The German shotstopper gifted two goals to Real Madrid as they ran out 3-1 winners at Kiev's Olympic Stadium, sealing their third consecutive Champions League trophy in the process.
Speculation has long linked Jurgen Klopp to a new goalkeeper and it will surely be an inevitably after Karius' performance but who could they go for?
ALISSON BECKER (ROMA)
The Brazilian has often been tipped to join the Merseyside club after impressing many in the Serie A this season, conceding just 28 goals in the league and keeping 17 clean sheets.
Alisson is self-assured in the box and has international pedigree after being capped 23 times for Brazil's senior team, where he plays alongside superstars such as Neymar.
In terms of how much he will cost, 'Sky Sports' suggest it will take in the region of £62million to convince Roma to sell one of their best players to the team that knocked them out of this year's Champions League.
However, considering all his qualities and his age (25), he seems like the best option available to Liverpool.
JAN OBLAK (ATLETICO MADRID)
Undoubtedly the best goalkeeper in the world at the moment, Oblak had another terrific season in Spain.
His overall stats show he's conceded just 28 goals in all competitions, including a Europa League triumph, as well as keeping 29 clean sheets.
However, Oblak will be more difficult to lure away from Atletico who have enjoyed far more success in recent years than Liverpool.
It could depend on what happens with star striker Antoine Griezmann, because if he does leave for Barcelona and the club don't bring in an adequate replacement, Oblak may be persuaded to join Jurgen Klopp's side who are on the up.
JACK BUTLAND (STOKE CITY)
Another shotstopper who has been consistently linked to Liverpool this season, Butland would be the most accessible option thanks to Stoke's relegation to the Championship.
His former head coach Paul Lambert had suggested that not even £40million would be enough to convince the club to sell but they will not be in as good a financial position as when he made those comments.
However, as he is English, Butland will still go for more money than if he was another nationality given the previous trends in the British transfer market.
The doubt for Klopp will be whether Butland possesses the skills to command the box for a top club, which is very different than one fighting relegation.
It could be more worthwhile to bring in an experienced goalkeeper on a short-term deal and still make a move for Butland so he has time to settle into things on Merseyside.
GIANLUIGI BUFFON (JUVENTUS)
The legendary Italian No. 1 is available after ending his long and illustrious career with the 'Bianconeri' and would be a terrific short-term option.
However, his services wouldn't come cheap and it depends if the Liverpool owners would be prepared to bankroll such an ambitious move.
In addition, it would depend on whether Buffon would fancy spending his twilight years on Merseyside, especially as Paris Saint-Germain has been tipped as his likely destination.
If by a miracle Liverpool did land Buffon, they would no doubt have tonnes of experience to call upon at difficult times and it would mean they could buy a less-proven back-up knowing they had a season spare to break him in.
Of course, Liverpool could make a move for other top goalkeepers including Bernd Leno (Bayer Leverkusen), Alphonse Areola (Paris Saint-Germain), and Steve Mandanda (Marseille) but could also decide to stick by their man Karius and keep him as their No. 1.