Brendan Rodgers will be looking to add to his Liverpool squad over the summer in the hope that his Reds side can improve on their second-place Premier League finish next season.
Defensive weaknesses must be addressed and greater strength in depth needs to be added as Liverpool will also be competing in the Champions League in 2014-15.
Currently, the Anfield outfit are being linked with Englishmen Adam Lallana and Ashley Cole while, worryingly for Rodgers, rumours abound about clubs wishing to snap up Luis Suarez.
Here we take a look at the latest developments on each of these stories.
Suarez to Spain?
Barcelona and Real Madrid are both reportedly preparing £100 million bids for Suarez in the hope of bringing the Liverpool star to La Liga.
Jack Wilson in the Daily Star reports that the Spanish behemoths will compete for a world-record transfer of the Uruguayan striker:
The La Liga giants are willing to bid £100m to try and lure Suarez away from Liverpool, according to sources in Spain.
Madrid spent £83m to make Gareth Bale the world's most expensive player last summer. [...]
Suarez is under contract at Anfield until 2018 after signing a mega-money extension back in December.
He last week claimed there was no clause in his deal allowing him to leave for Spain but both are desperate to claw back the La Liga title from Atletico Madrid.
Suarez bagged 31 goals and 12 assists in the Premier League this season, per WhoScored.com, as Liverpool just missed out on their first league title since 1990.
However, they have qualified for next season's Champions League, a factor which could be key in keeping Suarez at Anfield.
Were Liverpool to lose the 27-year-old to La Liga, they may struggle to hit the heights they achieved this season when Suarez was influential in everything they did.
Rodgers Keen on Cole's Experience
While Rodgers must hang on to his prize asset, he is also looking to bring in reinforcements, especially in a defence that conceded 50 goals in the league, a record per Opta:
Reports continue to suggest the Northern Irishman will look to bring in veteran left-back Cole who looks to be on his way out of Chelsea.
Duncan Wright, also in the Daily Star, suggests Rodgers expressed interest in Cole even before his departure from Chelsea became inevitable:
Rodgers sounded out the former England star about a two-year deal at Anfield before it became clear he was leaving Chelsea.
He is hoping the lure of more Champions League football and being part of an exciting young squad will persuade Cole to stay in England and make the switch to the north-west.
The 33-year-old would provide huge experience to Liverpool's young team as well as a defensive strength demonstrably lacking in the squad.
With Liverpool competing in the Champions League next season, for the first time since 2009, defensive depth and stability is essential if they are to make any kind of impact.
Lallana Deal Still On
The Reds' chances of signing long-term midfield target Adam Lallana from Southampton may have been boosted with an admission that the future of Saints boss Mauricio Pochettino is unclear.
Lallana's teammate Jay Rodriguez admitted as much, as reported by Mike Dawes in the Daily Mail:
It's up in the air and we're not too sure at the moment. [...]
He (Pochettino) is unbelievable. I think anyone will say what a great manager he is and what a good guy he is, to see how well he's done with the type of football we're playing.
I think he's worked us hard and we've seen the benefits from it so I think he's a great manager and I love playing under him.
Tottenham are reportedly interested in the 42-year-old manager as a replacement for the recently dismissed Tim Sherwood at White Hart Lane, per ITV Football:
Were the Argentinian to leave his post at Southampton, Lallana may feel more inclined to leave the club, as it is under Pochettino's watch that he has flourished.
The 26-year-old England midfielder scored nine Premier League goals during the 2013-14 season as Southampton finished eighth in the table, per Squawka.
However, former Southampton chairman Nicola Cortese has warned his former club not to sell their bright young stars, with Lallana and Luke Shaw both potentially on their way out.
He believes that were he still in charge, the high-profile figures, including Pochettino, would have been tied to the club, as reported by Ben Smith of BBC Sport:
"We created those talents. It was key to keep them. You don't produce them just to sell, otherwise you give away your ambition."
With European and domestic competitions to come next season, Liverpool must strengthen considerably or risk going backwards in the Premier League.
Certainly defensive frailties must be dealt with if they are to challenge again for the league title next season and, if they were to lose Suarez, the Anfield outfit would really struggle to find a suitable replacement.