The Colombian has been in great form this season for Sevilla.
The 28-year-old was being valued at around the £18 million mark and both clubs were said to be keen on a move for the star.
Bacca, who has scored 26 goals in 55 games this season, recently spoke about his future. He told Estadio Deportivo earlier this month that he was 'filled with joy' at the idea of joining Spurs or Liverpool.
However, yesterday he made it clear he was more than happy at Sevilla.
"We know that Sevilla are a selling club and we have to bear that in mind.
"But I am happy here and I am one hundred percent focused on what remains this season.
"Everything is in the hands of the directors and the coaching staff, whether or not they count on me [for next season]."
Both Liverpool and Tottenham need striking reinforcements. Liverpool's summer arrivals Rickie Lambert and Mario Balotelli have both flopped, while Daniel Sturridge has spent most of the season injured.
Tottenham Hotspur's strikers, apart from Harry Kane, have been goal-shy this term - with Roberto Soldado and Emmanuel Adebayor practically anonymous.
Bacca would have been an in-form arrival at either club, likely to be welcomed by either set of fans.
But he now maintains his happiness at Sevilla. With a Europa League final upcoming against Dnipro, it is unlikely that feeling will change.