A major deal is no longer happening, and it will have a huge impact on Liverpool.
There is still plenty of work to do at Anfield, but progress has been slow. Liverpool have several areas of the squad that need strengthening, yet their activity in the market has been relatively quiet.
New head coach Andoni Iraola acknowledged as much during his first press conference, admitting the club still needs to make further signings and confirming that work is continuing behind the scenes to improve the squad.
So far, though, there has been little to excite supporters. Victor Munoz remains the only notable arrival, while Liverpool have also had to deal with a number of setbacks.
Yan Diomande turned down a move to Anfield in favour of Paris Saint-Germain, and the departure of Michael Edwards has only added to the sense of uncertainty surrounding the club's recruitment plans.
Attention has now turned to Bradley Barcola, who is viewed as an ideal alternative to Diomande. However, any move is far from straightforward.
Paris Saint-Germain's willingness to consider Barcola's future could depend on whether they complete a deal for Diomande first, leaving Liverpool waiting on events outside their control.
It's an uncomfortable position for the Reds to be in. With time ticking away in the transfer window and several key positions still needing attention, supporters are understandably growing impatient.
After a summer that has already delivered more disappointment than encouragement, many fans will be hoping Liverpool can finally turn the tide and begin making meaningful progress in the market.
If Liverpool miss out on both Diomande and Barcola, the list of realistic alternatives becomes far less convincing. There is talent available, but very few players who look ready to make an immediate impact at a club expected to compete for the biggest trophies.
Yankuba Minteh is probably the standout option. He has already shown flashes of his enormous potential, with his pace, direct running and ability to beat defenders making him an exciting prospect. However, he still comes with plenty of question marks.
Consistency remains an issue, and there is little evidence yet that he is ready to shoulder the responsibility of leading Liverpool's attack on a weekly basis.
Beyond Minteh, the options become even more developmental.
Matias Fernandez-Pardo, Carlos Forbs, Ibrahim Mbaye and Said El Mala are all highly rated young forwards with bright futures ahead of them. Each possesses qualities that make them intriguing long-term investments, but none have yet proven they can perform at the level Liverpool require right now.
Liverpool need players capable of making an instant difference rather than projects who may take two or three years to reach their full potential.
The club cannot afford to get this decision wrong, making the search for the right winger one of the defining tasks of the summer.
But it's what they might have to do. According to Bild a transfer for Diomande is now off and the Ivorian is likely to stay at RB Leipzig next season.
Because neither PSG nor Liverpool are willing to meet the German club's €120m asking price Bild are reporting that the club's strategy is not to sell Diomande this summer.
That is the expectation and given how now club is willing to pay over the asking price, Diomande is almost certain to stay with the German side.
Why is that significant?
Well, it has huge ramifications for Liverpool. Even if Diomande had already made his choice in favour of Paris Saint Germain, Liverpool still stood to benefit from that deal because there was a notion the Ivorian moving to Paris would open up the possibility of Barcola going the other way.
However, with Diomande now set to stay, Barcola may also be staying in Paris this summer and that will leave Liverpool having to look at alternative options.
