Fulham boss Marco Silva says Fabio Carvalho is "very happy" at the club despite the collapse of his proposed deadline day move to Liverpool.
The clubs agreed a fee in the region of £8m for the 19-year-old winger shortly before Monday's deadline.
However, the final details of the transfer could not be concluded in time.
Had the move gone through, Carvalho would have spent the remainder of the season back on loan at Craven Cottage.
"The day after, I saw him with the same smile on his face like always," Silva said before Fulham's FA Cup fourth round tie against Manchester City.