Liverpool were due to face Olympique de Marseille in the round of 64 next month, but it was announced on Wednesday that this season's tournament has been cancelled.
A statement from UEFA read: "The UEFA Executive Committee has decided to cancel the 2020/21 edition of the UEFA Youth League due to the Covid-19 pandemic and its effects on the staging of competitions.
"The committee had initially decided last year to amend the format of the competition and to delay its start, but the various measures imposed by health authorities around Europe have continued to evolve since then.