By Ian Hughes

Gerrard and Liverpool celebrate after the dramtic win over AC Milan

It was no Muhammad Ali rope-a-dope style tactic which secured Liverpool's fifth European Cup on Wednesday.

Indeed, AC Milan's three-knockdown, first-half onslaught would have ended the contest on a technical knockout had these heavyweight teams been boxers.

Liverpool sustained a bloody nose in the opening minute when Paolo Maldini opened the scoring and a one-two from Hernan Crespo almost finished the job.

But somehow, in a tale more unlikely than a Rocky film, the men from Anfield went from losers to bruisers after the interval.

Steven Gerrard, Vladimir Smicer and Xabi Alonso restored parity before keeper Jerzy Dudek's saves delivered the sucker punch in the penalty shoot-out which left Milan out for the count.

But amid the ecstatic celebrations, what is the future for the new European champions, who may not be able to defend the trophy after only finishing fifth in the Premiership?

It is a remarkable fairytale which will go down in Merseyside folklore, but was it a fluke as Arsenal's Arsene Wenger intimated?

And is it a future which includes captain Gerrard as the key piece in manager Rafael Benitez's puzzle?

It has been a staggering season for debutants in the English game.

Jose Mourinho led Chelsea to their first title for 50 years, yet Benitez trumped that achievement by landing the Champions League.

Benitez's success in taking an under-performing rag-bag of a squad and fashioning, with the astute signings of Alonso and Luis Garcia, an all-conquering clique is the work of a genius.

After their semi-final win over Chelsea, Liverpool chief executive Rick Parry hailed the Spaniard as the finest manager in the world.

He told BBC Sport: "We hired him because he's the best.

"A manager can program and create the right environment. And in Rafa, we know we have the right man."

Who is going to argue now?

By masterminding victories over Bayer Leverkusen, Juventus, Chelsea and AC Milan, Benitez has sent his reputation into the stratosphere - and restored Liverpool's as a giant of the European game.

And Benitez proved he has the ability to change a match with his tactical nous and ability to instill belief in the hopeless (as some players surely must have been at half-time).

Yes, he erred by gambling on starting with Harry Kewell on Wednesday.

The Australian was roundly booed and some have suggested his injury, which ended his part in the match, was psychosomatic.

But the way Benitez shuffled the team and then galvanised his over-run midfield with the introduction of Dietmar Hamman, was sublime.

That's without mentioning what must have been a Winston Churchill-esque team talk at half time.

The courage, never-say-die-spirit, commitment and heart of Liverpool's players is a tribute to Benitez's leadership.

The self-confessed football anorak, who claims to sometimes shout out tactics in his sleep, has sent out a wake-up call to his profession.

While Liverpool and their fans are in dreamland, Benitez is no doubt already devising a winning formula for next season's Premiership campaign.

Mourinho won the Uefa Cup in 2003, the Champions League in 2004 and the Premiership in 2005.

Benitez claimed the Uefa Cup in 2004, the Champions League in 2005 - what odds on him matching Mourinho's hat-trick?

The sound of "You'll never walk alone" ringing out around Istanbul as Gerrard lifted the European Cup was sweet, sweet music to Merseyside's ears.

And Gerrard supplied the prefect encore when he said: "How can I leave Liverpool after a night like this?

"This is the greatest night of my life and I can't see myself leaving now."

That declaration could end speculation that Liverpool's soul will remain at Anfield next season.

The 24-year-old was on the verge of joining Chelsea last year.

And earlier this season, he re-fuelled rumours he would head to Stamford Bridge when he expressed his desire to be part of a Champions League-winning team.

The irony is overwhelming.

Yet, despite his insistence that "I will be having talks with the chairman and the manager shortly, but it is looking good", Gerrard may still be tempted to move.

Should Europe's governing body stick to their rules and not allow Liverpool entry into the Champions league, will Gerrard stick with the Reds?

Benitez insists Gerrard is a key player and he will fight to keep one of the world's finest midfielders as he looks to build a Championship-winning side.

Smicer, almost certainly, and possibly Kewell will leave Liverpool in the close-season and Benitez will be desperate Gerrard does not follow them.

Even with Liverpool's coffers being boosted by a possible �45m after their European exploits, Benitez would find his skipper hard to replace.

But will Gerrard wait for another chance at European glory, to show he can compete and conquer on the biggest stage?

The England international is coveted by the world's biggest clubs for his drive, passion, ability and influence.

All of those assets were demonstrated on Wednesday as he dragged his side back from the dead - how typical that it was his header which began the comeback.

Chelsea and Real Madrid are bound to come knocking again, the question is whether Gerrard can resist.