The Reds were believed to be very close to securing the signing of Fekir, with Lyon confirming that they were in discussions with Liverpool, only to announce that the negotiations had failed.
Transfer expert Ian McGarry believes that Liverpool's interest in Shaqiri is the reason why negotiations for Fekir stalled.
McGarry told the Transfer Window podcast: "Nabil Fekir allegedly failed his medical and that’s why his move from Liverpool didn’t go through.
"I’m not sure that is entirely the 100 per cent truth of the case. I believe Liverpool were alerted to Shaqiri being available for a much, much lower price than the £38m Lyon were demanding for Fekir.
"They are similar players although you’d have to say Fekir has been more consistent. Shaqiri has that enigmatic talent where he can produce moments of brilliance.
"Shaqiri to my information is going to be available for around £8m after Stoke’s relegation, that could go up to £12m in add-ons.
"His wages are not that high either, but I suspect he would be paid around £100,000 to £120,000-a-week at Anfield.
"Liverpool right now with Mane, Firmino and Salah don’t need replacing, that’s for sure. What Jurgen Klopp needs is someone who can deputise for any of those players.
"Last season they struggled to fill those players with the same quality. Shaqiri would also put a little bit of pressure on, because he is talented and he can do it.
"I think that would be a cute move for Liverpool, in terms of getting him to Anfield.
"There’s interest from Southampton, where of course he might consider because he would play more reguarly.
"I think he’s very talented, he’s shown that at the World Cup. He’ll have offers from other clubs."
Shaqiri has enjoyed a positive World Cup tournament so far, and will be hoping to continue his good form as his side face Serbia in the Round of 16. His Switzerland side are potential opponents for England in the quarter final, should both sides advance from the round of 16.