Fenway Sports Group decided to sack Brendan Rodgers after Liverpool failed to take advantage of their rivals' inconsistent start to the season.
As reported by the Independent, FSG are hopeful that the club can secure at least a place in the Premier League's top four this term. In fact, with the Merseyside outfit six points behind league leaders Manchester City, they still believe the club can win the Premier League title.
Jurgen Klopp and Carlo Ancelotti appear to be the standout candidates to replace Rodgers, with the former heavily backed to claim the position in the coming days.
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The enigmatic German coach is well respected in the game, having previously enjoyed fine success in the Bundesliga with Borussia Dortmund.
Klopp led BVB to back-to-back titles between 2010 and 2012, so will be hoping to prove his credentials in England's elite division.
The potential arrival of Klopp should excite the Liverpool faithful, but it's unrealistic to think that he can achieve title success this season.
One thing is for sure, though, the Kop will be hoping the German coach can lead them back into the Champions League.
With Chelsea enduring a torrid campaign, there's no reason why Liverpool won't be able to claim a top four finish. The likes of Manchester United, Arsenal and Tottenham are going to drop points throughout the campaign, so the Reds must find consistency under new management.
Can Klopp lead Liverpool to the title? Have your say below!