The performer, 31, died on October 16 after he fell from the third-floor balcony of his suite at the CasaSur Hotel in Buenos Aires where he had been on holiday.
A source has said all the original members of the boy band had been in negotiations for a reunion ahead of his shocking passing.
"The memories we shared with him will be treasured forever," One Direction said of Liam Payne. (AP PHOTO)
A source told Us Weekly Liam, Harry Styles, 30, Zayn Malik, 31, Niall Horan, 31, and Louis Tomlinson, 32, had been "in talks to do one last reunion show" before Liam's fatal fall.
The insider added even though the idea has been put on hold a comeback may still be possible - but only in memory of Liam.
They said: "The guys would love to do a tribute to Liam. They're all so devastated right now they can't even think about that as a legitimate project, but it has been discussed."
Liam's sudden death has "caused the guys immense heartbreak", according to Us Weekly.
It called Liam's loss a "wake-up call" for One Direction's surviving members.
The insider went on about their friendship: "Prior (to Liam's death), they kept in touch sporadically but didn't have close friendships at all.
"They're all still mourning but are checking in on each other and feel closer than they have in years. It brought them back together."
The grieving 1D members issued a rare joint statement following Liam's death, saying: "We're completely devastated by the news of Liam's passing. In time, and when everyone is able to, there will be more to say.
"But for now, we will take some time to grieve and process the loss of our brother, who we loved dearly.
"The memories we shared with him will be treasured forever.
"For now, our thoughts are with his family, his friends and the fans who loved him alongside us.
"We will miss him terribly. We love you Liam."
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