The Reds lost 3-1 to Real Madrid in the Champions League final following Karius’ nightmare performance in Kiev last weekend.
Karius threw the ball to the feet of Karim Benzema to allow the France star to break the deadlock in the second half against the run of play.
Senegal international Sadio Mane levelled the tie before Gareth Bale netted an incredible overhead kick to restore their lead.
Karius made his second mistake of the night after he parried Bale’s long-range shot into his own net to secure a 3-1 win for los Blancos.
Liverpool FC have been linked with AS Roma shot stopper Alisson Becker in the 2018 summer transfer window.
Atletico Madrid goalkeeper Jan Oblak has been touted as another potential option after he helped los Rojiblancos to win the Europa League.
Former Liverpool FC defender Lawrenson believes Butland would be an ideal candidate to replace Karius in the Liverpool FC goal.
“I would take him [Butland],” Lawrenson told BBC Radio Five Live.
“I don’t know who else we’d take. He’s best of the bunch. We need a very good number one.”
The Reds finished in fourth place in the Premier League table after finishing the season with a 4-0 win over Brighton and Hove Albion.
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