The Reds finished in fourth place in the Premier League table to secure Champions League football for a second successive season.
Liverpool FC lost 3-1 to La Liga giants Real Madrid in the Champions League final in Kiev last weekend following Loris Karius’ nightmare.
The Merseyside outfit have already signed Brazil international Fabinho in a £39m deal from Ligue 1 side AS Monaco last week.
The 18-time English champions have found themselves lightweight on options on the bench in the second half of the Premier League season.
Liverpool FC will need to overhaul a 25 point difference next season after Manchester City comfortably won the Premier League title.
The Reds have been linked with AS Roma goalkeeper Alisson Becker and Lyon attacker Nabil Fekir in recent weeks.
Former Liverpool FC defender Lawrenson believes the Reds need to add three or four players to their squad this summer.
“If Liverpool get three or four very good players who Klopp makes better, we will be a lot stronger,” Lawrenson told BBC Radio 5 Live.
Liverpool FC have finished in the Premier League’s top four in the last two seasons to ensure their continued participation in the Champions League.
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