Brendan Rodgers' side saw their title bid slip away in the final weeks of the season but the former Swansea boss still guided them from seventh last season to second this time around, with Champions League football now back at Anfield after a lengthy absence.
In order to be competitive in both the Premier League and the Champions League, Liverpool will need to strengthen their side and add depth to the squad. With money to spend, Rodgers will be looking to add a number of new faces this summer - and speculation now suggests they have a five-man, £80m transfer wishlist.
The main name on the reported list is Southampton playmaker Adam Lallana. The England international, 26, has had an outstanding season on the South Coast and is drawing interest from a number of clubs who are lining up a £20m swoop. The Reds have been seeking attacking midfield players for some time and after missing out on the likes of Henrikh Mkhitaryan, William, Mohamed Salah and Yevhen Konoplyanka, their pursuit of Lallana should be serious.
Lallana isn't the only one though, as the rumours also suggest that Bayern Munich's Xherdan Shaqiri is a target. The Swiss star burst onto the scene with a stunning goal against England in 2010, but has struggled to break into Bayern's star-studded line-up - prompting rumours of a move away this summer, and the Reds believe they can land the winger for around £16m.
Adding depth to the midfield is also a concern for Rodgers, and the big rumour over the past week has been that Bayer Leverkusen's Emre Can is the top target for the club. The former Bayern Munich youngster has impressed in the Bundesliga this season but has a release clause in his contract of around £10m - enticing Rodgers into a bid.
Yet the biggest area to improve for Liverpool has to be the defence, where they struggled immensely at times this season. The club were left short at left back after the injury to Jose Enrique, and Rodgers has subsequently submitted a £16m offer for Sevilla star Alberto Moreno, whilst another Southampton star has been targeted in £15m-rated Dejan Lovren, as the club seek to improve their squad with an £80m spending spree.