The riches on offer in the competition will open up the possibility of the Reds attracting a higher standard of player to ones that they have previously been able to sign, and so the rumours surrounding names about to enter the club are only likely to grow and grow.
What about the rumours we're seeing right now, though?
Here we'll keep track of all the latest transfer gossip and stories surrounding the Reds, as talk already turns to the re-opening of the window in the summer.
Last updated Friday, February 21
With his "on again off again" transfer to Liverpool now a thing of the past, Dnipro winger Yevhen Konoplyanka impressively got back to doing what he does best against Tottenham in the Europa League on Thursday.
The Ukraine international had a fine game against the English side, and scored the winner in the first leg tie from the penalty spot.
Metro report that the Reds had scouts in the Ukraine to watch the match, with a new bid expected to be made in the summer when signing Konoplyanka should be a little easier.
He's regularly featured in matchday squads this season and made an appearance off the bench in the recent 5-1 hammering of Arsenal, but Jordon Ibe could be set for a loan move to Birmingham City according to the Daily Mirror.
The 18-year-old former Wycombe Wanderers youngster is highly-regarded at Anfield, but the paper states that Brendan Rodgers sees a short-term move away for the wide man as the best option for his career at this stage.
On-loan left-back Aly Cissokho has made his admiration for Liverpool clear, but the Frenchman isn't second-guessing anything about whether or not the Reds will make his loan switch from Valencia a permanent one.
The 26-year-old has nailed down a place in the Reds' side of late, but that is largely down to injuries suffered by the likes of Glen Johnson and Jose Enrique.
He told Sky Sports:
You'll Never Walk Alone? That hymn impressed me when I was a kid. It is beautiful, extraordinary. The first time I could hear it with the red shirt on my back, I felt a lot of emotions.
I thought about how far I have come, all those years when I worked hard to achieve my dream.
Valencia is also a great club, but there are a lot of economic problems in Spain.
I have given my very best for Liverpool and we will see at the end of the season what both clubs will decide.
If I have to leave Liverpool, I will leave. I am doing a nice job and that is the most important.
Goalkeeper Pepe Reina has enjoyed a loan spell at Napoli this season, and with Simon Mignolet now established between the posts at Anfield, the Spaniard has seemingly given up hope of returning to Liverpool after that spell is over.
The World Cup winner told the Daily Express:
I’ve got to return to Liverpool, although it’s unlikely I’ll stay there.
It was Liverpool who took the first step by not wanting me anymore because they were placing their faith in a younger goalkeeper.
The Arsenal right-back Bacary Sagna is out of contract in the summer, and Italian journalist Gianluca Di Marzio claims that Liverpool have joined Inter Milan in the race for his signature.
The possibility remains that Sagna's agent is merely using interest from other parties in order to win a new contract for the French international at the Emirates Stadium, but the 31-year-old would certainly make for an experienced addition to the Reds' defence.
— Gianluca Di Marzio (@dimarzio) February 18, 2014
The Daily Mail linked Liverpool with a deadline-day loan move for Manchester City's Micah Richards last month, and now the possibility of the England defender moving to Anfield for £8 million in the summer has cropped up again.
The 25-year-old would appear to be a solid addition to a Liverpool defence which has struggled at times this season, but his fitness issues would remain a concern to Brendan Rodgers were he willing to shell out that much money for the versatile defender.
The Costa Rican international is 27 and will have the chance to shine on the global stage when his country face England, Italy and Uruguay at the World Cup in the summer, at which point he'll have just one year left on his contract.
Marseille interim coach Jose Anigo has claimed that midfield schemer Mathieu Valbuena can leave in the summer, according to talkSPORT.
The radio station claim that this has alerted Liverpool and Arsenal to a potential deal for the stylish and diminutive 29-year-old, who once scored a winning goal for Marseille in a Champions League match at Anfield in 2007.