Liverpool legend Steve McManaman feels they can no longer attract the best manager's in the game.
McManaman, who spent more than a decade at Anfield, said: "That's not the case any more.
"Those days of that type of appointment have long gone.
"It's unrealistic, isn't it?
"Of course, we'd like Pep or we'd like Jose Mourinho - but we're living in the real world. I don't know who's available, who's willing to come.
"The finance is a big thing, whether you're going to have to extricate someone from a contract.
"It's not like it was 20 years ago."