Liverpool has completed another transfer, confirming the long-anticipated capture of Milos Kerkez from Bournemouth. But despite the spend tipping over $250 million, the Reds may not be finished — and nor should they be, with another important priority to address next.
The bulk of the money so far has been spent on Florian Wirtz. Liverpool has always maintained that it would be prepared to spend big on a game-changer, having made a huge but unsuccessful play for Moises Caicedo in 2023, and backed that up with a package for the Leverkusen star that could rise as high as $159 million (£116 million).
Other deals have not been insignificant either. Kerkez arrived today for $55 million (£40 million), while Jeremie Frimpong arrived earlier after Liverpool triggered a $41 million (£29.5 million) release clause.
You can even throw Giorgi Mamardashvili into the mix. Liverpool agreed the deal last year, but it will only become official this summer, for a fee of up to $40 million (£29 million).
Fellow goalkeeper Armin Pecsi does not move the dial too much, at just $2 million (£1.5 million). But even that was a reasonably hefty outlay on a third-choice stopper.
Liverpool's total transfer spend so far
Admittedly, I've quoted all of these deals at the high end of where the fees could eventually end up, and the inclusion of Mamardashvili could be disputed. But this maximum estimate comes out at $297 million (£216 million).
Significantly, this is already Liverpool's biggest ever transfer window from a gross spend perspective, even excluding the Mamardashvili fee. So it seems remarkable that there could be a clamor for more deals.
After all, this is not a team obviously in need of a major overhaul. Arne Slot just won the Premier League title at the first attempt.
Even so, it's clear that Liverpool does still have at least one priority that needs to be addressed before the transfer window closes. For all the good work that has been done, Slot's team would be ill-equipped to mount a title defense without one more deal.
Liverpool needs a new center-back
It would be irresponsible to go into the campaign without sourcing another center-back. With Jarell Quansah on the verge of a move to Bayer Leverkusen, Liverpool is set to be whittled down to just three central defenders.
The last time it rolled those particular dice (also on the back of a title win, strangely enough), all three had suffered season-ending injuries by January. Swap out Joel Matip for Ibrahima Konate, and the personnel are the same — except that Joe Gomez and Virgil van Dijk are now five years older, and therefore even greater fitness concerns.
Konate is not exactly famed for his resilience either. Throw in the fact that there has been no progress on extending his contract, which ends next summer, and you could easily make the case that Liverpool may even need two new center-backs.
The Quansah deal looks very good on paper — Liverpool has netted a very strong fee, while also securing a reasonable buy-back option. But it is fair to wonder about the wisdom of the deal, when contemplating the profile of player the Reds will now need to target.
Effectively, it needs somebody like Quansah. Comfortable in possession, aerially dominant, and early enough in their career that they can accept at least a year of tough competition for minutes, he was more or less the perfect fit for that squad role.
But if Liverpool believes it can find an upgrade on Quansah who is willing to make the move, perhaps even at a similar price point, then everything begins to come together. That might be where Marc Guehi comes into play.
Marc Guehi, Joel Ward of Crystal Palace celebrate with a FA Cup Trophy on an open-top bus during the Crystal Palace FA Cup trophy parade on May 26, 2025 in London, England.
Marc Guehi and Joel Ward of Crystal Palace celebrate with the FA Cup. (Image: Sebastian Frej/Getty Images)
Like Konate, he is entering the final year of his deal. Unlike Liverpool, Crystal Palace may feel unable to justify running the risk of losing him for nothing, given that it does not have the same commercial revenues on which to fall back.
Getting an established England international for a fee in a similar ballpark to the one Liverpool will net for Quansah, who has just 17 Premier League starts to his name, would go down as shrewd business. The continued presence of Van Dijk and Konate might make it a tough sell to the Palace captain, but the medium-term pathway to minutes is clear-cut, and the Reds play a lot of games over the course of a season anyway.
Viable alternatives include Jorrel Hato, who has notched over 100 games for Ajax at the age of just 19. But particularly with the Quansah sale, Liverpool has ensured that it will need to buy at least one more player, taking the spend over $300 million.
Liverpool must try for Alexander Isak if the chance comes
Once a center-back is sourced, Liverpool could call it a day and be left with a squad more than capable of competing for the top honors. But a new number nine could elevate the team to even greater heights.
With Darwin Nunez expected to depart, Slot's squad is set to lack a dedicated center-forward. Diogo Jota has mostly played there for Liverpool, and Luis Diaz completed a reasonably effective reinvention last season, but neither fit the mold of an out-and-out striker.
Nunez was a bit-part player by the end of Slot's first season, and Liverpool is therefore not wedded to replacing him directly, especially with Wirtz able to play there. That being said, a game-changer would be of interest to the club.
That's potentially a euphemism for Alexander Isak, whose availability this summer it has been hard to accurately ascertain. If it becomes apparent that a deal can be done, it would not be a surprise to see Liverpool on the scene, even though that transfer could plausibly send the summer outlay spiralling in the direction of $500 million.
This is a natural continuation of Liverpool's commitment to keeping its powder dry for genuine world-beaters. Arguably the standout forward in world football, Isak could set Slot up to dominate for years to come.
Liverpool could end up with modest net spend
It's fair to say that Liverpool's summer spend is raising eyebrows. Even Man City fans are coming out of the woodwork, delighted to be the ones dishing out the overspending criticisms for once.
But of course, that ignores crucial context. Liverpool did nothing last summer or indeed in January other than signing Federico Chiesa, ending the season in the green for net spend.
The plan was always to allow Slot and Richard Hughes to take stock, ahead of a potentially big second summer. This is really three windows in one for Liverpool.
Not only that, but even the single-summer net spend figure won't be as high as expected. Liverpool has lined up most of its incoming deals first, but significant outgoings are expected.
Caoimhin Kelleher has already left, in a deal which could fetch Liverpool $25 million ($18 million). Trent Alexander-Arnold produced a surprising $12 million (£8.5 million) fee, while Nat Phillips generated $4 million (£3 million).
Quansah will be next. He will go for up to $47 million (£34 million).
Nunez also seems like a near-certain departure. The highest quoted figure is a suprising $96 million (£70 million).
Those deals alone would raise $184 million, taking Liverpool's net spend back to a far more normal-looking $113 million (£82 million). Selling Harvey Elliott, another one linked with a move, could easily cut that figure in half.
Allowing for sales of fringe players like Kostas Tsimikas, Tyler Morton and perhaps Ben Doak, Liverpool could be back to net zero before any further incomings. Guehi and especially Isak would swing the pendulum again — but not to an outrageous extent, given how modestly Liverpool has spent in recent transfer windows.
So while it seems unreasonable at first glance, Liverpool does need to keep pushing on beyond the $250 million mark. Not only that, it comfortably has the means to do so.