Liverpool will soon return to pre-season training under Jurgen Klopp, as the Reds aim to plot a course back from a disappointing campaign.
Finishing fifth with no silverware in 2022/23 was a failure on all fronts. Especially given it came straight after a season where a quadruple was in sight and two cups were claimed.
Plans to bolster the engine room are already underway with the signing of Alexis Mac Allister from Brighton & Hove Albion.
But with Liverpool fans still waiting on the club's next move, there are an increasing amount of nervous glances at business being conducted elsewhere. Below, ECHO writers have their say on which Premier League rival is looking the most threatening so far this summer...
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Man City
Paul Gorst: It's not necessarily about the business Manchester City have been able to execute so far that is driving fears but rather their history at improving after losing key players in recent years.
Mateo Kovacic from Chelsea is a very astute move but the concern comes from just how strong the treble winners are in general.
The exits of Ilkay Gunodgan and Bernardo Silva would be a major detriment for any other team on the planet but Guardiola has shown has can absorb the loss of major players at the Etihad, which should be ominious for all challengers.
Whether it's Sergio Aguero, David Silva, Vincent Kompany, Leroy Sane, Joao Cancelo, Fernandinho, Raheem Sterling or Gabriel Jesus, City have barely missed a beat. So whatever they do in the wake of Gunodgan's exit and Silva's expected departure should concern.
So far, it appears fairly quiet at the Etihad after their failure to land Declan Rice from West Ham United but it's expected that the Premier League champions will be ready to build on last term's historic campaign.
There may be no prizes for creativity or insight here, but Pep Guardiola's men will be the team to beat once more next term.
Arsenal
Sean Bradbury: Liverpool acted early and decisively to sign Alexis Mac Allister. By all accounts, a similar profile of versatile young talent is still being sought as part of a midfield rebuild.
Khephren Thuram and Dominik Szoboszlai are two such names who would be exciting additions. But after sealing the Mac Allister deal, it appears to be something of a waiting game for the Reds right now.
Which makes the eye-catching moves of Arsenal a problem.
Liverpool need to improve past several teams this season to challenge for top honours again. They may also be looking over their shoulder at the likes of Chelsea and Spurs, who will surely hope to be more competitive themselves.
Arsenal are flexing the financial muscle that has been bolstered with a second-place finish and a return to Champions League football.
Their modest wage structure - certainly in comparison to the likes of Liverpool, Chelsea and both Manchester outfits - gives them plenty of room for manoeuvre this summer.
With a window of smart recruitment and a coherent pre-season plan, I was confident Klopp's side could shoot back up the table in 2023/24.
There is still time for all that to play out of course.
But Arsenal responding to the bitter disappointment of losing out to City by signing Declan Rice, Kai Havertz and possibly Jurrien Timber for in excess of £200m combined shows they still mean business.
And it might give Liverpool and FSG even more of a mountain to climb.
Chelsea
Joe Rimmer: Whisper it quietly, but have Chelsea got their act together?
The Londoners were a bit of a laughing stock last season, burning through managers and money with very little to show for it.
But the appointment of Mauricio Pochettino could, in theory, be the settling influence that their bloated squad needs.
Meanwhile, Saudi Arabia has provided Todd Boehley with a much-needed solution to their FFP problem.
And with Christopher Nkuku in and potentially Moses Caicedo to follow, they look a much stronger outfit than the one that finished 12th in the Premier League last season.
While Chelsea might not pose a direct threat to those at the summit of the Premier League - where Liverpool will aspire to be even after a season in which they underperformed themselves - they could become genuine top four contenders again and therefore, make Jurgen Klopp's job hard in the process.
Indeed, it looks as though Arsenal aren't going anywhere, Manchester United could continue their comeback and Man City are, well, Man City.
So the competition is already hard enough for a top four place. Liverpool could do without Chelsea remembering who they are anytime soon.
Arsenal
Tom Cavilla: After a hugely impressive 2022/23 season, Arsenal appear well-placed to fight at the top end of the table again next term.
The Gunners are yet to lose any key players this summer, instead strengthening their squad as Mikel Arteta looks to close the gap on Manchester City. Kai Havertz has already been brought to the Emirates and Declan Rice looks to be the next player on his way as part of a £105million deal.
Already possessing one of the most devastating attacking units in the league, with both Bukayo Saka and Gabriel Martinelli only set to continue improving, Arsenal look near certainties for another top-four finish and very much have the potential to become a long-term problem for Liverpool.
Chelsea will be stronger next season, though it would be hard to be much worse, and they have done well to recoup fees for members of their squad deemed deadwood; Manchester United still have plenty to do in the window and Tottenham Hotspur are slowly moving in the right direction.
Newcastle United's £52m deal for Sandro Tonali looks to be a steal, meanwhile Mateo Kovacic is a smart signing by Manchester City. It is Arsenal, though, who are sending out the biggest statement at this moment in time.
