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We look at how the Reds may line up in Jurgen Klopp's second full season.
Liverpool secured a fourth-place finish in the Premier League last time out, and with it qualification for the Champions League play-offs in August.
Should the club manage to overcome that two-legged tie Klopp will need a bigger squad.
The Liverpool manager is reportedly preparing to offload defender Mamadou Sakho for £30m, left-back Alberto Moreno for £12m and forward Lazar Markovic for £20m, with the proceeds from those sales used to reinvest in the team.
Some of those funds have already been earmarked for the purchase of Chelsea forward Dominic Solanke, who is set to join the club on July 1, with others sure to join the England U20 international at Anfield this summer.
So how could the Reds line up in the new campaign? Read on to see which targets make our potential Liverpool XI…
Jurgen Klopp has favoured 4-3-3 through his time at Liverpool, though he deployed a diamond midfield and three at the back during the run-in as the Reds clinched a top-four spot.
History shows Klopp is unlikely to deviate from his favoured midfield three.
Liverpool's back four shipped 42 goals in the Premier League last season, more than any of their top-four rivals, meaning defensive reinforcements are a must.
Klopp had identified Southampton colossus Virgil van Dijk as the centre-back to make his back-line more miserly.
However, the Reds were forced to end their interest in the Netherlands international after the Saints asked the Premier League to investigate a possible illegal approach.
It is yet to be seen whether Van Dijk will still push for a move to Merseyside, but one reported alternative is Dutch compatriot Stefan de Vrij, currently of Lazio.
The Liverpool boss used midfielder James Milner as a makeshift left-back last season and it will be interesting to see if he persists with this or tries to recruit a specialist full-back.
Four names reportedly being considered are Monaco's Benjamin Mendy, Hull City's Andrew Robertson, Fulham's Ryan Sessegnon and Porto's Rafa Soares.
One player who will not be joining the club, though, despite several reports to the contrary, is veteran Porto goalkeeper Iker Casillas. Klopp says he is happy with his goalkeeping options.
Whether Jordan Henderson can shake off his troublesome heel injury - the Liverpool captain has not played since February - will determine how Klopp's midfield is anchored in 2017/18
A rival for the holding spot, Emre Can, has been linked with a move to Juventus, but reports have now emerged saying his is likely to end his contract stand-off and pen a lucrative deal to remain at Anfield.
Lucas Leiva is reportedly a target for former boss Rafa Benitez at newly promoted Newcastle, and though the arrival of reinforcements on the wings could lead to Philippe Coutinho dropping into the midfield three, reinforcements could still be required.
One of the most frequent links has been to RB Leipzig midfielder Naby Keita.
One area of the side Klopp is certain to strengthen is the wings, with Markovic seemingly surplus to requirements and Sheyi Ojo still to establish himself in the first team.
The potential arrival of Roma winger Mohamed Salah would add much-needed pace to the Reds attack, which often struggled to stretch teams whenever Sadio Mane was absent.
Despite Roma's insistence that they will not let Salah leave on the cheap, the £40m-rated Egypt international is still expected to complete his big-money move to Anfield, possibly as early as this week.
The right winger could reportedly be joined on the opposite side by either Southampton's Dusan Tadic or Bayer Leverkusen's Julian Brandt, while Borussia Dortmund wide men Emre Mor and Christian Pulisic are also both said to be under consideration by Klopp.
As previously mentioned, Klopp has already secured the signature of Solanke, who was voted player of the tournament after England's recent U20 World Cup triumph in South Korea.
Despite favouring a system that utilises just one centre-forward - usually Roberto Firmino in 2016/17- the Liverpool manager will still need backup for the Brazilian with the club competing both at home and in Europe next season.
One option from the bench could be Daniel Sturridge, with the mercurial forward still having two years left on his contract at Anfield.
However, the German may decide that he cannot rely on a player who has endured more than his fair share of injury woes in recent years and instead follow up reported interest in the likes of Lazio's Keita Balde Diao and Real Madrid starlet Marco Asensio.
One of the main factors behind Liverpool finishing fourth in the league last time out was how few games they had to play in comparison with their Champions League-chasing rivals.
That is why the Liverpool manager is so keen to bring in a number of new faces in all areas of the team this summer as he looks challenge on two fronts.
If the German can sign a quality central defender and a left-back, as well as finalise a deal for Salah and find a suitable back-up for Firmino in attack, there is no reason the Reds cannot secure another top-four finish and progress to the knockout phase of the Champions League.
