Mario Balotelli's agent Mino Raiola has revealed that the striker will not be leaving Anfield this summer.
Graham Dorrans has signed a two-year deal with Norwich City following a successful loan spell with the club.
Manuel Pellegrini spoke of his desire to topple Manchester United as he was formally unveiled as Manchester City manager.
The Chilean also looked relaxed and unfazed by the huge challenges ahead of him as he met media for the first time since his appointment almost four weeks ago.
The club's hierarchy have spoken of a desire to win five trophies in the next five seasons and Pellegrini has also been told to improve City's brand of football.
City also hope Pellegrini's man-management style will be an improvement on that of his predecessor Roberto Mancini, who was sacked just a year after winning the Barclays Premier League title.
None of this appeared to concern Pellegrini at a press conference at the club's training ground, and he made clear regaining the league crown from United is a top priority.
The former Malaga boss said: "I know that the most important thing for all the fans is to beat Manchester United and if I am here it is because I am sure we will do it.
"This year, same as (the) other year, Manchester City will be top of Manchester United. We will try, at least."
When asked about the trophy target, the 59-year-old jokingly said: "Just five?" before giving a more considered response.
He said: "We will try to work and do our best here and then we will see how many trophies.
"One of the important (reasons) I am here is the way my other teams always played.
"I think fans of Manchester City will see a different way to how they played in the other years.
"I am sure we are going to play an attractive game.
"We will always try to play in the opposite side (of the field), try to be an attacking team, do what all the other teams I worked with before did."
Pellegrini was joined at the press conference by £30million midfielder Fernandinho, one of two new signings this summer along with winger Jesus Navas.
City continue to be linked with a number of other targets and Pellegrini expects further arrivals, with the priority being a striker following Carlos Tevez's departure.
He said: "We have two strikers at the moment and we need another one but I am not talking about any names.
"We need a strong squad with two players in each position. We will try to do our best to have the best squad we can."
Tevez has left for Juventus after an eventful four years at the club during which he was both hero and villain.
Pellegrini said: "I spoke with Carlos weeks ago.
"I feel that Carlos didn't want to stay here any more. He was very clear telling me.
"It was the best choice for Carlos and the club. That is why Carlos is not here."
There has also been uncertainty over the futures of midfielder Gareth Barry and defender Joleon Lescott, who are both entering the final year of their contracts.
Pellegrini said: "In the next week we will see on differing situations with different players.
"I will speak with (director of football) Txiki (Begiristain) and with all the players also to see what they want. We will see in the next week what happens."
Pellegrini has taken both Malaga and Villarreal to the latter stages of the Champions League as well as managing Real Madrid for a single season.
His European pedigree was a key factor in his appointment with City eager to improve on their group stage exits in the elite competition in the past two seasons.
Yet Pellegrini made clear he is targeting success on all fronts.
He said: "I think the Premier League is so important, as is the Champions League.
"I know the last two years of Manchester City was not very good playing Champions League, and we will try to improve next year, but that is not the only reason for this year.
"I will try to take another trophy of the Premier League.
"When Manchester City won the Premier League it was one of the most important things for the club, we will try to repeat that."
Pellegrini has not lost in four games against United after his Villarreal side came up against them in the group stages of the Champions League in 2005-06 and 2008-09.
Villarreal also beat the Everton side of new United boss David Moyes in qualification for the first of those tournaments.
He said: "I know David Moyes and I played against Manchester United twice in Champions League with Villarreal. In both years we got to the last 16."