Liverpool are being linked with several big names, but Jamie Carragher feels they need Champions League football to attract the best.
A fourth-placed finish in 2016-17 means that the Reds are back in Europe’s premier club competition.
They will, however, have to negotiate a play-off before gracing the group stage.
Carragher believes their efforts in that fixture could shape their transfer business, with top targets likely to be looking for the grandest of stages on which to showcase their talents.
He told Sky Sports: "You want to be in all the top competitions; [Champions League qualification] was a big thing for Liverpool but they're still not there yet, they've still got a qualifying game," he said.
"We've just got to make sure we get in it and hopefully that will attract the players.”
Liverpool are expected to be busy during the summer window as they seek to add greater depth to their squad.
A lack of European football worked in Jurgen Klopp’s favour during his first full season at the helm, but he is now reported to be in the market for a number of players as he looks to push the Reds towards a bright future at home and abroad.
Carragher added on their plans: "You never know who the club are going to buy.
"But I'm the same as any supporter this season, there's always that hope and optimism that you're going to get all the targets that you want.
"It never really happens but that's the same for any club. I'm sure at times you get number two or three on the list but that's football, and that's the way it goes.
"Hopefully for Jurgen Klopp and Liverpool, they get everyone that they want."
Liverpool will take in a two-legged play-off in August, with the first legs due to be staged on 15-16 August and the return dates a week later.
That means they will have a week after learning their European fate to put any late deals in place before the window closes.