The Argentina international, whose current deal runs until June 2028, described the decision as painful but believes changes behind the scenes at Anfield could alter the situation.
Mac Allister discussed his future in an interview with Argentine journalist Gastón Edul, explaining that he had been informed the club did not plan to offer an extension, at least for the time being.
“Obviously, we're in a situation where I have a year-and-a-half left on my contract, and last season I was told that the club’s idea was not to renew it, at least for now. And obviously, that was a painful, unpleasant situation,” he said.
The 27-year-old was asked how the news had affected him, but insisted his desire to remain at Liverpool had not changed.
“Not that much, because at the end of the day, I still had, and still have, time left at this club, which is what I want most – to stay here,” he said.
Mac Allister also pointed to changes in the club's leadership and ownership as reasons why the position could develop.
“The reality is that the manager has now changed, the sporting director has changed, and new investors are coming into the club. So I think I'm now in a position where anything can happen.
“We'll see what happens in the future. I've always said that I'm very happy here, that I really enjoy it, and we'll see.”
The midfielder also addressed the contrast between his situation and those of team-mates Dominik Szoboszlai and Ryan Gravenberch, who have both signed new contracts since he was told an extension was not planned.
“They're two players who were in the same contractual situation as me, and when I was told that, they renewed their contracts,” Mac Allister said.
He suggested the club's decision reflected the financial considerations involved in managing contracts, rather than necessarily being a judgement on his desire to remain.
“At the end of the day, as a club, you don't want to lose a lot of money, and you don't want players leaving on free transfers either,” he added.
Liverpool head coach Andoni Iraola has publicly backed the midfielder, praising his understanding of the game and his willingness to help organise those around him.
“He understands the game overall,” Iraola said. “Not just the demands of his position but what is happening overall.”
The manager also welcomed Mac Allister's stated commitment to the club, describing him as a top player and saying he appreciated his clear intentions.
Mac Allister joined Liverpool from Brighton in 2023 and helped the club win the Premier League. Despite the uncertainty surrounding his longer-term future, his latest comments make clear that he would prefer to extend his stay rather than seek an exit.