Liverpool had a genuine interest interested in signing Timo Werner from RB Leipzig before Chelsea swooped.
But the Reds opted against bringing the Germany striker to Anfield as the coronavirus crisis disrupted their plans.
Werner, 24, was open about being flattered by the transfer links to the Premier League champions.
However, Jurgen Klopp’s side never firmed up their move to snap up Werner ahead of rivals Chelsea.
The Liverpool Echo say that in early April, the club were planning to use the Government’s furlough scheme to help pay some of the lowest-paid staff members on their payroll.
As a result of the backlash, which Tottenham witnessed too, there was legitimate concern from Liverpool how £50m on Werner a few weeks later would have been viewed.
A lack of funds is an issue at Anfield this summer and one of the reasons why Klopp’s squad has not been significantly strengthened off the back of their title glory.
But they were also worried about the public perception to spending such money on Werner in the climate.
Roberto Firmino will continue as Klopp’s first-choice No.9 this season instead.
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And Chelsea benefited from Liverpool’s decision as they poached the goalscorer.
The Blues have spent big this summer, following their transfer embargo last year, as Frank Lampard bids to battle Liverpool, Manchester City and Manchester United for the title this term.
Kai Havertz, Hakim Ziyech and Ben Chilwell are among the players to have been added to Chelsea’s ranks and they have spent in excess of £200m.
Werner, who could have been playing in red come the start of the 2020/21 season, is excited at what lies ahead for Chelsea.
Last week, he said: “The work with the manager recently has been really good. He’s been showing and explaining to the whole team, not just me, what we can do on the pitch and how to improve on last season.
“He’s been great to work with and he’s been discussing his plans for the future, and how we want to battle with teams like Man City and Liverpool.
“I think Chelsea is a big club and with this team that we have, I think we can reach a new level. We have some very good players here and the manager is there to show us the way, and help us improve.
“We’ve worked a lot on tactical things, as well as our strength and fitness, to make sure we are ready for the start of the season.”