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Liverpool's last-ditch effort to secure Marc Guehi ended in disappointment.
The central defender's £35 million ($47 million) deadline-day move from Crystal Palace fell through at the last minute.
The Reds had everything arranged with Palace; Guehi underwent a medical in London ahead of the proposed move, and Liverpool even went as far as submitting a deal sheet that would grant the Merseyside club an additional two hours after the window closed to finalize the transfer.
However, unforeseen circumstances have resulted in Liverpool being blocked by Palace from signing the 25-year-old defender.
Palace has confirmed French youth international Jaydee Canvot on a four-year contract, but the 19-year-old is not seen as someone who can directly succeed Guehi at this stage of his career.
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Guehi will be up for grabs again in January
During this window, the Reds would still be required to pay a fee if they wished to sign Guehi from their Premier League rivals.
While it might appear counterintuitive, given that the England international would be available for free just a few months later, it could be a calculated gamble in the midst of a potential title race.
This is similar to Real Madrid's decision to shell out around $10 million to secure Trent Alexander-Arnold from the Reds a month before he would have become a free agent, enabling him to participate in this summer's FIFA Club World Cup.
The reality for Palace is that it has likely forfeited the £35 million ($47 million) agreement with Liverpool, who would undoubtedly aim to pay less in the winter transfer window.
If Liverpool decides against this, it runs the risk of an overseas competitor expressing interest in Guehi and making its first official approach in January
According to FIFA regulations, clubs outside of England are permitted to approach impending free agents at this stage before a player's contract expires.
On the other hand, Anfield bosses are at a disadvantage as they would have to wait until July next year before officially being allowed to organize Guehi's signing as a free agent.
Naturally, if this were to happen, Guehi would need to refrain from renewing his contract with Palace