With new boss Brendan Rodgers at the helm, Liverpool will be looking to make some news in the transfer market this summer.
Bleacher Report is looking to update fans on what's happening with the club in that regard.
The Reds need fresh faces in all areas of the team, and will need to revamp the squad to improve on a poor 2011-12 season.
Here's some of the latest news involving Liverpool and the transfer market.
Fellaini would definitely improve Liverpool's options in midfield, but the possibility of such a move is very slim.
Liverpool is one of many clubs to have been linked with American attacker Clint Dempsey following his impressive season in front of goal.
Dempsey was certainly more effective than Reds forwards Andy Carroll and Luis Suarez throughout the season and could be even more productive around better players. According to the Daily Star, the Reds are therefore prepared to make a move.
Luis Suarez has continued to attract interest from all across Europe, but denied reports linking him with a move to Spain last month.
Suarez scored 17 goals for the club this season and had his share of well-documented disciplinary problems.
Following the appointment of Brendan Rodgers at Anfield, Joe Cole may end up returning to Liverpool next season after spending a season on loan at Ligue 1 side Lille.
Cole recently made it clear that he wants to prove himself with the Reds if he is allowed to stay, according to Sky Sports (via the Daily Mail).
According to the BBC, Liverpool may bid for Swansea target Gylfi Sigurdsson this summer.
The Reds' new manager, Brendan Rodgers, knows Sigurdsson from his time at Swansea last season and may see the player as a great addition to the Liverpool midfield.
Sigurdsson has been in negotiations with Swansea, but his relationship with Rodgers may swing things in Liverpool's favour.
Dirk Kuyt has left Liverpool after six years of service, according to The Telegraph. The Dutch attacker recently made the switch to Turkish outfit Fenerbache for a very small fee.
He did not play a very prominent role during the 2011-12 season. However, Kuyt did help the club win the League Cup and provided some important goals during his time with the team.