Liverpool were left frustrated in their high-profile pursuit of RB Leipzig forward Timo Werner after the German international opted to join Chelsea.
However, Jurgen Klopp is likely to strengthen in certain areas this summer and fill in squad gaps left by departures from Anfield.
With the money earmarked for Werner, the Reds could be in the market for at least one big-name signing ahead of the 2020-21 campaign.
We take a look at the biggest transfer stories swirling around the Premier League leaders.
Thiago Alcantara on Klopp’s radar
Bayern Munich boss Hans Dieter-Flick has openly stated his determination to keep midfielder Thiago Alcantara at the club.
The Spanish international is out of contract at the end of next season and talks over an extension have not progressed with the Bavarian giants.
Alcantara has been a key player for Bayern following his 2013 move from Barcelona – however, he is reported to be on the lookout for a new challenge.
Reports from the Daily Mail claim the Reds are now the frontrunners to sign him, with Klopp still keen to sign a high-profile midfielder to provide competition to Jordan Henderson, Fabinho and Gini Wijnaldum.
Ex-Reds star tips Philippe Coutinho for Liverpool return
Former Liverpool star Emile Heskey believes Reds fans would welcome Philippe Coutinho back to the club if Klopp opts to move for the Brazilian international.
Ex-England international Heskey said in an interview with Sky Sports that reports of fan anger towards the 28-year old have been exaggerated, with supporters still holding him in high regard.
“Liverpool fans would love Coutinho back,” said Heskey.
Coutinho looks certain to leave Barcelona ahead of the 2020-21 campaign, after Bayern Munich declined to take-up their purchase option on him.
Liverpool have been linked with a move for their former star, alongside Premier League rivals Manchester United, Chelsea and Arsenal, but Klopp does not appear keen on a reunion at this stage, with Quique Setien’s side set to demand in the region of €80m.
Reds target Serie A defensive star
Jurgen Klopp reportedly could turn his attention to AC Milan centre-back Alessio Romagnoli if he misses out on Sevilla’s Diego Carlos.
Liverpool have been linked with a host of defensive targets amid growing reports that Dejan Lovren will leave the club this summer, and Klopp will need a fourth centre-back to cover Virgil van Dijk, Joe Gomez and Joel Matip.
According to reports from Spanish transfer website Fichajes.com, Italian international Romagnoli has now emerged as a potential option, with Carlos rated at €80m by Sevilla.