The Reds had been linked to the Chile international as part of Barcelona's bid for Luis Suarez.
According to the Liverpool Echo, the Anfield side have admitted defeat following reports that Arsenal have made a £32m bid for the 25-year-old.
The report also claims that Sanchez's representatives have told the club that he is likely to join Arsene Wenger's side.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Liverpool | 29 | 21 | 7 | 1 | 69 | 27 | 42 | 70 |
| 2 | Arsenal | 29 | 16 | 10 | 3 | 53 | 24 | 29 | 58 |
| 3 | Nottingham ForestNott'm Forest | 29 | 16 | 6 | 7 | 49 | 35 | 14 | 54 |
| 4 | Chelsea | 29 | 14 | 7 | 8 | 53 | 37 | 16 | 49 |
| 5 | Manchester CityMan City | 29 | 14 | 6 | 9 | 55 | 40 | 15 | 48 |
| 6 | Newcastle UnitedNewcastle | 28 | 14 | 5 | 9 | 47 | 38 | 9 | 47 |
| 7 | Brighton & Hove AlbionBrighton | 29 | 12 | 11 | 6 | 48 | 42 | 6 | 47 |
| 8 | Fulham | 29 | 12 | 9 | 8 | 43 | 38 | 5 | 45 |
| 9 | Aston Villa | 29 | 12 | 9 | 8 | 41 | 45 | -4 | 45 |
| 10 | Bournemouth | 29 | 12 | 8 | 9 | 48 | 36 | 12 | 44 |
| 11 | Brentford | 29 | 12 | 5 | 12 | 50 | 45 | 5 | 41 |
| 12 | Crystal Palace | 28 | 10 | 9 | 9 | 36 | 33 | 3 | 39 |
| 13 | Manchester UnitedMan Utd | 29 | 10 | 7 | 12 | 37 | 40 | -3 | 37 |
| 14 | Tottenham HotspurSpurs | 29 | 10 | 4 | 15 | 55 | 43 | 12 | 34 |
| 15 | Everton | 29 | 7 | 13 | 9 | 32 | 36 | -4 | 34 |
| 16 | West Ham UnitedWest Ham | 29 | 9 | 7 | 13 | 33 | 49 | -16 | 34 |
| 17 | Wolverhampton WanderersWolves | 29 | 7 | 5 | 17 | 40 | 58 | -18 | 26 |
| 18 | Ipswich TownIpswich | 29 | 3 | 8 | 18 | 28 | 62 | -34 | 17 |
| 19 | Leicester CityLeicester | 29 | 4 | 5 | 20 | 25 | 65 | -40 | 17 |
| 20 | Southampton | 29 | 2 | 3 | 24 | 21 | 70 | -49 | 9 |
| > Premier League Full Table | |||||||||
