After completing that turnaround and sealing a third place ahead of Chelsea and Leicester City, the Reds are set to join the two clubs Manchester and new European champions Thomas Tuchel in the high-level competition.
As elite teams across Europe look to the summer window, Jurgen Klopp and key figures responsible for the transfer to Anfield have been tentatively linked with a number of high-profile moves.
These include Paris Saint-Germain superstar Kylian Mbappe and Borussia Dortmund striker Erling Haaland.
However, neither of these two potential signings will come on the cheap; even in a transfer market that is expected to be heavily shaped by the financial implications of the Covid-19 pandemic.
SkyBet and other bookies continue to increase the odds of these and other transfers.
While the odds should be taken with a pinch of salt, here are five players the bookies suggest Liverpool could be in the running to sign by September 3.
Kylian Mbappe (Paris Saint-Germain)
Liverpool – 2/1
Real Madrid – 9/4
Manchester City – 16/1
Aaron Ramsey (Juventus)
Liverpool – 5/2
Everton – 6/1
West Ham – 6/1
Raphinha (Leeds United)
Liverpool – 5/1
Manchester United – 8/1
Tottenham – 12/1
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Luis Suarez (Atletico Madrid)
Liverpool – 6/1
Juventus – 6/1
Inter Milan – 1/10
Youri Tielemans (Leicester)
Liverpool – 4/1
Chelsea – 14/1
* Bet odds were correct at 12:00 PM on Sunday May 30th.