Brendan Rodgers claims Liverpool will struggle to attract world class players if they fail to qualify for next season's Champions League.
The Reds suffered two consecutive defeats against Manchester United and Arsenal and these two losses have seen them suffer a blow in the race for a finish in the top four. They are fifth on the table with 54 points, level with sixth place Tottenham Hotspur and seven points behind fourth place Manchester City.
With seven more games remaining in this season, the Northern Irishman fears Liverpool could miss out on Europe's elite club competition following their return after few years of absence.
"Most players want to be in the Champions League, but I think also that Liverpool is a great club," Rodgers said.
"I said that before I came into the job, and it is been even more rubber-stamped now that I have been here for two-and-a-half-years."
"Liverpool is a phenomenal club that players want to play for, but, of course, players want to play at the top level of the game and if you are not in the Champions League it makes it difficult for you."
"We know that, but we just have to continue to fight in order to be a stable club in there - and we will continue to do that. We always felt this year was going to be difficult, that was the reality of it."
"Our run last year nearly brought us the title. We lost a world-class player [Luis Suarez] and lots of other developments that happened within the club. But it is frustrating that we got ourselves in a position over the last three months, very close, to then come up short in the past two games."
"However, I look at Arsenal and their bench, the players, the world-class players on the field with big talent and it shows the continual work we have to do," the Liverpool manager stressed.
Liverpool are still in the race to win the FA Cup and they will take on Blackburn Rovers at Ewood Park on Tuesday in the quarter final replay. A victory will see the Anfield club take on Aston Villa in the semi final of the tournament.