Jurgen Klopp's side have won four trophies in three-and-a-half years, but with the Reds falling behind in the Premier League title race and losing key players to the Africa Cup of Nations, their silverware hopes this season are beginning to fade.
As we enter the new year, we take a look at Liverpool's chances - and the all-important odds - in the four remaining competitions.
Premier League crown out of reach
More often than not, Premier League titles are won by clubs who can best navigate the intensity of festive soccer.
Despite fixtures coming thick and fast, Manchester City won every game in December and currently boast a run of 11 straight league victories.
The lack of wins has seen Klopp's men drift to 10/1 in the Premier League outright market. To put that price into perspective, Brentford in 12th are currently available at those same odds to be relegated.
The one positive which the Reds can take, is that they remain second-favourites.
League Cup remains best hope
Liverpool's best chance of lifting a trophy this season is the Carabao Cup.
The Reds were supposed to take on Arsenal in the semi-final this Thursday night. However, due to a high number of positive COVID cases, this fixture has been postponed and the two legs will now take place on January 13 (Anfield) and 20 (Emirates).
The other semi-final will see Chelsea and Tottenham go head to head, kicking off with a clash at Stamford Bridge this Wednesday night.
Klopp's men are currently second-favourites in the betting at 15/8. Chelsea are the front-runners at 7/4, while Arsenal and Tottenham are the two outsiders at 4/1.
One of the key challenges for Liverpool will be overcoming the absence of Mohamed Salah, Naby Keita and Sadio Mane. The trio will spend the next few weeks competing at the Africa Cup of Nations and will be a major loss for the Reds.
First FA Cup since 2006?
Liverpool will begin their FA Cup campaign on January 9 when they host Shrewsbury Town at Anfield.
The Reds haven't enjoyed a good run in this competition since they made the semi-final back in 2015.
Klopp's best result in the FA Cup was reaching the fifth round two seasons ago - not exactly groundbreaking stuff.
Nevertheless, Liverpool have been priced as third favourites to clinch their first FA Cup since 2006.
The Reds are priced at 13/2 and find themselves behind last year's runners-up Chelsea (11/2) and favourites Man City (10/3).
As always, a lot will depend on the draw. However, considering Liverpool's uninspiring recent record in this competition, it's no surprise to see them lagging behind in the betting.
Reds behind City and Bayern in Champions League race
Barring any injuries, Klopp should have Mane, Keita and Salah at his disposal when the Champions League resumes in mid-February.
The Reds will take on Inter Milan in their round-of-16 tie, starting with an away clash at San Siro.
Unlike Liverpool, Simone Inzaghi's men have enjoyed a winter break and should be fresh going into the second half of the season.
Nevertheless, with the second leg taking place at Anfield, Liverpool will fancy their chances against the Serie A leaders.
As things stand, the bookmakers have priced Klopp's side as third favourites to win their second European title in four years.
Unsurprisingly, it's Manchester City who lead the outright market at 11/4 as they continue their search for a maiden Champions League triumph.
Another team ahead of Liverpool are Bayern Munich. With the German champions cruising in the Bundesliga, Julian Nagelsmann's side will be able to prioritise their European fixtures.
Again, a lot will depend on the draw as this competition continues to play out. But at this moment in time, the bookies are not expecting to see Jordan Henderson lifting the Champions League trophy in Saint Petersburg.