The club were reported to have made an offer of around £15 million and chief executive Ian Ayre flew to Ukraine to hold talks over the signing of the international winger.
However, Liverpool were unable to get the deal over the line before the window closed at 11pm, with reports blaming Dnipro president Ihor Kolomoyskyi for failing to sign the necessary paperwork.
The failure to sign Konoplyanka is rather embarrassing for Liverpool, who were unable to add a single player to their squad to boost their hopes of finishing in a Champions League spot this season.
In the summer they also missed out on a number of targets to rival clubs.
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