The Suarez money remains untouched according to Brendan Rodgers, so which area of the side needs it spend most?
The signings of Rickie Lambert and Adam Lallana from Southampton, along with the acquisitions of Emre Can and Lazar Markovic from Bayer Leverkusen and Benfica respectively, were all going to happen irrespective of Suarez's future.
So, with all that money at their disposal what do they need to spend it on in order to leave their squad in the best shape possible? Here we go through each position and assess it:
It has been said that Brendan Rodgers would like to see another goalkeeper to come into the club to provide competition for Simon Mignolet. Mignolet signed for the club last summer from Sunderland and Rodgers seemingly sees him as his number one goalkeeper, even though Pepe Reina is still on the club's books.
Reina commands huge wages which seems to put off any side from taking him off Liverpool. Having Reina and Mignolet competing for the number one spot would on the face of it seem like a good idea, but the practicalities seem to be difficult, as it wouldn't make business sense to have a goalkeeper with fairly large wages sitting on the bench.
In addition, Brad Jones doesn't seem to be sufficient competition, so it's a tricky scenario for Liverpool, but any money spent bringing a goalkeeper into the club is likely to come from a sale of another player, perhaps Reina, and unlikely to be too costly.
Probably the area that needs addressing most urgently after the defensive unit conceded 50 goals during the last Premier League campaign.
The left-back seems to be the most urgent area. Though Jose Enrique has seemingly recovered from the knee injury that sidelined him for much of last season, Liverpool's cover mainly came through loan signing Aly Cissokho and young right-back Jon Flanagan, whilst Mamadou Sakho and Daniel Agger also played a couple of games in the role.
Sevilla's Alberto Moreno has been targeted but it looks increasingly unlikely that a deal will be done, whilst Rodgers rates Ben Davies from Swansea City highly. The 21-year-old is likely to command a fee of £10-12 million.
Southampton's Dejan Lovren has been trying to force a move to Anfield, with him set to cost in excess of £20 million if figures are to be believed. It would seem that could be part of the field that could cost the most in this transfer window for Liverpool.
There has also been little talk of a right-back coming into the club. Glen Johnson has entered the final year of his contract and hasn't been in the best of form, whilst 21-year-old Jon Flanagan is likely to be cover, and possibly the long-term solution. If not this season, then it's an area which will need addressing next summer.
Overall, around £40 million could be spent on defensive reinforcements.
Centrally, Liverpool seem to be relatively strong. Emre Can has been bought from Bayer Leverkusen and has a reputation for being one of the most versatile players in the squad. Lucas Leiva, Joe Allen, Jordan Henderson and Steven Gerrard are all capable of playing in sitting roles - whilst all of them have played in a more advanced role, though Lucas hasn't looked the most comfortable.
Though with Gerrard in the autumn of his career, and a few question marks over Lucas's future within the side, it probably wouldn't be a bad idea for the Reds to try and buy a midfield enforcer.
Further up the field there has been plenty of strengthening already in the form of Lallana and Markovic who can play off the striker and in wide positions. Raheem Sterling was impressive last season, and Philippe Coutinho is still developing, as is Sterling, whilst Jordon Ibe has emerged as a player who could break into the first team this season.
Possibly a £20-£30 million midfielder could be on the way if you believe certain reports, but if they want to go for a marquee midfielder as a long-term replacement for Steven Gerrard, it could be a £30-40 million signing.
Rickie Lambert signed from Southampton, but he looks like a rotational option. Daniel Sturridge is likely to be a guaranteed starter, and whilst Rodgers has seemed keen to keep hold of Fabio Borini, his future remains a little uncertain given that Sunderland are interested in the Italian after taking him on loan last season.
Loic Remy has proven experience in both the Premier League and Champions League and £8 million would seem sensible business, but if Borini does depart the club there is likely to be another striker needed. Though it would depend what kind of calibre of striker Liverpool are looking for, and given that Luis Suarez has departed, a forward with a touch of class about them could command a decent figure.
Strikers are bound to be high on the list of priorities for the Reds now but so are defenders. These two must be Liverpool's priorities as they look to strengthen the side and look for a balanced squad. A full-back, striker then a centre-back, in that order, should be the Reds' priorities right now.