The Reds have made significant progress in the current campaign despite selling Brazil international Philippe Coutinho in a £142m deal to FC Barcelona in January.
Liverpool FC have the funds to reinvest in new playing staff in the summer as Jurgen Klopp looks to further close the gap on title rivals Manchester City and Manchester United.
The Merseyside outfit signed Netherlands international Virgil van Dijk in a world record deal from Southampton in the January transfer windiow.
The Dutch centre-half has further improved the Liverpool FC side, while Klopp will add RB Leipzig midfielder Naby Keita to his squad in the summer in a £48m deal.
Former Liverpool FC defender Lawrenson expects the Reds to be active in the summer transfer window with two or three additions required.
“They’ve got Naby Keita coming from Leipzig, who looks a very good player and brings even more competition in midfield,” Lawrenson told Paddy Power.
“I’m sure there’ll be a few more signings over the summer, and they’ll have made a shed-load of money from the Champions League run this year.”
Liverpool FC are in third place in the Premier League table and are on course to secure successive top-four finishes.
Liverpool FC haven’t won the Champions League since 2005 when the Reds beat Italian giants AC Milan on penalties in Istanbul.
The Merseyside club were 1-0 winners against Real Madrid in their previous meeting in the European Cup final in 1981.
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