Liverpool will not splash the cash on big-name players this summer as they look for value amidst coronavirus' financial impact on football.

Jurgen Klopp's side were favourites to land RB Leipzig striker Timo Werner this summer before Chelsea swooped and activated his release clause to bring him to Stamford Bridge.

The Reds were said to have cooled their interest in the impressive German striker despite leading the chance. Klopp later suggested the uncertainty around football - and indeed the wider world - was one reason why they couldn't justify the outlay.

“If you want to take it seriously and run a normal business, you depend on income,” he said. “And we have no idea how much the club will earn — especially because we don't know when we can start playing in front of spectators again.”

Despite Klopp's explanation, supporters are still expecting the Reds to bring in a marquee player this year, especially after losing a player of Werner's quality to Frank Lampard's side.

But on Monday, Echo

“I honestly cannot overstate how much of an impact COVID-19 has had on finances,” Gorst said. “Chelsea's situation [is] totally different for a myriad of reasons. Hopefully, a backup of sufficient quality [to Werner] can be found this summer.”

He added: “Free agents could be [looked at], yes. Liverpool are never averse to a move like that.”

There have been speculative reports regarding a move for Borussia Dortmund's Jadon Sancho. But Gorst says there is “no chance” the Reds go for him this summer, although Klopp will be paying close attention to his situation amid links with Manchester United.

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“No chance [Liverpool] go for Sancho this summer,” Gorst said. “Next [summer] is more realistic, and Klopp will be keeping tabs on his situation, no doubt.

“Liverpool have been aware of Sancho for years.”

Despite big-money signings appearing to be off-limits, Liverpool will still be in the market to improve their squad.

One area that could be improved on is at left-back, with the Reds lacking a specialised player to deputise for Andy Robertson.

“[I] was told last summer Lloyd Kelly was a target but [the] club didn't want a bidding war with Bournemouth,” Gorst added.

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“They felt £12m was too much, so there is an idea that another specialist left-back is needed.

“Personally, I think a Robertson-lite type player is a must. Liverpool lose so much when Milner is there instead, as dependable as he is.”

While it's unlikely Liverpool will substantially break the bank this year, it may be the right time to bed in some promising youngsters and supplementing them with a new signing or two or on the cheap.

With the likes of Adam Lallana, Dejan Lovren and Xherdan Shaqiri set to move on; there will undoubtedly be space in the Reds squad next season for someone to make their mark.