Del Piero left Juventus in the summer after 19 years at the Italian club and he has admitted that the 1985 Heysel Stadium disaster played a huge part in his decision to reject a move to Anfield.
Del Piero told Gazzetta dello Sport: "Why I said no to Liverpool? Negotiations with Sydney were already advanced and then I thought about what had happened at Heysel.
"Juve and Liverpool were able to rebuild the relationship, but for many people that tragedy is an indelible memory. I thank all the clubs which wanted me, but I'm convinced of my choice."
The 37-year-old scored 290 goals in 705 appearances for Juventus.