Ole Gunnar Solskjaer said he and the Manchester United board know what they have to do ahead of what promises to be a busy summer at Old Trafford.
United's 2-0 home loss to Cardiff City on the last day of the season capped off a woeful end to the campaign that saw the team fail to win in any of their last six games in all competitions.
They finished the league campaign in sixth place, which was the same position they were in when Solskjaer took over from Jose Mourinho in December.
And the Norwegian said the powers above him know the scale of the job needed over the summer.
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He said: "I've had loads of conversations and they've been up front and honest. We know where we are at and it's too far behind where we want to be.
"Towards the end of the season it makes it clearer. When I came in around Christmas and when we had that great run of form, sometimes that's human nature, you're confident, maybe overconfident, and we pipped games into our favour, we played some great football at times and towards the end we've seen that exceptional efficiency we had didn't last, so they know we're in for a rebuild."
Many high-profile names are expected to be shown the door to make room for new signings, with Alexis Sanchez and David de Gea amongst those rumoured to be potentially on their way out.
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But Solskjaer refused to give too many details away when asked about the pair.
"David has one year left on his contract, of course we want to extend with him," he added. "They’re in talks, so let’s hope it will get sorted. At July 1 we will know who is going to be with us and it’s going to be a very important pre-season for us because next season is big.
"Alexis has a contract with us. I’m not going to speak too much about individuals. When we come back on July 1 we can have the next chat and that will be a nice little summer for me."
