Ian Rush believes the current Liverpool side would go down as the greatest in club history should they win the quadruple.
The Reds have already secured one piece of silverware after beating Chelsea in the Carabao Cup final and there is optimism they could win further trophies come the end of May.
Jurgen Klopp's side remain in contention for the Premier League title, have one foot in the next round of the Champions League and progressed to the quarter-finals of the FA Cup after beating Norwich 2-1 at Anfield midweek.
However, Rush says they would need to become the 'greatest Liverpool team there's ever been' if they're to achieve the unthinkable this season.
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"There’s a lot of talk about the quadruple but if anyone is ever going to do it, they’re going to need a bit of luck along the way," he told Gambling.com.
"Liverpool got a bit of luck against Chelsea and you could say they rode their luck a little in the closing stages against Norwich in the FA Cup with what was by and large a second-string side.
"You need a bit of luck in the draw as well but I wouldn’t bet against Liverpool in any tie in any competition at the moment, with the way that they’re playing.
"The quadruple is a possibility for Liverpool, but we can’t expect it. If they manage to do it, they’d have to go down as the greatest Liverpool team there’s ever been, and that’s really saying something.
"We won a treble in 1984 – the League, European Cup and League Cup – but we got beat in the FA Cup by Brighton.
"It’s so difficult to do a clean sweep, but if this side manages to do it, I’ll have to take my hat off to them and commend them as the best in the club’s history, and I don’t say that lightly."
Liverpool will hope to keep their Premier League title hopes alive this weekend as they welcome West Ham to Anfield on Saturday evening.
Manchester City face a difficult test in Manchester United on Sunday, but the Reds will need to reduce the gap to three points with a victory over David Moyes' side.