The Reds are five points clear of Chelsea in the Premier League, and with the two sides set to meet this weekend, Brendan Rodgers' side can all but clinch the title with a win. Even if Liverpool do somehow fail to win the league, they still have Champions League football on the horizon with a top four finish.
As a result, Rodgers can expect a huge transfer budget this summer, and Portuguese newspaper A Bola speculates that the figure will be in the region of £70m as Liverpool look to cement their position at the summit of English football for more than just one season.
The report states that there are six players on Rodgers' transfer shortlist, and here is a breakdown of each player linked with moves to Anfield this summer.
The Borussia Dortmund playmaker seemed all set for a move to Merseyside last summer as Liverpool made the former Shakhtar Donetsk man their key target. A deal seemed a foregone conclusion until Jurgen Klopp's side swooped in to take the Armenian star to Germany. The 25-year-old cost Dortmund around £24m less than a year ago so it'd be a shock to see him leave Signal Iduna Park already, especially after nine goals and 10 assists this season - but he'd be an outstanding addition to an already potent Liverpool attack.
Another long-term Liverpool target, Ukranian winger Konoplyanka seemed poised for a big money move to Anfield in January, only for the deal to fall through on transfer deadline day. The Dnipro Dnipropetrovsk star still seems set to leave at the end of the season, and it wouldn't be a shock at all to see him arrive at Liverpool. Rodgers has been looking to add a winger for some time having missed out on Willian and Mohamed Salah to Chelsea, and will be determined to land Konoplyanka at the second time of asking.
After the injury to Jose Enrique and the poor displays from loanee Aly Cissokho, Liverpool have been left short at left back, with Glen Johnson and John Flanagan filling in admirably. But in order to keep progressing, the Reds need to add another left back and it seems Sporting Lisbon's Rojo has caught Rodgers' eye. Capable of playing in the centre of defence or on the left, Rojo's versatility would be greatly appreciated by Rodgers, but with a World Cup appearance for Argentina on the horizon, he may need to move quickly to secure his signature.
A former Liverpool player, Ince has gone on to have a promising career away from Merseyside. A star for Blackpool under Iain Holloway, the winger is now on loan at Crystal Palace, where he has continued to flash ability. With his contract at Bloomfield Road up at the end of the season, Liverpool would still need to pay compensation to land Ince, but as Rodgers looks to build a strong English core to his side, a young player like Ince could be valuable to the attack, adding depth to the flanks as well.
One of the most highly rated young players in the country, Derby midfielder Hughes is full of energy but also possesses quality in possession. The England Under-21 international has subsequently attracted interest from the Premier League's top sides, but with Liverpool seeking the heir to Steven Gerrard in the heart of the midfield, Hughes could be signed with a view to grooming him for the role when captain Gerrard does eventually retire. He would almost certainly cost at least £10m, but if Hughes reaches his potential, that would look like a bargain in years to come.
If there is to be one criticism of Liverpool's season, it's that their defence has been leaky and error-prone at times. Martin Skrtel has been the only consistent performer in the centre of the Reds defence, with Mamadou Sakho, Daniel Agger and Kolo Toure all struggling at times. Agger could well leave Merseyside this summer, which would leave Rodgers short of cover and Greek international Papadopoulos could solve that problem. Another target for Rodgers last summer, the Schalke man can also play in midfield, making him another versatile player for the Liverpool boss to utilise.