Kenny Dalglish is confident the capture of Joe Cole and retention of Steven Gerrard will help convince Fernando Torres to stay at Liverpool.
Roy Hodgson, who took charge at Anfield following the departure of Rafael Benitez, is hoping Torres will follow Gerrard's example and publicly commit himself to the club, but concedes the Spain striker has misgivings.
Hodgson briefly met with Torres for the first time last week and maintains the 26-year-old's apparent reluctance to commit himself to another season with Liverpool comes from issues stretching back before he arrived as the new manager.
Torres - battling to be fit from an injury suffered in the World Cup final - has been linked with a £60million move to Chelsea should he decide his future lies away from Anfield.
Dalglish, who played for and then managed Liverpool between 1985 and 1991 and is now the club's academy ambassador, feels Torres can be talked round to stay on under the new regime.
"When Torres sees that [Cole signing] and talks with Roy I am sure he will give us good news," Dalglish told BBC Radio Five Live's Sportsweek programme.
"I hope Torres stays. Only Fernando knows what is going to do.
"Unfortunately for him he is injured, but he is a fantastic player and is very happy around the club and the city.
"The fact that Stevie is staying will be a great help and players like Joe Cole, Milan Jovanovic, Jonjo Shelvey and Danny Wilson means there is buying for the present and the future."
Dalglish added: "Roy is going to stamp his own authority on the club - but it is difficult at the moment because the players are coming back in dribs and drabs after the World Cup and you don't have everyone coming back together."
Dalglish, 59, out of management since ending a short spell with Celtic in 2000, was himself keen on getting back into the Anfield hotseat when Benitez left, but stepped aside when it became clear he was not in the running.
Dalglish is not sure whether he will return to coaching.
"Whether I would be a manager somewhere else remains to be seen. I don't know," he said.
"Sometimes you miss the buzz of competing at the top level but you don't miss it when you lose a game because it can be very lonely."
Dalglish added: "When Rafa went I offered to help in any way I could.
"There was a list made up by [managing director] Christian Purslow and I spoke to a few people.
"After the initial conversations I stepped aside and the board made the decision who would be the next manager.
"I said I would help in any way I possibly could for Liverpool and I would have been prepared to be the manager if they wanted that.
"But they didn't want that to happen, which is their prerogative and that is no problem for me.
"I was very happy at the club last year working with the academy and being an ambassador and it was enjoyable."
