Liverpool are on a high right now and not just because they clinched the Premier League (though, obviously, when it comes to feel-good, that’s pretty special). They went into 2024-25 thinking it was going to be a transition season under new manager Arne Slot (and away from club legend Jürgen Klopp), new sporting director Richard Hughes and — returning to the club in a new role — chief executive of football operations Michael Edwards.
The trio would have to face tough negotiations with three of their top players — Virgil van Dijk, Mohamed Salah and Trent Alexander-Arnold — and they’d have to do it off the back of £57 million in losses (a record for the club) and less than two years after the owners, Fenway Sports Group, hired investment banks to explore a sale of all or part of the club.
Instead, they won the league by a sizeable margin, two of the three big free agents extended their deals with only a small uplift in salary (Alexander-Arnold has not), and they managed to do this after a summer in which they made just one signing (Federico Chiesa, who saw just 38 minutes of Premier League football).
We believe they are in a very strong position in terms of financial sustainability requirements, considering last year’s poor showing reflected a season in which they had no Champions League football and had to pay severance costs to Klopp and his staff in the region of £10m. Since then, they opened the redeveloped part of the Anfield Road stand, which should boost revenue by up to £15m per season and, of course, they were back in the Champions League.
Liverpool have plenty of space under Profit and Sustainability Rules, and we think they could go as high as £150m in terms of net spend this season. That’s a good thing, because this year’s success in some ways was the final flourish of Klopp’s side and going forward, there is work to do. A number of players are aging, last summer’s inactivity meant certain situations were not addressed, and the club’s drop-off in the final few months of the season suggests that they will likely want to rotate more next year.
Editor’s note: This is the third in this year’s series, Keep or Dump, over the coming weeks on which players to keep, extend and move on from for all the top clubs in the Premier League and Europe. Find the article on Arsenal right here, and Manchester United can be found here.
Nat Phillips (27, 2025, on loan at Derby County)
Ogden: Wild to think he was still on their books. He did his part for the club when he was needed, years ago. Good luck to him.
Verdict: Release him as free agent
Calvin Ramsay (21, 2027, on loan at Kilmarnock)
Marcotti: He was very highly rated as a youngster, but he has been very unlucky with injuries. Get him fit and loan him again.
Verdict: Loan out
Rhys Williams (24, 2026, on loan at Morecambe)
Ogden: Morecambe were relegated out of the Football League, so that suggests he won’t be playing for Liverpool in the Champions League anytime soon. Move him on.
Verdict: Move on
Midfielders
Ryan Gravenberch (22 years old, contract expires in 2028)
Marcotti: He’s one of the stories of the season. You’ll need to think about a new deal soon.
Ogden: He has been a revelation under Slot and has really stepped up since the club missed out on Martín Zubimendi. He struggled under Klopp, but Slot has turned him into a player.
Verdict: Keep
Wataru Endo (32, 2027)
Ogden: It’s pretty clear that Slot doesn’t really rate him, so move him on. Maybe you could get £5-8m in fees.
Marcotti: He made 17 Premier League appearances, 29 in total, but the vast majority were substitutions at the end of games for a handful minutes. He’s 33 in February — not easy to shift, but you’ll want to upgrade the specialist reserve defensive midfield slot.
Verdict: Move on
Tyler Morton (22, 2028)
Marcotti: He’s pretty highly rated, but obviously has been injured since January. Keep him if you think you can give him playing time, maybe he can fill the Endo role; otherwise, loan him out.
Verdict: Keep
Alexis Mac Allister (26, 2028)
Ogden: A top player who has started to add goals to his game. Just looks like somebody who is developing and improving all the time.
Verdict: Keep
Dominik Szoboszlai (24, 2028)
Ogden: He’s been all right, but I would certainly be open to offers if you get a decent fee and you find the right replacement.
Marcotti: He cost a reported £60m in transfer fees, which means you’d need at least £36m not to take a loss on him. Throw in the fact that he’s on Liverpool wages, which are hefty, and I don’t think you’ll get that back unless you find another big club that really, really likes him. More generally, he has been good and there’s enough to do in other positions that I don’t think shifting Szoboszlai is a priority.
Verdict: Split between listen to offers, and keep
Curtis Jones (24, 2027)
Ogden: He has had a good season and he’s an England international, you extend him. I know you’ll be cold and heartless about this, Gab, but with Alexander-Arnold likely to be leaving, I think it’s important for Liverpool to have a local boy in the team. Jones is from Toxteth, a tough part of the city, and his success will inspire other kids to want to emulate him.
Verdict: Keep and extend his contract
Harvey Elliott (22, 2027)
Ogden: He’s in the “bomb squad” if Liverpool had such a thing. Slot hardly plays him, and somebody will pay at least £20m in transfer fees to acquire his contract.
Marcotti: It’s a bit like Endo. He didn’t start a single league game, but he ended up playing in 24 matches. The difference with Endo is Elliott is 10 years younger and covers multiple positions in midfield and attack. That’s valuable, I think. You don’t need to extend him now but see where he is in six months or so.
Verdict: Split between move on, and keep
Stefan Bajcetic (20, 2027, on loan at Las Palmas)
Marcotti: He was a very good player before his injuries. He had a rough time at Salzburg, but he’s been a regular at Las Palmas. It may be that he’s the Endo replacement. He deserves some patience.
