The patron suggested the collapse in talks was down to agent Carlo Pallavicino's behaviour in demanding a signing-on fee.
"I am speechless. I hope the President can change his mind and review his decisions," said Lucarelli on Sky Italia.
"On Friday all I was waiting for was the official word on what time and place I would be presented to the media as a Livorno player.
"The news came in about Pallavicino's fee and I really cannot believe my dream of returning to the Amaranto could disappear because of £40,000."
The matter could yet be resolved, as Pallavicino has offered to forego the signing-on fee entirely.
"Cristiano is like a brother to me and I will do everything I can to give him this dream with Livorno."