After last season's desperate Premier League campaign, Liverpool need to make their move in the transfer market.
Unfortunately, their record in recent seasons has not been the best. The £35million acquisition of Andy Carroll has largely proved to be a disaster, and the Liverpool forward could be set for a loan spell away from Anfield, while £20million man Jordan Henderson has failed to settle on Merseyside.
Stewart Downing also failed to replicate his Aston Villa form, and, despite close to £100million spent on player expenditure, Liverpool finished a disappointing eighth in the Premier League - their lowest finish in 18 years.
But, with a new manager in place - former-Swansea boss Brendan Rodgers - and a new striker already signed - Italy forward Fabio Borini - there is renewed optimism on Merseyside.
Still, with more than six weeks to go until the transfer window shuts, Liverpool will be keen to bring in a few more players to give themselves the best possible opportunity to improve on last year's dire showings.
GMF runs down the top five targets Brendan Rodgers has got his eye on.
The Real Madrid midfielder is a product of the La Liga giants' youth system. After initially failing to break into the first-team, Callejon, along with his twin brother Juanmi, moved to Espanyol.
Three hugely successful seasons later, and Real Madrid realised their mistake, signing Callejon back for a fee reported to be €5.5million. Liverpool have now been linked with the winger, who occasionally operates as a forward, and is usually utilised off the substitutes bench, but Madrid will not let him leave cheaply this time around. Callejon is a skilful operator who would instantly upgrade Rodgers' attacking threat.
The American enjoyed the best season of his Fulham career last year, and the midfielder, who has been converted to a forward, scored 17 league goals last season as he was named the club's Player of the Year.
And a possible swap deal with Andy Carroll has been mooted. Liverpool are keen to send the England forward out on loan, while Fulham could be more receptive to letting Dempsey go if they receive Carroll for a season as a replacement. This signing is probably the most likely to happen.
The Uruguayan midfielder has been heavily linked with a switch to Anfield, and his direct running, quick feet and sharp crossing would prove a hit on Merseyside.
The winger will take part in Uruguay's bid for gold at this summer' Olympic Games, and the Bologna attacker will form part of a formidable forward trio, also including Edinson Cavani and Liverpool striker Luis Suarez.
Brendan Rodgers could use the Liverpool number 7 to help persuade Ramirez to join the Reds, and with the Anfield club in desperate need of a wide-man following the departure of Dirk Kuyt and the likely sale of Craig Bellamy, Ramirez could just be their man.
The Porto star shone brightly this summer at Euro 2012, and several clubs are looking closely at the Portuguese midfielder. Manchester United and Tottenham are his Premier League suitors, but Liverpool could also move for the player who has been linked with Everton in the past.
Recent reports have put the Reds in the frame to move for the Porto ace, but they would do well to fend off the stiff competition to land Moutinho. Still, if they managed to pull off the signing it would be quite a coup, and Rodgers would have the ideal player to implement his Spanish style tiki-taka football at Anfield.
The 21-year-old Germany international has spent two seasons on loan away from parent club Schalke 04, but rejoined the Bundesliga club to good effect last year.
The attacking midfielder also operates as a winger, or a forward, and has played for every German international age group team since under-18's, even captaining the highly-successful Germany under-21 team.
The Schalke star also qualified for England as his father is a former English solder, who was stationed in Monchengladbach, but Holtby opted to play for the country of his birth. A move to Anfield, along with fellow Germany youngster Julian Drexler has been reported, but Liverpool are likely to consider Ramirez, Callejon and Dempsey before turning to Holtby.