Martin Zubimendi rejected Liverpool because he thinks that Real Sociedad are the bigger club, boss Imanol Alguacil has suggested.
Zubimendi, 25, turned down the chance to move to Anfield earlier this week, with Liverpool having been ready to activate the Spanish midfielder's €60million (£51.3m) release clause. That leaves new Reds manager Arne Slot still without a signing less than two weeks before the summer transfer window is due to close.
Liverpool were confident that Zubimendi would give them the green light but he ultimately said no - and Real Sociedad's boss thinks he knows why. "He has rejected an offer," Alguacil confirmed.
"There is no doubt that Liverpool is a big club and the fact that he said no to them, even though they put in what they put in, is something to be proud of. It means that things are being done well at the club and even if such powerful clubs come along and Martin says no.
"I am holding back, but there is still time until the 30th [transfer deadline day]. Now it has been Liverpool, but tomorrow it could be another big club, because they have the level. Although for me the biggest club is Real Sociedad. I imagine that he must have thought that and that is why he has decided to stay."
Zubmendi is therefore set to feature in La Real's opening game of the La Liga season at home to Rayo Vallecano on Sunday while Slot and co turn to other transfer targets. The Liverpool manager addressed his club's recruitment struggles on Friday, confirming that Spain international Zubmendi didn't want to move to Merseyside.
"I've said many times already that our squad is really strong and it's not so easy to find players who can help us or even strengthen the squad," Slot explained. "Zubimendi was one of them to be fair, but he decided not to come. We go forward with the ones we have. [Wataru] Endo did well in pre-season so we're in a good place.
"In the background, [sporting director] Richard [Hughes] is trying to strengthen the squad as he can but, unfortunately, Zubimendi decided not to come. He did every effort to bring him in but, if a player decides not to come, then it's obvious he's not coming."