Ogden: It was really impressive when he made his breakthrough under Klopp. A really classy player, but he has been unlucky with injuries and the loan to Salzburg didn’t work out because of managerial changes. Give him time and he could be one for the future.
Verdict: Keep and evaluate his progress
Forwards
Luis Díaz (28 years old, contract expires in 2027)
Ogden: There’s been a lot of noise around him and a new contract. I’d keep him, but given his age, I wouldn’t be in a rush to extend him.
Marcotti: Obviously it will depend on what moves they make up front, but he has played both through the middle and out wide and he scored 16 goals this year, which is a very good return. If he’ll accept a short extension — one or two years, max — I’d give it to him.
Verdict: Split between keep but do not extend his contract, and keep but extend his contract
Cody Gakpo (25, 2028)
Marcotti: He and Gravenberch are the two guys who developed the most under Slot.
Verdict: Keep
Mohamed Salah (32, 2027)
Ogden: Right decision. He’s had the best season of his career, he’s not playing like a 32-year-old. Who knows what next season will bring, but it would have totally sent the wrong message for the club had Salah been allowed to leave after such a big season.
Marcotti: It was the right decision because it was the right price. You don’t pay a guy for what he’s done, you pay him for what you think he’s going to do. Otherwise Robbie Fowler would still be under contract.
Verdict: Extended his contract on April 11
Federico Chiesa (27, 2028)
Ogden: Maybe you keep him around until you figure out what’s happening with Darwin Núñez. He’s now fit again.
Marcotti: Assuming Núñez moves on and you replace him, you loan him out. No point having him if you can’t give him the minutes and with Salah ahead of him he’s not going to play much.
Verdict: Split between keep, and look to loan out
Darwin Núñez (25, 2028)
Ogden: He has regressed this season, he’s on big wages and he’ll want to play in a World Cup year. I think you’re lucky to get £30m in transfer fees for him if they decided to move him on.
Marcotti: I think you can probably get a little more, given his age and given he’s a high energy, high effort guy. Plus, he’s represented by super-agent Jorge Mendes, which helps. But I agree, move him on.
Verdict: Move on
Diogo Jota (28, 2027)
Ogden: Wait and see before you extend. He’s had injuries. He’d be easier to shift than Núñez.
Marcotti: You have to be clear with him. I think he’s very good, but he has to be happy with a role as a reserve player.
Verdict: Keep, but do not extend his contract
Ben Doak (18, 2029, on loan at Middlesbrough)
Ogden: He’s injured again, but he’s a highly rated player. Get him fit and loan him again.
Verdict: Loan out
Jayden Danns (19, 2029, on loan at Sunderland)
Ogden: He never actually played for Sunderland, he’s injured and has been completing his rehab at Liverpool. He’s already committed to a long-term deal, so Liverpool should focus on keeping him fit.
Verdict: Loan out
Overall verdict
Liverpool have a ton of flexibility this summer. They can overhaul the squad if they choose or they can make a couple of low-key additions. In this they’ll be guided by Slot, of course, but we feel you need to take a medium-term view and it would be a mistake to sit on your laurels.
We both agree that Liverpool will need to rotate their squad more next season to avoid showing the sort of fatigue they showed this year.
Between the posts, there’s a clear decision to be made on Kelleher and Mamardashvili. We’d lean toward keeping the latter and trying to move the former for a fee. The third slot can go to a young in-house keeper or Jaros, if you don’t find a taker.
We would largely overhaul the back line, assuming Alexander-Arnold leaves. You need a starting caliber player — or at least one who can compete for the job — at both left back (where Milos Kerkez has been mentioned as a possible signing from Bournemouth) and right back (though maybe here it’s more a case of finding someone who can compete with Bradley). They also need a top-drawer central defender who can take over from Van Dijk down the road. Dean Huijsen, who has a release clause of £50m, has been mentioned and would be a good addition.
We differ over what to do with Quansah. Mark would shift him and look to raise between £20-25m in fees, while Gab would keep him around as fourth central defender. We both agree that if a left back arrives, you look to shift either Tsimikas or Robertson.
The midfield was a revelation this year, largely due to the development of Gravenberch. That said, he played a lot of minutes in 2024-25 and you need a valid alternative. Someone like Bajcetic or Morton could yet develop into one, but we both feel it might be best to bring in a high-end creative midfielder who could offer an alternative to both Gravenberch or Mac Allister. This is an area where they could use depth. Mark would like to move Elliott on — someone who could fetch a decent fee in return — but Gab would hang on to him.
Up front, we both agree the club is due an upgrade on Núñez. There is evidently money to spend, just how much depends on what they can raise by shifting Endo, one of the left backs and Núñez himself, plus whatever the transfer kitty is. It’s not unthinkable that they might push the boat out into the £80-100m range, though it would have to be a good fit both in terms of playing with Salah and doing the off-the-ball work demanded by Slot.
Konaté is the immediate contract extension to deal with, but in the next 18 months they will have to make decisions on Alisson, Díaz, Jones, Bradley and others. The wage bill, which has already grown to be the second highest in the Premier League, will need to be kept under control, though the good news is that the pricey extensions for Van Dijk and Salah are only through 2027.
Overall, Liverpool are in excellent shape: They can either tweak their title-winning squad or make significant changes. We lean toward the latter.
