The Uruguay international has impressed since his surprise loan move to Anfield during the summer, with Liverpool understood to be delighted with his contribution so far this season.
Romano initially said there was no buy option clause included in the loan agreement, but the journalist has since corrected himself in an update on YouTube.
"Congratulations to Liverpool because they signed a fantastic player with Ronald Araujo," Romano said. "It was quite underrated when we got that surprise. A big surprise of the summer transfer window for Liverpool is an excellent addition. Right-back, centre-back, a captain, and leader. Liverpool are delighted with Ronald Araujo.
"Many of you asking me about his situation in terms of future, in terms of contract. I wanted to clarify something. I was mentioning on a podcast that he didn't have a buy option clause. So, Liverpool didn't have a buy option clause in the deal. That's not the case. As I told you in the summer, it was just my mistake.
"There is a buy option clause for Liverpool and it's worth €55 million. So if Liverpool want to keep Araujo, they know the condition of the deal."
Araujo's strong form at Anfield has fuelled talk that the loan could become a permanent switch when the option becomes active, with the defender settling quickly into Liverpool's set-up since his arrival.
The centre-back, capable of playing at right-back as well, has brought experience and leadership qualities that Liverpool are said to value highly following his temporary departure from Barcelona.
The buy option is understood to be non-mandatory, meaning Liverpool will have the choice of whether to trigger it at the end of the season rather than any automatic obligation to complete a permanent transfer.
Araujo has featured regularly for Liverpool since his move, with his experience across multiple defensive positions proving valuable to head coach Andoni Iraola as he continues to adapt his squad following the summer rebuild at Anfield this season.