Liverpool owners have told new manager Brendan Rodgers he has three years to reach the top four - and won't have a big transfer kitty to utilise this summer.

Kenny Dalglish was sacked last week for failing to finish in the top four in the only full season of his second spell in charge.

In contrast, Rodgers has been told that Liverpool owners Fenway Sports Group are prepared to be patient and will give him the duration of his £9million deal to achieve their goal, says the Mirror.

They have assured him he will not be sacked if he does not deliver Champions League football next season, and that their target is to see progress from a side that finished eighth under Dalglish - 37 points behind champions Manchester City.

FSG know that the riches available in the Champions League are vital to Liverpool's long-term future and are not prepared to keep bankrolling the club's spending from their own coffers indefinitely.

They have promised Rodgers they will back him in the transfer market this summer though, and he will have a kitty of around £25million for new players.

The Ulsterman has also been told by FSG chief John W Henry to overhaul Liverpool's underperforming squad and slash a bloated wage bill.

The owners will back him in his attempts to offload fringe players on big salaries such as Alberto Aquilani, Joe Cole and Maxi Rodriguez.