The two clubs had been discussing a deal for the playmaker worth 60m euros (£52.75m) - 55m (£48.35m) plus a maximum of 5m (£4.4m) add-ons. Fekir is with the French team in Lyon, where they will play their final warm-up game before flying to Russian Federation against the United States of America on Saturday night.
However, Lyon said on Saturday that talks about the potential transfer of their captain "had not succeeded".
Liverpool had previously been expected to announce the signing of Fekir on Friday night.
"Although Liverpool have been the priority of a possible transfer for Nabil, Olympique Lyonnais is delighted to be able to count on the presence of our captain, who is a leading player for the 2018-19 season when the club will play in the Champions League".
Sportsmail understands Liverpool attempted to reduce the fee following an issue with Fekir's medical but Lyon refused to accept the new terms.
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Backed by fans who loudly chanted her first name between games, Halep went ahead 3-0 with the help of only one victor . She also failed to win a single service game in the opener. "I know that she's strong opponent".
A product of Lyon's successful youth academy, the skillful forward has 58 goals in 161 games for Lyon.
The 24-year-old was being courted by Liverpool as a replacement for Philippe Coutinho, who joined Barcelona in January.
Speculation is swirling about why the deal has not been rubber-stamped.
However Lyon released an official statement on Saturday which scuppered those plans as the deal was formally called off by the Ligue 1 outfit. That's logical, we've done it for other players.