Brendan Rodgers will be handed £60million to spend in the summer to strengthen his side around key men Luis Suarez and Daniel Sturridge, according to the Metro.
After a successful season, Liverpool owner John W Henry will back the former Swansea manager to turn Anfield into a fortress and challenge for major honours next year on one condition - Champions League football.
Liverpool are currently second in the Premier League, six points clear of fifth-placed Tottenham Hotspur with a game in hand.
With an easy run-in, Rodgers' toughest games are Manchester United away and Chelsea and Manchester City at home before the end of May.
The news will be a relief to Liverpool fans, who know Champions League football is a must if they are to keep stars like Suarez at the club.
Given they achieve their target, three or four quality signings will be needed to maintain a challenge on four fronts in the 2014/15 campaign.
Cardiff City captain Steven Caulker is a likely target at centre-back.
The 22-year-old, who signed from Tottenham Hotspur for £8m is the current captain of the Welsh side. With mistakes at the back from Kolo Toure, Martin Skrtel and Daniel Agger this season, the young Englishmen could be a perfect fit for Rodgers' side.
Ukraine winger Yevhen Konoplyanka is also high on Rodgers' wish list. After talks froze over a move during the January transfer period, the 24-year-old showed glimpses of what he could in a recent tie against Spurs in the Europa League. He would cost over £15m should he make the switch across Europe.
As the World Cup starts in June, most sides will be looking to do business for the competition starts and Rodgers won't be thinking too differently come the summer.
With under 10 games left in the league, stakes are high and a fourth spot finish would see the 41-year-old offered an extra three-year contract with the Reds.
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