Brendan Rodgers is moving to strengthen his squad this summer for the rigours and tests posed by Champions League football.
Here, we take a look at the latest players linked with the Anfield club:
After falling down the pecking order at Bayern Munich, Liverpool are looking at the option of bringing Shaqiri to the Premier League.
The exciting attacker has been a long-term target for the Reds, per Ben Burrows of the Mirror, and he is said to favour a switch to English football in his pursuit for first-team action.
Shaqiri has struggled to establish himself in a very competitive Bayern attack and the 22-year-old would benefit from a move to Anfield.
The Swiss international recently expressed his unhappiness in a recent interview with 20 Minuten (per Alex Harris of the Express), saying:
We'll see. I'm not going to go through another year like this. If not much changes, then I will have to change something. I am only disappointed because I have played less.
I am young and need to develop myself. I want to play in the big games from the beginning, and not just in the league when everything is already clear.
I want to play at a top club as the Champions League is important to me.
Liverpool can now offer Shaqiri the Champions League football he desires and with the attacking philosophy of Rodgers he may find the perfect home in the north west of England.
The future of Alberto Moreno is up in the air with contrasting reports about his future being aired.
David Anderson of the Mirror reported very recently that Liverpool had agreed a £17.9 million deal with Sevilla for the exceptionally talented full-back and that Moreno would travel to Merseyside to have a medical and complete the transfer.
However, another Burrows piece in the Mirror stated that Tottenham Hotspur have gatecrashed the party and are set to offer Sevilla a lucrative package for the player which could include the services of Roberto Soldado on-loan and Etienne Capoue permanently, plus £14 million cash.
Mauricio Pochettino hopes to make the Spanish international his first signing for Spurs.
But Pete O'Rourke of Sky Sports still makes Liverpool favourites for Moreno's signature and that it will trigger a busy summer of transfer activity for Rodgers.
Liverpool closing in on signing of Sevilla defender Alberto Moreno. Busy start in transfer window for Liverpool. #LFC— Pete O'Rourke (@SkySportsPeteO) June 5, 2014
Liverpool need a defender of the quality of Moreno after proving last year that their defence is not strong enough. As Rodgers builds further, he will need to acquire a mixture of top young talent, like the Sevilla defender, and top-class experience to give his squad balance.
Liverpool are preparing themselves for a summer-long battle to retain the services of Luis Suarez with Real Madrid planning their attack to buy the player.
Simon Jones of the Mail Online claimed that the Galacticos are now planning a £76 million move for the PFA Player of the Year and will test the Anfield club's resolve.
It was only a year ago that Gareth Bale was not leaving Spurs, only for Madrid to move hard and fast, driving a deal through that the English club could not refuse.
It seems that they will try and do the same now with Suarez and Liverpool.
Will Luis Suarez join Real Madrid this summer?
Losing Suarez at this time is unthinkable after the progress the Reds have shown in the past 12 months. But they will not be able to hold on to him if Madrid start to bid around the world record mark for the player.
Suarez would surely be motivated to play in Latin football's most important league and Madrid would provide him with the perfect stage for his talents and skill. The funds created by a Suarez exit could be put to very good use by Rodgers and help him shape a squad that can compete at home and abroad for many years to come.