A number of established Anfield stars, including Steven Gerrard, Jamie Carragher and Xabi Alonso, have all also committed their long-term future to the club, sparking a wave of pre-season optimism on the red half of Merseyside.
"Rafa has done a great job," Hicks told Sky Sports News.
"United are always going to be a top side and we just have to compete as best we can.
"We talked to Rafa about a plan and it has gone pretty much how we agreed it would go.
"I wouldn't rule Rafa out for one more transfer, I know the team is going to be a better team."