The 28-year-old arrived at Anfield last summer following an £11.7m move from Porto, but failed to show his potential under Roy Hodgson.
Hodgson was sacked in January in the wake of an extremely disappointing first half of the campaign and successor Kenny Dalglish helped get the best out of Meireles.
But the Portugal international was still disappointed with a sixth-placed finish in the Barclays Premier League and he hopes that the only way is up under Dalglish next season.
Meireles said: "My debut in England could have been better. We finished sixth in the table, but this is disappointing for a club of the stature of Liverpool.
"We failed to compete for the title and we are frustrated by this. I am sure that we are going to improve a great deal next season."
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