Mark Lawrenson believes that if Liverpool can sign a winger before deadline day the side will have a squad capable of seriously challenging for a top four finish.
Having sorted out the situation surrounding Luis Suarez, Rodgers is now back to concentrating on incoming players and this week left-back Aly Cissokho became his fifth signing of the summer.
The club have made some changes to both their attacking and defensive options so far, but the likelyhood of missing out on landing Brazilian winger Willian to Tottenham has left Rodgers needing to look for other options with just 11 days of the window to go.
And Lawrenson believes that should the manager pick himself up quickly enough to land another target he will be in a good position to challenge for Champions League football this season.
He told the Liverpool Daily Post: "Suarez has resolved his differences with Brendan Rodgers and I'd be amazed if he doesn't come straight back into the team when his suspension ends next month.
"And if Liverpool, having missed out on Willian of Anzhi Makhachkala, can snare a left winger to join left-back Aly Cissokho, then I believe they can launch a serious bid for a top-four berth."
Lawrenson added that while everything was sorted with Suarez, who spent weeks pushing for a move away from the club before accepting he will stay at Merseyside for another season at least, it's likely an agreement is in place regarding next summer.
"I'm told that when Suarez held talks with Rodgers, he requested he was joined by captain Steven Gerrard," he explained.
"And I wouldn't be surprised if there was an agreement made that if Liverpool don't win Champions League qualification this season, he would be allowed to leave."
And the former defender insisted that when Suarez completes his suspension and returns to the pitch for Liverpool he will once again prove to be a top player for both Liverpool and the Premier League.
"I'd expect Suarez to net another 20 goals this campaign if the evidence against Stoke is anything to go by," he said.
"The way the team is set up, it is made for the Uruguayan. Liverpool created plenty of chances against the Potters, and should have not needed Simon Mignolet's late penalty save to ensure the victory."