Flanagan is keen to become a one-club man like Liverpool legend Jamie Carragher.
The 23-year-old’s currrent contract is set to expire at the end of the season and talks over a new deal are yet to begin.
“I feel very privileged to be here,” he told the Liverpool Echo.
“It was always my dream to play for Liverpool. I pinch myself every day when I think about what I’ve done so far but hopefully there’s a lot more to come.
“Carra and Stevie [Gerrard] were both massive for me. From the first day I went to Melwood, they were giving me great advice and guiding me.
“Being local lads themselves, they knew the situation I was in. I learned so much from them.
“I’m a local lad and this is my club. I want to stay here and help Liverpool win trophies. I want to be a one-club man.”
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