Qatar club Al Rayyan claim they are in a bidding war with Liverpool for Figo, who could become available on the cheap this summer, albeit on high wages.

His financial demands would probably put a strain on even Liverpool, and Benitez told the El Mundo Deportivo newspaper: “There are many people at Real Madrid that we are aware of, but we really know our limitations.”

Raul was suggested as a Liverpool target last week, but he is considered by president Florentino Perez as the embodiment of the Spanish giants and seems destined to spend his entire career in Madrid.

“There are players that cannot leave and there are others we do not want,” Benitez added.

Liverpool are expected to recruit players who would fit into their wage structure, which would suggest Benitez will be canny rather than eye-catching in his dealing.

The Champions League winners have received a £20.5m windfall from UEFA, the accumulation of TV money and performance bonuses accrued since last season’s qualifying round.

Benitez is set to benefit from a share of that, meaning his transfer budget for the summer, which was expected to be significant in any case, could outstrip what he had to spend 12 months ago after joining from Valencia.

The likes of Xabi Alonso were barely known in England before arriving on Merseyside, but Benitez has proven a shrewd judge of players capable of adapting to the Premiership.

Villarreal goalkeeper Jose Reina is high on Liverpool’s wanted list, although his agent claims another English club have also made an approach, while Deportivo La Coruna striker Albert Luque has invited the European champions to take him to the Premiership.

Jamie Carragher has pre-empted a possible spending spree by backing boss Benitez to build a team capable of winning the club’s first Premiership title - the last of their 18 league crowns having been the old First Division title in 1990.

“Next season we want to qualify for the Champions League group stages, but we also want to challenge for the league title as well,” said Carragher on www.liverpoolfc.tv.

“I am sure the manager will be looking to change things around because he has come from a team like Valencia who have won the league, so he’s used to winning every week.

“Playing for Liverpool always puts you under pressure because you realise the club is going to be linked with good players.”

He added: “My motivation is just to make sure I am always in the team, whoever they bring in.”