Liverpool are set to finish the season fifth in the Premier League standings and are consequently out of next season’s Champions League orbit.
The Reds are eyeing bolstering their ranks this summer and have been linked with a host of players, including Brighton’s Alexis Mac Allister.
Liverpool are without Champions League football next season after taking part in the continental elite competition for six consecutive years.
And Rosenthal does not believe that his former side need a massive change to enter top four next season.
He believes that English football is so competitive that it is natural a bad season can result in missing out on the top four.
“I don’t think a cycle is over”, Rosenthal said to Italian outlet Tutto Mercato.
“English football is the most competitive in the world and it is natural that there could be a bad season.
“There will be a Europa League to play in and Liverpool will play in it.”
Some have questioned whether Klopp’s time at Liverpool has run its course, but Rosenthal does not agree and believes just one new player in each area of the team is needed.
“It can happen that after so many years it is necessary to change, but that is not the case with Liverpool.
“In my opinion, it is more a question of the quality of the players.
“You need one new player in each area of the squad and that will be enough to return to top four next season.”
Liverpool are tipped to try to rebuild their midfield this summer, but there could be signings in other areas of the team too.