With a free-scoring Luis Suarez in attack, Liverpool were on the verge of winning a 19th English league title last term until dropped points in matches against Chelsea and Crystal Palace allowed Manchester City to claim the main prize.
Suarez has since departed for Barcelona, while finishing as runners-up has seen the Merseysiders return to the Champions League for the first time in five years.
With the Uruguayan's exit and those added fixtures in mind, BT Sport pundit McManaman believes that Brendan Rodgers's side should target another campaign in which they secure qualification for Europe's premier competition.
"They're going to miss [Suarez] because he scored over 30 goals last season and he's an absolutely fantastic player. Brendan has brought in a number of players, so we will have to wait to see how they cover for him. Liverpool scored a lot of goals last year and they've lost a large chunk of that," said the 42-year-old.
"If they get in the Champions League again this year, that will be a wonderful achievement. It's hard going from 38 Premier League games and some FA Cup games to that, plus Champions League matches and travelling all across Europe.
"It's going to tell on their league form. Of course it's better to have one main competition to focus on like Manchester United, but the best teams play well in all the competitions. If Liverpool want to be considered one of the best around, they need to do that. As a football player, you want to be in the Champions League. They'll be no moaning about the extra games because the players will be looking forward to it - they're wonderful nights.
"The fact that Chelsea, Manchester City and Arsenal have also invested heavily and I fully expect Manchester United to do the same soon, if Liverpool finish in the top four it should be considered a great season."
Sports Mole also recently spoke to Michael Owen, who shared the same view as his ex Liverpool teammate.
Steve McManaman is a pundit for BT Sport. This season BT Sport will show 38 Barclays Premier League matches exclusively live plus top games from the FA Cup, UEFA Europa League and live action from more top flight football leagues than any other UK TV provider.