Published: Today at 16:35
STEVE McMANAMAN claims Liverpool have lost the pulling power to lure Pep Guardiola or Jose Mourinho as boss.
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The former Kop hero is backing approaches for up-and-coming Premier League bosses like Roberto Martinez.
But he believes Liverpool lack the financial clout to replace axed legend Kenny Dalglish with one of football's top names.
McManaman said: "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."
Club owners Fenway Sports Group have taken flak for their boss recruitment process.
Swansea chief Brendan Rodgers has already snubbed Fenway amid reports they hope to interview up to 12 candidates.
The Reds have got permission to speak to Wigan chief Martinez, while ex-Chelsea manager Andre Villas-Boas and even former Liverpool chief Rafael Benitez are thought to be in the frame.
McManaman said: "I know they're speaking to a number of managers, aren't they, and trying to bring in the right appointment. I presume that's all you can do.
"They also spoken to a lot of high-calibre managers. It's just that we don't know about them.
"People are picking on Roberto Martinez and Brendan Rodgers.
"They're both wonderful managers and Roberto Martinez is a superstar - he's a friend of mine."
But McManaman fears Liverpool will need a bigger transfer pot than under Dalglish to have any chance of rivalling the Manchester clubs, Chelsea and the like.
He added: "I don't know how much financial muscle they've got.
"If they go and spend £500million, it is realistic. If they go and spend £10, it's unrealistic."
McManaman - who was signed by Dalglish - said of the Scot's sacking: "I haven't heard from Kenny. But I was with a lot of the other players the other day and it was a shock."
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