Former Liverpool chairman Sir Martin Broughton believes Manchester United and the Reds will both sell for lower than their respective asking prices.
Both historic Premier League clubs are up for sale this year, with owners the Glazer family and Fenway Sports Group respectively wanting out.
FSG are asking for around 4 billion, while the Glazers want 6 billion for United.
Speaking to The Telegraph, Broughton said: "I would question whether they'll [United and Liverpool] get the kind of prices they floated."
He continued: "With Chelsea and I think Arsenal and Tottenham would fall into the same category the people we spoke to tended to be overseas billionaires who had a pad in London and the pad in London was in Knightsbridge or Kensington, Chelsea or something.
"So when they came to London, they went to Chelsea. They were football fans, and they were Chelsea fans... they're not going to be bidders for Liverpool or Manchester United because they've got a pad in London and they're not planning to move their pad to Manchester or Liverpool. So it's a different type of buyer to the ones that we were looking for with our consortium."