Can Liverpool compete for the title next season? Jamie Redknapp thinks if they have a busy summer they can.Reuters

Jamie Redknapp has argued that Liverpool need to go about their transfer business differently from the likes of Chelsea and Manchester City this summer if they hope to balance Champions League football with another title challenge.

Going without European football this season seems to have been a blessing in disguise for the Reds, who were able to take advantage of their more relaxed schedule to concentrate on getting back into the top four.

And now with one game to play in the season Liverpool are not only in the top four but still in with a chance for the title as Manchester City sit just two points ahead of them. But with a busy summer ahead for all sides, including Manchester United who dropped out of the title race in their recovery from Sir Alex Ferguson retiring, Redknapp believes the side desperately need to strengthen.

"[Rodgers] will face a real test of his resources next season," he told Sky Sports.

"Not playing in the Champions League this year was a significant factor for Liverpool. Perhaps this was their year to do it, their best chance, because of that. There are other reasons they've done well, though - and many other clubs have not had Champions League football and underperformed.

"But Liverpool will need to get one or two players in to cope with the extra games and that costs money."

Redknapp believes that if the side can find more players such as Philippe Coutinho – who cost Liverpool £8.5m 18 months ago and has proven to be brilliant – then they will be able to continue to compete with the big spenders at the top.

He explained: "Liverpool have done well recently is unearthing a few gems and they will need to do that again. They need to find the next Philippe Coutinho; players who are good footballers, who are under the radar, who won't cost as much.

"They can't go to the same shops as Chelsea and Man City so they need to do things slightly differently and continue to give youth a chance.

"In terms of signings, I think they need a central defender because Daniel Agger has picked up a lot of injuries this year, although I think Martin Skrtel is a good player, a winner.

"The defence has been criticised recently but one of the reasons why the pressure gets on the centre backs is because how far the full backs push on.

"They can't have it all ways. They've scored 99 goals this season and part of that is because of how much Glen Johnson and Jon Flanagan push up the field."

As well as signing new players this summer, Redknapp insists that keeping their successful core will be just as challenging with Real Madrid believed to be considering a move for Luis Suarez.

"Liverpool's biggest goal this summer, though, will be keeping hold of Suarez," he said. "Not just for Liverpool, but for the Premier League, I hope he stays. But would I bank on it? No, I wouldn't. I've no clue what he'll do.

"Real Madrid will be looking at him and thinking Ronaldo-Bale-Suarez is a dream team."