Despite Manchester United knocking Liverpool off their perch with a 19th league title, Kenny Dalglish's appointment as Reds boss has breathed a new sense of optimism onto Merseyside.
Less than a year ago, Liverpool were a club in financial turmoil, with little money to spend on players and seemingly with no chance of mounting a genuine challenge for the Barclays Premier League.
However, under the influence of King Kenny - and with the significant backing of new owners Fenway Sports Group - many people are backing the Anfield club to be serious contenders for the league crown next season.
One of those optimists is Liverpool legend Alan Kennedy, who sees the new campaign as an ideal opportunity for the Reds to draw back level with their great north-west rivals.
"He [Dalglish] generally gets things right, and he's got some good people with him, like Steve Clarke, Sammy Lee and Damien Comolli," said Kennedy who has the distinction of scoring winning goals in two European Cup Finals during the Liverpool glory years.
"They've set the standard now and they've got to keep it up, I've never seen this team (the current set of players) playing so well, and with the addition of two or three players in the summer, we can win something next season.
"If everyone pulls their weight then I think we've got a good chance of challenging for the league."