers had previously made his annoyance known at missing out on Salah, and the failure to land Konoplankya will come as a further blow.