Ok, I'm ready for the derision but........................Ian Holloway.
There are many similarities between him and Shanks.............Holloway is the same age now as Shanks was when he became LFC manager, neither man had much success in their previous management roles (up until Blackpool), both had fractious relationships with the boards of their previous clubs and both seem to elicit unequivocal respect from their players. Added to this they are/were both very outspoken and both "men of the people".
I watch a huge amount of lower league football and have been watching these lower league journey-men like Ian Evatt, Gary Taylor-Fletcher, Luke Varney, David Vaughan etc struggle sometimes to get a game in the 1st division and now here they are in the top half of the Premier League! These guys aren't young, they have just never been deemed particularly good.
Holloway is an alchemist and you have to wonder....if he can turn lower league players into Premier League players with relative ease what could he do with Torres, Gerrard, Agger, Pepe!?
Obviously it would be a huge risk but then again taking Shanks on was a risk given his relatively average managerial track record.