Manuel Pellegrini has admitted that he was nearly made Liverpool manager in 2010 but the South American chose a move to Malaga instead.
Liverpool were on the lookout for a new manager after Rafa Benitez departed for an ill-fated move to Inter Milan.
The Mersyside club eventually appointed Roy Hodgson, a disastrous move that lasted less than 12-months, before an 18-month stint from Kenny Dalglish came prior to Brendan Rodgers arrival last summer.
Pellegrini had limited success in his time at Real Madrid before he was dismissed in 2010, with a then record points total being eclipsed by Barcelona under Pepe Guardiola - a side regarded as one of the greatest in football history.
And the now-Manchester City manager explained that while the move to Liverpool was close, he feels that now is the best time to be heading to the Premier League.
"I had twice chances to arrive here before. One was to Manchester City but with the other owners," Pellegrini told the Daily Mail.
"Liverpool, I was very near, after Real Madrid, to arrive at Liverpool. But for different things, it was not the moment. Now it is the right moment with the right club."
Having replaced Roberto Mancini, who was sacked despite winning the FA Cup and the Premier League in two of his three full seasons in charge, the 59 year old will be under pressure to deliver immediately.
And Pelligrini is already getting fans on side with talk of beating bitter rivals Manchester United, who beat City to the title last season in emphatic fashion.
"I know the most important thing for City fans is to beat United. I'm sure we will do it and this year, the same as other years, we will be on top of United," added Pellegrini.
"I also played United twice with Villarreal in the Champions League, in 2006 and 2009, and both times we qualified for the last 16 and they didn't."