Liverpool had been one of a number of clubs interested with a move for Bellingham during the summer, with Real Madrid eventually winning the race to sign the England star for a fee of £85m plus add-ons back in mid-June.
footballboast understands that Liverpool backed away from any deal to sign Bellingham due to the financial outlay required to sign the player - an outlay they were willing to way above to bd £111m for Moises Caicedo later in the window.
Ex-Liverpool captain Henderson, who left the club after 12-years at Anfield in the summer to join Saudi Pro League club Al Ettifaq, had previously called on the Reds to sign Bellingham, saying in an interview: "I just want him to be the best player he can be. If it ended up being Liverpool that would be amazing."
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Speaking to The Athletic this week, Henderson reiterated that he wanted Liverpool to sign Bellingham, but the club's FSG owners would have had their reasons for backing away from a deal.
"Maybe not to the owners but you can probably think of certain players that I might have tried for in the past, especially recently! Which looking back now, he's [Bellingham] on fire so I might have thought we should have just paid the money!" Henderson said.
"But in the end they have a structure, they have a plan and if it doesn't fall within that then they're not going to change for it. Because it has a knock-on effect. It's great to sign these amazing players with loads of wages and it's amazing for everyone. But in the end you'll then have different players coming in wanting different money, you've got players within saying, 'Well, I want…'. It causes loads of different issues within.
"They always have a plan, always have a strategy and they know what they're doing. The most important thing is they care about the club and that's the biggest thing I would say about them."
Bellingham has got off to a flying start at new club Real Madrid, scoring a stunning five goals in his first four appearances for the club - equalling a goalscoring record set by Cristiano Ronaldo in the process.
