Liverpool manager Rafa issued with title warning for the new season

Although Benitez again secured a Champions League place, his side finished bottom of the Big Four.

Worse, Manchester United now need one more league title to equal Liverpool's record total of 18.

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Time to deliver: Benitez has been challenged to improve his side

The gap between United and their Anfield rivals was cut from 21 points in 2006-07 to 11 points this season but Parry warned it is not good enough if Liverpool are to be champions for the first time since 1990.

"We have to be real contenders," he said. "The points gap has narrowed but it's still not enough. We have to look back, learn and build for next season when the Premier League title will again be a priority target.

"We have the nucleus of a very good team and we must build on that in the summer break."

Yet Parry must persuade warring American owners Tom Hicks and George Gillett to provide the money for new signings and do so in the face of criticism that he has not always acted decisively in the transfer market.

That is believed to be one of the reasons behind his strained relationship with Benitez, and something Hicks brought up when he called on Parry to quit last month, claiming the Spaniard had blamed a lack of communication with his chief executive for Liverpool's failure to make some big signings.

That will be put to the test again as Benitez looks to sign Borussia Dortmund defender Philipp Degen.

He will also continue to chase Aston Villa midfielder Gareth Barry and Udinese left back Andrea Dossena, while also hoping to bring in two wide players and a striker.

Target: Aston Villa's Gareth Barry (right)

Some of the funding will have to be generated by sales, with Peter Crouch, Jermaine Pennant, Harry Kewell, John Arne Riise and Steve Finnan available at a price.

Xabi Alonso will be allowed to join Juventus if the Italians agree to pay £16million but Benitez insisted even a world record £50m bid would not persuade him to sell Fernando Torres to Chelsea.

He said: "The situation is very simple - we do not want to sell Fernando Torres. I'm not aware of any offer being made by Chelsea but even if there was my answer would be the same. He is not for sale.

"We're trying to add to the spine of our team and that means keeping players like Fernando, Javier Mascherano, Steven Gerrard and Jamie Carragher."