Steven Gerrard says it is vital for Liverpool's owners to spend up in the summer transfer window.

The Reds have dropped off the pace this season, falling to fifth, after challenging Manchester City for the title last season.

In the wake of Sunday's 1-1 draw with newly-crowned champions Chelsea at Stamford Bridge, Gerrard implored John W Henry and the Fenway Sports Group to revitalise Brendan Rodgers' squad in the next transfer window.

"I think now this team has got to build for next year. We didn't win the game, but we've certainly showed with additions and a bit of improvement that we can compete next year," Gerrard, who departs for MLS club LA Galaxy in July, told Sky Sports.

"I think it's important the lads get some rest after the last couple games, and that the owners dig deep and try to help Brendan and the lads out, try and make some additions and try to improve.

"There's a great core of players here, they have terrific potential and the future looks alright, but it is important we try to compete with the giants in the league, they're all going to spend big and this league is getting more and more difficult every year."