Life could hardly be better for Liverpool as the year nears its end.
Well clear at the top of the Premier League, one foot in the next stage of the Champions League and a place secured in the last eight of the Carabao Cup are all testament to the remarkable work done by Arne Slot in his debut season at Anfield.
But with lingering uncertainty over the futures of several key players, 2025 could yet be a hugely significant one off the field as the club maps out its transfer business.
So what could the next 12 months hold in store? Much remains uncertain, but here we try and answer the key questions.
What positions will they be looking at in 2025?
Much depends on what happens with the unresolved contract situations involving Virgil van Dijk, Mohamed Salah and Trent Alexander-Arnold, whose current deals all expire at the end of this season.
Trying to replace any of those influential figures would be both difficult and expensive. Their futures will have a big knock-on effect in terms of what Liverpool do recruitment-wise in 2025.
Aside from potentially having to fill some gaping holes, Liverpool have already completed a £25million ($33m) deal — plus £4m in add-ons — for Valencia and Georgia goalkeeper Giorgi Mamardashvili. That transfer was secured in August but he is spending the rest of this season with the Spanish club before moving to Merseyside next summer.
Liverpool will once again consider their options at centre-back. Last summer they were interested in Leny Yoro, but the young French defender wanted guarantees about playing time and moved from Lille to Manchester United instead.
Liverpool would have to replace Joe Gomez if he decides to pursue a new challenge. The club’s longest-serving player opted to stay put last summer after seeing a move to Newcastle United fall through, but his game time has been limited since with his only starts so far this season coming in the Carabao Cup.
Signing a holding midfielder was Liverpool’s priority last summer but their sole target, Real Sociedad’s Martin Zubimendi, turned down a move to Anfield. Ryan Gravenberch has excelled in the holding role so far this season, but another option in midfield would certainly be useful with Wataru Endo turning 32 in February. The Japan international is not ideally suited to Arne Slot’s brand of football.
Left-back is another area where Liverpool could potentially strengthen in 2025. Andy Robertson will be 31 in March and his current deal only runs until the summer of 2026. It remains to be seen whether the Scotland captain earns an extension. Kostas Tsimikas, 28, has impressed at times this season but isn’t a long-term successor.
Are there any players they are already looking at?
Liverpool felt that Zubimendi had the perfect profile in terms of what Slot is looking for in a No 6 and they didn’t pursue an alternative in August because they felt that no-one else could offer the same skill set. Their admiration for the Spain international remains strong.
The Anfield hierarchy believed he came under pressure from Real Sociedad to stay put at his boyhood club when he U-turned, having initially indicated that he was keen on completing the switch to Merseyside. Real Sociedad and the player dispute that pressure was applied.
Liverpool have also been strongly linked with Egyptian attacker Omar Marmoush, but senior club sources, who asked to remain anonymous to protect relationships, have dismissed suggestions that they have made contact with Eintracht Frankfurt about a possible move. The Bundesliga outfit’s sporting director, Timmo Hardung, has also denied that any discussions have taken place.
Who will they be looking to sell?
Caoimhin Kelleher is probably the most likely to be sold given that he will be down to the final year of his contract come the summer.
The Republic of Ireland international is desperate to become a No 1 after serving a long apprenticeship as Alisson’s deputy and, despite his outstanding form during Alisson’s absence due to injury, Kelleher knows that’s unlikely to happen at Anfield with Mamardashvili arriving as well.
Kelleher has wanted to leave for the past two summers but stayed put as Liverpool didn’t receive any offers that came close to recognising his value. In August they turned down a bid of £7m plus goalkeeper Matt Turner from Nottingham Forest.
Alisson has said that he intends to stay put beyond this season — despite the signing of Mamardashvili. However, it remains to be seen whether that stance changes if he’s presented with another lucrative contract offer from the Saudi Pro League. The Brazilian, whose current deal runs until 2026 with the option of an extra 12 months, has turned down strong interest from Saudi Arabia in recent years.
What moves have they made already?
It was about succession planning when Liverpool agreed a deal with Mamardashvili to join ahead of the 2025-26 season. The scouting reports and the data analysis backed up their belief that the 24-year-old was available at a reasonable fee. Liverpool also knew that if they waited they would miss out on his signature, with plenty of interest in him following his eye-catching performances at the European Championship.
A number of youngsters are progressing nicely at the club too, including 17-year-old Trey Nyoni who was signed from Leicester City’s academy last year, and Rio Ngumoha, who is also exciting many observers at Anfield. The 16-year-old winger, who signed from Chelsea earlier this season, is expected to be part of the first-team set-up if he maintains his current progress.
Who will make the key decisions over the two windows?
Sporting director Richard Hughes is the main decision-maker at Liverpool and leads all transfer negotiations. He works closely with Fenway Sports Group’s CEO of football, Michael Edwards.
As head coach rather than manager, Slot’s title is different to his predecessor Jurgen Klopp, who became increasingly influential in recruitment over the course of his tenure. However, Slot still has a significant input and no player will be signed without him being on board.
The data provided by director of research Will Spearman and his department, along with the input of senior scouting figures such as Barry Hunter, also plays a big part in the drawing up of shortlists.
What is their PSR position?
Still strong and much better than most of their Premier League rivals. The key figure in the last set of accounts, which showed a £9million pre-tax loss and that external debt had increased to £123m, was in fact the wage bill to income ratio standing at 62 per cent.
It shows that in recent years Liverpool have moved on high-earning players at the right time, and that’s important because new rules limit any club competing in one of the three European competitions to spending no more than 70 per cent of overall revenue on player wages, amortised transfers and agent fees by 2025-26.
The next set of accounts will also show how Liverpool performed in a year without Champions League football. It will include the cost of rebuilding the squad with Thiago, Joel Matip, Jordan Henderson, Roberto Firmino, Fabinho, Naby Keita, Alex Oxlade-Chamberlain and James Milner all leaving, and Liverpool bringing in Alexis Mac Allister (£35m), Gravenberch (£34m), Dominik Szoboszlai (£60m) and Endo (£16.2m) as replacements.
What sort of budget do they have?
It should be sizeable given that Liverpool are guaranteed a big windfall from being back in the Champions League this season. They also have a lucrative new kit sponsorship deal starting with Adidas ahead of next season. After missing out on Zubimendi last summer, Liverpool only spent £10m on the signing of Federico Chiesa from Juventus.
Money is certainly there for the right player but recent history shows they won’t splash the cash unless they are convinced that it makes long-term sense.
What is the manager’s priority?
Unclear at this stage as so much hinges on the outcome of those contract talks. The sooner there is clarity the better in terms of planning for the future.
Will Slot need a talismanic centre-back? What about a prolific, match-winning wide attacker? And how about a dynamic right-back? All those questions can only be answered when the futures of Van Dijk, Salah and Alexander-Arnold are resolved.
(Top photos: Omar Marmoush and Caoimhin Kelleher; Getty Images)
