PSV Eindhoven 0-3 Liverpool

John Arne Riise thumps in Liverpool's second

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When Rafael Benitez gets his hands on the £40million transfer kitty promised by Liverpool's new owners this summer, his first splurge should be on an even bigger and better new contract for Steven Gerrard.

Liverpool's skipper may be one of the Premier League's best-paid players - in fact, number five on the list of the top earners if Forbes business magazine is to be believed - but his importance to the club is almost beyond price.

Fresh from salvation duty with England last week, Gerrard inspired Liverpool to an awesome one-sided away victory over PSV Eindhoven to all-but seal a semi-final place for the Reds.

It may have been an off-day for the Dutchmen but Liverpool are shifting into ominous form, as Arsenal found out to their cost at the weekend.

It should certainly be food for thought for Jose Mourinho as Chelsea prepare for their quarter-final against Valencia.

Another torrid semi-final between the Premier League sides is on the cards, and on this evidence only a Blues fan (Everton or Chelsea that is) would bet against them reaching the final in Athens.

This was not one of those matches where Gerrard had to grab it by the scruff of the neck, as he did in the Champions League final two years ago, the FA Cup final last year, or against Andorra last week. Nevertheless once again Gerrard made the all-important difference in Eindhoven.

PSV were just showing signs of shrugging off their early tentativeness when the impressively-assured Javier Mascherano played Steve Finnan into space on the right.

The Irish defender sent over a first-time cross and even those back in Merseyside may have fancied they heard the shout 'Stevie G' as Liverpool's skipper claimed the chance ahead of team-mate Dirk Kuyt and planted a firm header into the corner of the net.

PSV coach Ronald Koeman had outsmarted Arsene Wenger in a the tactical battle in the last round but his collection of Dutch veterans - Philip Cocu and Patrick Kluivert have seen better days - and multi-national hopefuls were brushed side in this first leg. The loss of Alex to injury cannot be under-estimated either.

The Dutch side's defending was all-too-often hopeless and a catastrophic mistake by Simons saw Liverpool go 2-0 up.

A mindless ball across the edge of the penalty area was picked up by John Arne Riise who lashed it home with customary vigour.

Then Peter Crouch showed Gerrard that he is not the only English international in a rich vein of form with a towering header from another astute Finnan cross.

With Liverpool 3-0 up, Gerrard could have been forgiven for sitting back and looking forward to an easy return leg.

That is not the nature of the man, though, and he was still driving forward into injury-time, robbing Vayrynen with power and athleticism before setting up a move that ended with Gonzalez firing just over the crossbar.

With £40million at his disposal and the transfer market still recovering from the last slump, Benitez will be able to afford just about any player he wants.

What he cannot do is afford to lose his captain.