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Mamardashvili agreed to join Liverpool in August 2024 but it was decided that he would remain with Valencia for the 2024-25 season.
Caoimhin Kelleher has been Liverpool's back-up goalkeeper to Alisson this season, but the Ireland international is expected to leave the club this summer in search of regular first-team soccer.
Liverpool viewed Mamardashvili as a signing for the future, and the club pounced last year because it did not believe that the Georgia international would be available for such a price in the future.
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The Reds agreed to pay $33 million (£25 million) plus $5 million (£4 million) in possible add-ons for the 24-year-old, but the Mail Online says that Mamardashvili officially remains a Valencia player, and that last summer's agreement between the three parties was that Mamardashvili would formalize his move to Liverpool in 2025.
It is not clear what Liverpool intends to do with Mamardashvili next season, as it seems unlikely that he would be willing to play second fiddle to Alisson after three seasons of regular first-team soccer in La Liga.
One option is for him to remain at Valencia for another season, although it is believed that he would only be willing to do that if the Spanish club increased his salary.
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Alisson intends to remain at Liverpool until 2027 at the earliest.
Amid links with a move to the Saudi Pro League, Alisson said last year that he wants to honor his contract with Liverpool, which runs until 2027.
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Kelleher, meanwhile, is likely to leave Liverpool this summer after making it clear that he wants to be a first-choice goalkeeper