Liverpool spent £133 million on transfer this season but McManaman believes that Brendan Rodgers will have to replace several players in the summer.
The former Champions League winner did however, underlin that the Liverpool boss has made a few good signings.
Can has been one of Rodgers best signings this season according to McManaman.
“Brendan will know he will have to change 5 0r 6 0r 7 players, I would bring in another centre-forward and defensive players, he will also have to bring in a midfielder,” McManaman told BT Sport after the semi-final.
“Some of the players he has brought in has done well, Emre Can looks a really good player he brought him in for £10 million he looks a really good player.”
The Reds did also make £107 million from selling players over in the summer including the £71 sale of Luis Suarez to Barcelona.
Can joined Liverpool on a £9.75 million move from Bayer Leverkusen in the summer.
The 21-year-old started in defence for the Reds against Aston Villa. Can completed the highest number of tackles (4) and clearances (5) for his side today and was given a Whoscored rating of 6.90.