Don't see a huge degree of overlap between Shaqiri and Fekir tbh, either positionally or skill-wise.Fekir is a left-footed AM/forward who likes to cut in from the right – just like Shaqiri. Forget financial considerations: purely in football terms would you be in favor of buying Fekir if it means Shaqiri will have to leave? Why or why not?
Shaq almost exclusively plays RW, either in a 4-2-3-1 or a 4-3-3. Klopp tried playing him a midfield three once, and it lasted only 45 mins. Never played him as a no. 10 or a false 9 at any point during this season either to my recollection.
Fekir operates far more centrally than Shaqiri - in some of his earlier clips for Lyon, there are instances of him being on the right, but whatever I've seen of him of late has been very central. So he'll play either the no. 10 in a 4-2-3-1 or Bobby's false 9 role in the 4-3-3.
Skill-wise, Shaq's main qualities are 1) cutting in and shooting, and 2) providing a threat through crosses and set pieces.
Fekir's skillset seems to be a little different. While he does do a bit of cutting in from the right and shooting, in the central role, his main value is being a very dribbly / flicky / unpredictable pivot or no. 10. That's frankly quite different from what Shaq provides. He's also far more prolific than Shaqiri, with some very good instinctive finishing with both feet.
Also, I think he'd be a very interesting alternative to Firmino for the false 9 role. While Firmino's pressing, movement and positional brilliance is almost unparalleled across Europe, Fekir seems to have much better upper body strength and the ability to play back to goal. Nobody in our squad (apart from Mane) has that ability.
He'd be a very interesting player to add to our attack imo.