The winger played for the likes of Barcelona and Real Madrid during an illustrious career.
However, the 2000 Ballon d'Or winner could have joined the Anfield club in 2005.
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"Yes, it was a possibility at that time," Figo told GOAL.
"It was close, I was negotiating with Rafa (Benitez), but in the end it didn't happen for different reasons.
Liverpool at the time were struggling and not making a decision on whether to sign me, so I decided not to go there.
"I don't know (what they were waiting for), but every week they were like, 'We're waiting to do this,' and then they sign one player. 'We're waiting,' and then they sign another.
So I said, 'Come on, this cannot happen, I cannot wait too long.'"