Beaten finalists against AC Milan in Athens just 73 days ago, Liverpool must get past Champions League first-timers Toulouse in the third qualifying round.

It is a tricky, if not hugely difficult, task for the five-times winners but one boss Rafael Benitez knows he must have his reinforced squad ready for with the first leg in France on August 14 or 15 and the return at Anfield on August 28 or 29.

Any slip-up at this crucial stage will be a nightmare barely worth contemplating after Liverpool have spent £40million this summer, adding the likes of Fernando Torres, Ryan Babel, Yossi Benayoun and Andriy Voronin to the squad that failed narrowly in the May final.

Club secretary Bryce Morrison, in Switzerland for the draw, was quick to underline what is expected of Benitez's squad now, insisting that Liverpool were geared up to go all the way to the final again.

Morrison said: "The manager has brought in good, new players, and he feels the squad is stronger. So there is no reason why we cannot go all the way to the final again, we have done it twice recently and everyone feels that we are stronger now.

"We have done well in this competition under Rafa Benitez, and we do not see that changing now."

It is 43 years since Liverpool began their European odyssey against Reykjavik.

In that time, they have faced opposition from 37 countries, and 11 pieces of silverware have found their way back to the Anfield trophy cabinet.

They have faced 99 different clubs in European combat with Toulouse the 100th, having qualified for the first time by finishing a surprise third in the French top flight last term.

Morrison added: "The draw could have been a lot worse, although this is not easy. The competition seems to get harder each season.

"The French league is strong and although Toulouse is a rugby town they finished third in their league and will be taken very seriously.

"It is new ground for us because we have never played them before, but this is their first time in the competition and that should give us an advantage.

"Their fans, though, will be very excited at the progress their team has made to reach this competition so they will be really up for it and determined to produce a surprise."

But former Liverpool stars Alan Kennedy and John Aldridge expect the Merseysiders to reach the group stages.

Kennedy said: "Liverpool have had a decent pre-season with a good squad now together, and they will surely be the favourites now going into this qualifier.

"This is the fourth year running they have played at this stage of the competition so they know what to expect, but these type of games so early in the season are tricky.

"But Rafa has gone into the transfer market to buy forwards and wingers to improve his squad that got to two finals of the Champions League in three seasons, they should be good enough to win this one.

"Liverpool have a big enough squad and they should be one of the favourites to win the competition. They have been in two finals recently and have a great record in the tournament.

"I feel that people should worry about Liverpool rather than them worrying about other teams.

"Toulouse will throw up some surprises, but I cannot see Liverpool being beaten at this stage with their track record."

Aldridge agreed, saying: "The one thing we have got going for us is the fact it is a short trip. That really helps, you do not really want to be going all the way across Europe or to Russia.

"With it being a French side, you know the pitch is probably going to be good, and there will be a lot of fans able to make the trip, which is obviously a huge bonus for Liverpool.

"Having said all that, it will be a tricky tie. I know about the French league, they are no mugs and the league has some very good players.

"A lot of their players go to Italy or England, but you only have to look at the football Lyon have been playing in recent years to realise the league has strength."

Toulouse reached the Champions League qualifiers, finishing behind champions Lyon and runners-up Marseille.

They are coached by former Bordeaux boss Elie Baup and one of their star players is Sweden striker Johan Elmander, who was a reported target of Manchester City boss Sven-Goran Eriksson and also Lyon.

He scored 11 times for the club last term, including a last-day hat-trick against Bordeaux.

(re-opens)

Benitez was satisfied with the draw against Toulouse.

He said: "I am happy with the draw for two reasons. Firstly, the travelling will not be a problem, and secondly, the second leg will be at Anfield in front of our supporters.

"After travelling to Hong Kong, Switzerland and Rotterdam, the last thing we wanted was a long trip."

However, Benitez knows he can take nothing for granted against a team which finished third in one of Europe's top leagues.

He added: "Toulouse are a good side with some good players. The French league is of a high standard and so this will not be an easy game.

"When we return from Rotterdam we will start our reports on Toulouse. We have some information at the moment but we will have to do some more work when we get home."