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.
"You can't identify Pep Guardiola and go and get him, you can't identify Jose Mourinho and go and get him.
"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."