Jurgen Klopp is expected to be busy in the summer transfer window after a quiet January.
Liverpool have been quiet in the January transfer window, with just Steven Caulker arriving on loan from Queens Park Rangers.
They are widely expected to be busy in the summer transfer window though, with Jurgen Klopp looking likely to mould the squad he inherited from Brendan Rodgers in his own image.
And Thompson says that for that to happen they must offer top money to start tempting the big stars into coming to Anfield once again.
"We're lacking in the salary stakes. It's becoming more difficult to tempt players to Liverpool. They all want to go to London,” he told the Mirror.
"We have to start paying top money again. Our high earns have gone. [Steven] Gerrard was on at least £150,000; he's gone. [Luis] Suarez was on over £100,000 and he's gone.”
"Our top earner is now [Daniel] Sturridge. We may not have Champions League football again this season, we need to offer stuff to make people come here."
While wages is an issue for Liverpool, the lack of Champions League is surely another that is holding them back at present.
It is well known that the world’s top talents all want to be playing in Europe and Liverpool’s failure to be in it regularly in recent years is certainly something that has held them back considerably.
That means it is sure to be a target for them in this season as it would surely make Klopp’s rebuild all the more easier if it were an incentive they can offer prospective new recruits.