It looked like a done deal before the Ligue 1 side released a statement claiming Fekir would be staying in Lyon next season, dealing a big blow to Liverpool's transfer plan.
However, all hope is not lost, there are other players that could potentially fill a similar role in Jurgen Klopp's squad if the German were to make a move for them this summer.
THOMAS LEMAR (Monaco)
Liverpool were heavily linked with the forward last year but interest had reportedly faded when they set their sights on Fekir.
Nonetheless, if the 'Reds' can forget Lemar's patchy form this season and instead focus on his numbers from 2016-17 (55 games, 14 goals, 17 assists), there is great potential.
The 22-year-old is young, can score goals and provide chances for others which would fit the framework of Liverpool's style where he could do more damage than he could at Monaco.
CHRISTIAN PULISIC (Borussia Dortmund)
Klopp is known to be a huge admirer of the 19-year-old but Pulisic doesn't quite match Fekir's positioning.
The United States international is more of a wide player but could still offer more depth alongside the 'Reds' prolific attack.
However, Pulisic would not come cheap so it depends if Liverpool feel the young winger is worth the risk.
JULIAN DRAXLER (PSG)
Klopp knows this Germany international's strengths and could use the prospect of first-team football to lure Draxler away from the Parc des Princes.
The 24-year-old had fallen out of favour to Neymar, Kylian Mbappe and Edinson Cavani so hasn't had a chance to show off his full potential.
But his ability to use either foot and to take players on in one-on-one situations suits Liverpool's style and he could be a less expensive options compared to the other candidates.
JULIAN BRANDT (Bayer Leverkusen)
Another German who has caught Klopp's attention, Brandt has been a staple of Leverkusen's team since his breakthrough in 2014.
Five years later and the 22-year-old has 172 club appearances under his belt as well as 16 international caps for Germany's senior side.
Such a wealth of experience at such a young age would be a great acquisition for Liverpool, who would undoubtedly feel the winger would improve considerably under Klopp.
MARIO GOTZE (Borussia Dortmund)
The final German on our list, Gotze scored the winning goal in his country's World Cup triumph in Brazil four years ago so his credentials are well-known.
However, since that moment, Gotze's form has been very hit-and-miss and not even a move back to boyhood club Dortmund could help.
Therefore, bringing him to Anfield would be a massive risk but Klopp's record of player development suggests he could be the man to restore Gotze to his former glory.