The Reds had hoped to gatecrash Spurs' advances and bring Soldado to Anfield.
But Spurs are believed to have tied up the deal by agreeing to pay his full buyout clause of £26m.
Spanish international Soldado, 28, scored 30 goals in 46 games for Valencia last season.
Spurs have already signed midfielder Paulinho and winger Nacer Chadli.
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