Both clubs have already begun their summer spending in the transfer window, with Liverpool FC having recruited Brazilian midfielder Fabinho from Monaco.
Meanwhile, Manchester United have signed both Fred and Diogo Dalot this week as Jose Mourinho starts to bolster his squad ahead of his third season in charge at Old Trafford.
Manchester United will be aiming to build a squad capable of challenging for the Premier League title next season, with the Red Devils having finished second and 19 points behind champions Manchester City last term.
Liverpool FC will also be aiming to mount a title challenge as they look to win their first trophy since Jurgen Klopp’s appointment back in October 2015.
Former goalkeeper Hislop feels that Manchester United are much better placed to challenge for the title next season, although he admits that he is expecting to see both teams continue to strengthen in the summer transfer window.
Speaking to ESPN FC, Hislop said: “Right now Man United are the closest [to challenging Manchester City] without a question.
“I expect Man United and Liverpool to make a lot more signings in the summer transfer window.”
Manchester United ended up without a trophy last season when they were beaten 1-0 in the FA Cup final by Chelsea FC at Wembley.
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