Shankly helped lay the foundations for Liverpool's success in the 60s and 70s which Paisley then carried on after taking charge at Anfield.
Rodgers, who took over at Liverpool last summer, is hoping to follow in the footsteps of his celebrated predecessors in returning the side to prominence and he believes there has been progress this term.
"First and foremost there is no comparison in relation to those greats of the past; those two managers will always be remembered here," said Rodgers.
"For someone like me, my job is to build the club again, like Bill Shankly did very successfully and that set up the many successful eras that everyone remembers Liverpool for.
"That's what I'm trying to replicate and it's a huge challenge, because the club is an institution, but it is a challenge that I've enjoyed every minute of and all the staff and players have also.
"I've seen real progress this season and I would expect us to continue that over the next couple of years."