The 20-year-old Spaniard looks set to miss the remainder of the campaign after football's world governing body blocked his loan move to Eibar.
Paez, 20, joined Liverpool from Real Madrid in September 2013 following a successful trial, before going on to establish himself as a regular with the Under-21s in his first season at the club.
Reds manager Brendan Rodgers opted to send the Spaniard out on a season-long to Bologna in August to continue his development, but a lack of first-team opportunities saw him recalled during the winter transfer window.
He was shipped off to Eibar instead for the second half of the campaign, but both sides were dealt a shock when FIFA blocked the move due to an administration error in the paperwork submitted.
The Spanish club have since contested the decision, claiming all the correct measures were followed, but their appeal has been rejected, leaving agent Luis Carlos Fernandez looking for a potential solution.
“As far as we know the player is unable to play until the end of the season but we have a meeting with Liverpool officials to see if we can find another solution," he said. "As of today, the player plans to stay at Eibar just training until the end of the campaign but let's see what Liverpool say because they are the owners of their rights.
“In Spain he cannot play this season either at Eibar or in another club because it is impossible to register him out of the two transfer windows – summer and January – but maybe the FA regulation allow to do something. Let's see."
Meanwhile, Eibar released an official statement this week explaining the situation, with the club’s feelings towards FIFA’s decision made clear in no uncertain terms.
“Having analysed all the documentation, said judge has confirmed the denial of the transfer, despite that all parties were in agreement that it was a simple administrative error, which was corrected immediately and with the documentation sent on time,” the statement read.
“With this decision, FIFA leaves Rafa Páez without the opportunity of playing for the remainder of this season."