According to L'Equipe, Liverpool were so convinced they had the France global in the bag they allowed him to pick a shirt number.
"Olympique Lyonnais confirms that the tri-party negotiations with Liverpool and Nabil Fekir for the transfer of the Lyon captain have not succeeded and that Olympique Lyonnais have made a decision to put an end to these negotiations at 20:00 [CET] on Saturday night", a club statement read.
Consequently, the Reds were hoping to negotiate a lower fee which prompted Lyon to pull the plug on any potential deal.
In fact, latest reports from RMC Sport claim that the French global has already passed his medical in France, and Liverpool could announce his arrival later today.
"In this period of transfers where the slightest rumour is often presented as a reality, Olympique Lyonnais recalls that only the information disseminated by the club on its website is authentic".
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Fekir scored 21 goals and added nine assists in 39 appearances for Lyon last season. Even though Fekir's performances in Ligue 1 have been good in the past few years, the 24-year-old definitely had the best campaign of his career this season, which has alerted a host of top clubs.
The collapse - for now at least - of Liverpool's move for Fekir will be a setback for Jurgen Klopp.
It's Fekir Friday. Supporters have already gone through the ringer as they look forward to seeing Nabil Fekir announced as the club's latest signing.
It came as a damaging blow to Liverpool, who have made a fantastic start to the summer transfer window but are yet to replace Philippe Coutinho.
He has won a place in the France World Cup squad for his performances, though Antoine Griezmann is set to be preferred to him in the starting XI for Saturday's final warm-up friendly against the USA.