The Anfield legend says manager Brendan Rodgers must give their summer flops the opportunity to impress next season.
The Reds invested heavily in the summer following the sale of Luis Suarez to Barcelona, as they sought to fill out their squad with talent across the board to replace to Uruguayan.
However, very few of those signings have proven to be good ones so far, with Dejan Lovren and Mario Balotelli arguably the two biggest failed signings of the summer.
That has led to suggestions the club will once again have to be active in the summer transfer window while selling some of their current squad. Souness thinks differently though, saying the manager should give his signings the chance to impress next season.
“I think the new signings he brought in at the start of the season, he has to give them another year,” he said.
“[He will] hope some of them show a bit more than they’ve done this season. It’s been a disappointing season for Liverpool because they came so close last year, but once you’ve been there you’ve given everyone a taste of it.”
It was always thought that the Reds would struggle without the star power of Suarez, however the extent of their struggles this season was unexpected.
The absence of Daniel Sturridge for most of the season with a string of injuries has not helped them, with Steven Gerrard currently the club’s top goal scorer after his strike on Sunday.
And Souness feels their lack of goals has been the cause of their failure to at least qualify for the Champions League, which would have been a success for the side.
“Goals have been hard to come by,” he added.
“I thought if they got into the Champions League this year that would be a real success.”