Recent reports in Brazil had suggested that the 18-year-old, dubbed ‘the next Neymar’, is closing in on a move to Anfield this summer.
However, Standard Sport understands that the Reds have no plans to sign the highly rated Rio-born forward.
A World Cup winner with Brazil’s U17s in 2019, Talles Magno has yet to earn a cap at senior level for his country.
That would make securing a work permit difficult, as Liverpool previously found with former player Allan Rodrigues de Souza.
Signed from Internacional at the age of 18 in 2015, Allan was initially sent on loan to Finland and then Belgium in the expectation that it might help him qualify for a work permit.
But the Reds’ application was denied in the summer of 2016, resulting in further temporary stays in Germany, Cyprus and Brazil.
The midfielder eventually secured a permanent return to his homeland earlier this year, joining Atletico Mineiro after a frustrating stint at Anfield.
Liverpool secured their first transfer of the summer last week as they completed the £11.75m signing of defender Kostas Tsimikas from Olympiacos.
As revealed by Standard Sport on Wednesday, the Reds are also weighing up a swoop for £40m-rated Watford forward Ismaila Sarr.