The Roma goalkeeper has decided not to join Liverpool as back-up to Pepe Reina as the transfer would see him take a 60% pay-cut.
"I have only received an official offer from Liverpool but I could not accept those conditions," he said.
"I would have had my salary cut by 60%. After signing a five-year contract extension with Roma in 2008 and having given a knee for Roma's cause, I am unwilling to give away money."