Fernando Torres has arrived from Atletico Madrid, while deals are close for Ajax winger Ryan Babel and West Ham midfielder Yossi Benayoun.

"I'll bet players and fans from other clubs have been looking at us and thinking: 'Aye, aye, Liverpool are making a move for some of the big boys now'," Gerrard told the Liverpool Echo.

"Since I've been in the first team I can't remember us making such a major statement of intent in the transfer market as this.

"In recent years it's only really been Manchester United and Chelsea buying players around the £20million mark, so it's great to see us able to compete for players of that kind of value.

"The Liverpool board has always backed the manager and we've invested heavily over the years.

"Roy Evans and Gerard Houllier spent a lot of money, but we've all been looking to that extra step to close the gap and attract the kind of players United and Chelsea would be able to afford.

"This is the first summer in a long time we've been able to do that."