
Mac Allister has entered the final two years of his present deal and was informed earlier this year the Reds were not in a position to open talks over a new agreement.
It is in contrast to fellow Liverpool midfielders Dominik Szoboszlai and Ryan Gravenberch who, like Mac Allister, both arrived at the club in the summer of 2023 but have this year penned improved long-term contracts.
As a consequence, Mac Allister was strongly linked with an exit during the recent transfer window with both Real Madrid and Atletico Madrid - who the Reds entertain in their Champions League opener on Wednesday - strongly linked with an interest.
But while admitting he had options to leave this summer, the Argentina international has explained why he chose to stay at Liverpool.
"There was a chance (I could leave in the summer) as everyone knows," said Mac Allister. "I received the news the club was not in position to offer me a new contract which of course makes me very, very sad.
"There wasn't any direct conversation with me, it was with my agent. I don't want to say things they never said, but what I got from my agent is they weren't in a position to renew me.
"It's really sad, we won the Premier League together and went through difficult times as well together and I always give my best. We will see what happens but of course it makes me sad.
"Everybody can see I give my 100% for this football club every single day in training, games. Of course, I have very good games and bad games like everyone but always I give my best.
"I see Dominik and Ryan renewing their contracts and that makes me very happy because they deserve it, but at the same time it makes me a little bit sad as I didn't get mine.
"Of course there is still time. The fans don't need to worry because I will give my 100% until the last day I am here. We will see what happens.
"There were options to leave this summer and I think right now I'm in the right club and I have the right mindset to give 100% to this club.
"Why didn't I leave? Because this is the right club. I love being here and this is something special and if I feel we can be successful, what I want is to win trophies, and I think we have the right players and right mentality to go and do great things but we need everyone on the same page and do what we have to do."
Asked if his contract situation could change, Mac Allister responded: "Maybe, I don't know. It is going to depend on how I perform during these years. They (the club) are right to make a decision as well. But the fans don't need to worry as I'll give 100% or maybe they (the club) change their minds.
"Do I have a bit more to prove? Not really as I'm always the same guy and always the same player. I'm not going to change. This is who I am. I think in three years at the club I've done very good things.
"We went through difficult times and a lot of things, we won a Premier League and a Carabao Cup, for me it's a very successful period of my life.
"I don't think I have to prove something but I have to show the level I can perform at and hopefully that's the case. I love this club, I love being here, I love the fans and as a player it sometimes happens you are at a club for a long, long time you don't really realise where you are. That doesn't happen to me.
"I know very well this is an amazing club and this city has something very special and I love being here."
Having been benched for the opening weekend draw at Newcastle United, Mac Allister has started the last two games and is in line to keep his place for the Champions League visit of Atletico.
And the 27-year-old has been impressed with the impact of new head coach Andoni Iraola since replacing Arne Slot earlier in the summer.
"Definitely since I came to pre-season and I worked under Andoni I could see something special," said Mac Allister. "He is a really good coach, he knows very well what he wants to do. We are trying to get there.
"I haven't had any conversations with him about it, but when I see the way he wants us to play and the way we train I think this can be a successful year which is why I think this is the right club and the right moment to be here."
Iraola was later asked about Mac Allister's position, and said: "We all have personal situations and we all have different contracts with the club. In this case, the important thing for me is he wants to continue here in the footballing side.
"We haven’t been together a lot of time but he has been important and played a lot of minutes. I think very highly (of him) and definitely there is still a lot of time to talk about those contract situations."