​Liverpool have already slipped behind their rivals in the transfer market this summer. They did manage to get one over Newcastle United again with Victor Munoz, but unless the Spaniard significantly increases his output, he currently reads more as a squad option than a game-changer. It’s concerning that Munoz is the only signing so far, especially given that Ibrahima Konate, Mohamed Salah and Andy Robertson have left gaps in the squad. Each of those players were regular starters in the Premier League’s top tier, and without solid replacements there’s little chance the Reds will claw their way back to the summit of the table.
Of course, Liverpool’s lack of signings doesn’t mean they haven’t been active in the market. More often than not, they’ve found deals either priced out or rejected, which is embarrassing for a club of their stature. Now the real sting would come from Real Madrid potentially surpassing them, a scenario that would sting even more given the long-standing rivalry between the two clubs. Although they operate in different countries, Real Madrid and Liverpool have developed a fierce competitive tension in recent years, whether it’s clashes in the Champions League or the transfer gossip that swirls around both sides. Both clubs have new managers and are trying to restore their teams to the top, which means they’ll be chasing the same players at times.
In that sense, the latest whispers about Real Madrid eyeing a record-breaking replacement for Salah—Michael Olise—add a fresh layer of pressure for Liverpool. Sebastien Denis reported on X that “Michael Olise wants to join Real Madrid as early as this SUMMER,” noting that after a remarkable season and leading the assist charts for the 2026 World Cup, Olise views Real Madrid as the ideal platform to take the next step. Bayern Munich, meanwhile, are reportedly preparing contingencies by reaching out to several potential replacements as they consider extending Olise’s contract themselves. Real Madrid allegedly intend to make this a record transfer, with decisive talks expected after the World Cup.
Even before the window opened, Liverpool signaled their intention to replace Salah with Olise as their primary target. Yet Bayern’s firm rejection of a move for the French playmaker pushed Liverpool to consider Yan Diomande as an alternative, with many observers tipping him to join. However, Diomande also turned Liverpool down, expressing a preference to move to Paris Saint-Germain instead. And even that option has now faded away as reports suggest the Ivorian will remain with Red Bull Salzburg for the foreseeable future.
All these high-profile near-mits and missed opportunities only pile more pressure on Andoni Iraola. The manager’s task to push Liverpool back to the top is already arduous, and the mounting transfer drama around Olise, Diomande, and potential Real Madrid advances only amplifies the scrutiny. If Liverpool are to climb back into title contention, they may need more than just one signing and a clear plan to recapture the form that made them premier challengers in previous seasons. The current situation underlines how crucial it is for the club to navigate this market shrewdly, reinvigorate a squad that has lost key elements, and set a clear path toward resurgence in both domestic and European competition.