Rodgers will soon be seeking a replacement for captain Steven Gerrard, who has confirmed he will leave to join LA Galaxy at the end of the season.
And, while the Northern Irishman concedes Liverpool do not have the financial clout to compete with the likes of Manchester City and Chelsea, he is confident a move to Anfield remains an attractive proposition for some of the world's leading players.
"I know the reality of the situation here, it is not a surprise to me," said the Liverpool boss. "I know what I am dealing with but we have to strive to be the best no matter what wages are spent out on other teams.
"For a lot of players it's two things - game time and money, simple as that. That's the way of the modern game – how often are they going to play and money that they'll earn.
"We have to believe it can be done. Last season after nearly winning the league and qualifying for the Champions League and playing a game that excited people we were in a great position to attract a level of player.
"But we have to believe the status of this club, the idea that the club moving forward is something, and a challenge that will make players still want to come here.
"The team has changed and the players have changed but the great name of Liverpool is still the same.
"There is no doubt that we need to replace that quality. Either through some of our young players getting an opportunity or players stepping up to the mark, but also bringing in that quality."
Liverpool visit Sunderland in the Premier League on Saturday.
