The Spaniard has failed to secure a regular starting spot in recent seasons but the 21-year-old believes that this could be his chance given the fact that manager Brendan Rodgers has begun bringing young talent through.
"I hope this is a new opportunity for me," Pacheco told the club's official website. "I want to try my best. We have already seen he is giving a chance to the youngsters, so hopefully I will get one in the next few games.
"I think every season is a crucial season for everyone, but maybe because I haven't played that many games in the last seasons, maybe this is the one I can break into the first team and I'll try my best to try and make that happen."
Pacheco has been at Anfield since 2007.