Having already completed deals for Mohamed Salah and Dominic Solanke, Jurgen Klopp is hoping to push on in the summer window and is eyeing Naby Keita and England international Oxlade-Chamberlain.
Speculation over Oxlade-Chamberlain’s future at the Emirates has intensified in recent weeks after contract talks with Arsenal reportedly broke down.
Despite Arsene Wenger saying he ‘expects’ the 23-year-old to stay this summer, Liverpool and Chelsea are believed to be interested in moves, with Oxlade-Chamberlain valued at over £25million.
Owen praised the midfielder’s versatility but said Klopp must target more players as he bids to compete with the likes of Chelsea, Manchester United, City and Tottenham.
‘Alex is a good, solid player but I wouldn’t look at him and think he’s going to turn a team into Premier League champions,’ Owen told Metro.co.uk.
‘He’s certainly a player who knows the league and is clearly very dependable. He’d be an asset to virtually every squad in the Premier League.
‘He’s a very good player so if he became available I’m sure there would be a few teams interested because he’s got a lot of ability. But he’s not going to take you to another level or turn you into champions.’
Klopp faces the extra pressure of competing in the Champions League next season and Owen, who played 297 games for Liverpool, insists it is imperative for the German to bolster his squad.
Liverpool's pre-season fixtures
Liverpool 4-0 Tranmere
Liverpool 1-1 Wigan
Liverpool 2-0 Crystal Palace
July 22 – West Brom/Leicester (Hong Kong, PL Asia Trophy)
July 29 – Hertha BSC (Olympiastadion)
Aug 1 – Bayern Munich (Allianz Arena, Audi Cup)
Aug 2 – Atletico Madrid/Napoli (Allianz Arena, Audi Cup)
Aug 5 – Athletic Bilbao (Aviva Stadium)
‘I think Liverpool need to strengthen,’ the 37-year-old added. ‘They weren’t in Europe last season so they’ve got an extra lump of games to contend with now.
‘A bigger squad and a bit of depth would help Jurgen greatly. They’ve already signed Salah which is a good signing.
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‘If they could get Keita then that would be amazing because he was brilliant for RB Leipzig last season.
‘There’s certainly one or two positions Jurgen will still be hoping to strengthen.’
Michael Owen is a C4 pundit for the UEFA Women’s European Championship, shown exclusively live on Channel 4. For more information visit http://www.channel4.com/programmes/uefa-womens-euro-2017