Liverpool reportedly made a late offer to sign Del Piero last month after Sydney made their initial attempt to sign the Italian legend.
Reds boss Brendan Rodgers was in the market for attacking reinforcements after failing to bring in a replacement for Andy Carroll during the transfer window.
However, Del Piero, who was available on a free transfer after leaving Juventus, revealed he rejected overtures from Liverpool out of respect for the Heysel tragedy.
"Why I said no to Liverpool? Negotiations with Sydney were already advanced and then I thought about what had happened at Heysel," Del Piero told Gazzetta dello Sport.
"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.
Del Piero is settling into life in Australia, but he admits his departure from Juventus still wrangles with him after 19 years with the Turin giants.
"One month is not much to make judgments, but the beginning is comforting from every point of view," added Del Piero.
"The farewell to Juve still leaves a bad taste in my mouth. One year and a half ago I would not have imagined that this would happen, then things change. I still have the great satisfaction of having given everything I could for Juventus".
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