A deal to take the French international to Anfield appeared all but done a few weeks back, before the club pulled the plug.
No official reason was ever given for the collapse, although it was widely reported the striker had failed a medical.
Remy is now back at QPR and manager Harry Redknapp believes it could be a decision Liverpool live to regret, for the striker who scored 14 goals for Newcastle on loan last season.
The deal to take Remy to Liverpool would have cost the Reds as little at £8.5 million as per a clause in his contract, a potential bargain.
Redknapp told SkySports: "He's trained great and we're hoping he's here at the start of the season. We don't want to sell him.
"If you look at the prices of strikers at the moment, it's incredible. To me he should be a £20m striker in comparison to other strikers who are getting sold for £11m or £12m. To have lost him for the amount we were going to would have been too cheap so to have him back here is fantastic.
"The chairman wants him to stay and we hope he does. He would have been a fantastic buy for Liverpool at that money, so their loss is our gain."
Redknapp's comments may have been a thinly veiled dig at Southampton's £12 million signing of Shane Long, a striker who will hope to face Liverpool on opening day.
Former Liverpool defender Jamie Redknapp urged the Reds to go and sign a striker, after moving closer to sealing a deal for Alberto Moreno - but whoever they sign, it may be a struggle to bring in a player who presents as good value and pedigree as Remy.
Do you think Remy is worth £20 million?