Brendan Rodgers is eyeing new signings at Anfield this summer after signing a new long-term contract.
And while Saints star Lallana is Rodgers’ No 1 target, the Reds are hesitant to meet their £30million price tag.
Liverpool initially offered £20m for the England midfielder but that was met with a swift rejection.
Rodgers is preparing alternative options should his pursuit of Lallana end in failure, with Shaqiri in his sights.
The Kop boss is also keen to sign a central defender, with Lallana’s club team-mate Lovren wanted.
Rodgers believes qualifying for next season’s Champions League will help his recruitment drive this summer.
“The big lure will be Champions League, that’s what I’ve found in my conversations with agents and people,” Rodgers said.
“The best players want to play in the big competition.”