With France scheduled to play the United States tonight and then fly off to Russian Federation ahead of the World Cup, it now appears the 24-year-old will remain at Lyon, at least until after the tournament.
"The transfer has not been done and even less so at this price", Jean-Michel Aulas, the Lyon chairman said in a message to l'AFP.
"Lyon is announcing that the negotiations with Liverpool and Nabil Fekir for the transfer of the Lyon captain have not succeeded and Lyon have chose to put an end to the negotiations tonight at 8 p.m.", the statement read.
"Olympique Lyonnais categorically denies the false information disseminated by many media about the transfer of Nabil Fekir to Liverpool".
A deal worth up to £60m now appears to be off the cards for good, however, with Lyon deciding to pull the plug at the last minute after Liverpool reportedly attempted to lower the agreed fee.
The collapse - for now at least - of Liverpool's move for Fekir will be a setback for Jurgen Klopp.
Jurgen Klopp and sporting director Michael Edwards were particularly keen on concluding a deal for Fekir before the 24-year-old headed off to the World Cup with the France squad. That's logical, we've done it for other players.
The 18-time English champions are keen to secure Fekir's signature ahead of the World Cup in Russian Federation.