Any hope those two sides had of nabbing Hegazi are as good as over, however, as West Brom have first refusal on the Egyptian centre-back for a cut-price fee of around £3.7m.
"West Bromwich Albion have the priority to acquire the services of Hegazi on a permanent basis," Hafiz told reporters. "If they want to buy him they have to pay $5m.
"Liverpool do not have the right to bid higher than West Brom because the player is on loan with the Baggies and they do not need to enter new negotiations."
Hegazi has started all 15 of Albion's Premier League matches this season, earning the man of the match award for his display against Crystal Palace last weekend.