The French international agreed personal terms before a change to Anfield in June.
But the reds pulled the plug at the last minute after discovering injury problems in progress during their doctor.
The clubs had agreed to an agreement worth £ 52.8m, but Liverpool boss Jurgen Klopp decided to look for other options.
Fekir was strongly related to a move to Chelsea towards the end of the transfer window, while there were suggestions that Liverpool had rekindled his interest.
"They have a manager at Jurgen Klopp where the players have a lot of faith."
Arsenal legend Ian Wright
But according to the Liverpool Echo, the Merseyside team had no intention of following their previous interest.
The report states that Liverpool was concerned about offering Fekir a five-year contract worth £ 100,000 per week amid constant fear of injuries.
The 25-year-old still has no signs of falling apart and was part of the France team that won the World Cup this summer.
But as Klopp continues to look for a long-term replacement for Philippe Coutinho, he did not want to increase his summer spending with a player he had concerns about.
Liverpool accumulated 175 million pounds in new faces during the transfer window, and added four new players looking to challenge Manchester City for the Premier League title.
The dynamic midfielders Naby Keita and Fabinho arrived while Klopp arranged his goalkeeper problem in progress when acquiring Alisson from Rome.
The star of the World Cup in Switzerland, Xherdan Shaqiri, also entered for a discounted price of £ 13.5m.
Liverpool looks to recover from the final anguish of the Champions League last season when Klopp looks for his first trophy in charge.
And Arsenal legend Ian Wright has endorsed them to make it all the way this season.
"The reason I want to recommend Liverpool is that they are moving in the right direction," he said.
"They have a manager at Jurgen Klopp who the players have trusted a lot and have fans that will keep this team running.
"And as long as they can keep the squad in shape, the signings they've made are excellent."
"Naby Keita, I think he will be a great player, the same as Fabinho, and Shaqiri will also be a great signing.
"I also think that the goalkeeper is a massive signing for them, one that I think will give them the confidence to move on and challenge Manchester City."
Liverpool will start their Premier League campaign tomorrow when they welcome West Ham to Anfield.