Players in: El Hadji Diouf (Lens £10m); Bruno Cheyrou (Lille, £3.7m); Alou Diarra (Bayern Munich, free); Patrice Luzi (Monaco, free); Salif Diao (Sedan, undisclosed).

Players out: Nick Barmby (Leeds, £2.75m); Jamie Redknapp (Tottenham, free); Gary McAllister (Coventry, free); Frode Kippe (Lillestrom, free).

Last season: Runners-up

This season's odds: 7-2

Player to watch: El Hadji Diouf

Our verdict - Third
Finished above Manchester United but still didn't win the title last season. Gerard Houllier's busy summer in the transfer market should signal progress but might actually take time to settle - a crucial factor in a tight championship race.