The Ukrainian forward apparently hoped to make a Merseyside move but his club and the Reds couldn't reach an agreement.
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.
Liverpool managing director Ian Ayre flew out to Ukraine to broker the deal earlier in the week but was unable to find a breakthrough before Friday, meaning tense deadline-day negotiations.
The Reds were locked in talks with the Ukrainian club throughout Friday, but Oliver Cabrera, an agent working on the deal, told Goal that an agreement was "very unlikely" early in the afternoon.
The player was understood to be very eager about a move to Anfield, but the Merseysiders and the player's camp was frustated by Dnipro's negotiating tactics.
The Merseysiders were desperate to force the move through after being trumped by Chelsea in their atempts to sign Mohamed Salah from Basel.
More to follow...