Liverpool will still be able to sign top players despite the lack of European football next season, according to Steve Howey.
Anfield will host domestic fixtures only in the 2016/17 campaign after the Reds lost Wednesday night's Europa League final 3-1 to Sevilla.
Had they won that game, they would have been in the Champions League for Jurgen Klopp's first full season in charge but their failure to do so - combined with finished eighth in the Premier League - means they will miss out of European football for at least a year.
But Howey does not feel that will be a barrier to any plans Klopp has to take elite players to Liverpool this summer.
When asked if he would opt to join Leicester or Liverpool, given the choice, Howey said: "I am still picking Liverpool.
"Jurgen Klopp will still buy big and invest in the team. He will take the club to another level.
"Leicester have a great opportunity with their brand of football, playing in an exciting way and in the Champions League. But Liverpool is a fantastic club with all the history. I would go to them."