Midfielder Lucas is expected to stay at Liverpool beyond the transfer window after the club pulled the plug on a deal with Besiktas.
The Brazilian had been deemed surplus to requirements at Anfield and an agreement was reached between all parties last week for the playmaker to spend the remainder of the 2015/16 campaign in Turkey.
However, following an injury to Reds skipper Jordan Henderson, Lucas was recalled into the squad to start against Arsenal in the goalless draw on Monday.
The 28-year-old impressed on what was his first appearance of the season and manager Brendan Rodgers confirmed his desire to keep him at the club.
And Turkish side Besiktas have now confirmed that they will no longer be signing Lucas on a proposed season-long loan deal.
"Liverpool do not want him to go," club president Fikret Orman revealed. "The transfer can only go ahead with their say so there is nothing we can do right now."