Steven Gerrard
Gerrard has two games remaining in his Liverpool career Getty Images

Liverpool should be prepared to break their transfer record to sign a long-term replacement for Steven Gerrard, according to former striker John Aldridge.

Gerrard will join Major League Soccer side LA Galaxy in the summer after 17 seasons at Anfield during which time the Reds captain has earned a reputation as one of the club's greatest ever players.

However, the 34-year-old's departure has raised questions over who will fill the void he leaves and Aldridge says Liverpool should use the money they will get from the improved £5.1bn ($8bn) Premier League television deal to fund the deal.

"The Premier League clubs have got more money now with £100m guaranteed and Liverpool have got to spend it," he told the Liverpool Echo.

"They should have been saving up a piggy bank for the day Stevie goes to go out and break their transfer record of £35m to bring in a replacement of some sort.

"There's an extra £40m with television rights and for me that has to go on the pitch along with whatever we can get for the players out on loan like Iago Aspas and Luis Alberto."

The club which finishes bottom of the Premier League in the 2016/17 campaign, the first season where the new deal takes effect, are expected to pocket £99m from the agreement after a 70% increase in fees was negotiated with Sky Sports and BT Sport in February 2015.

Liverpool's current record signing Andy Carroll, who joined from Newcastle United, moved to Merseyside for £35m in the 2011 January transfer window.

Manager Brendan Rodgers' transfer record has been heavily scrutinised in recent years after a number of failed signings but Aldridge warns the club need a substantial number of additions ahead of the new season.

"We need a top striker – maybe two – and probably a top midfielder," he added. "Hopefully those who came in last summer will have settled in too. The likes of Lazar Markovic, Dejan Lovren and Adam Lallana who I still think will come good.

"Emre Can for me could do a fantastic job in central midfield. If we can get a good right-back or right-sided centre-back this summer that will release him for that area.

"He's been a big positive for me this season. Can could become a big, big player for us in years to come. He looks good in defence, including at right-back even though it's not natural to him."