January 2010 : Transfer Window

BBC Sport

Money to spend:
The financial difficulties being experienced by the club's American owners means funds will be limited. Yet news that Liverpool are close to securing new finances to start work on a new stadium suggest better times ahead. Manager Rafael Benitez will probably still have to sell if he wants to buy but there is likely to be some activity.

January previous:
Benitez cut his considerable losses and dispatched Robbie Keane back to Tottenham last January. The Spaniard has tended to do most of his buying business in the summer, but Martin Skrtel was snapped up for £6m in 2008 and Alvaro Arbeloa, Javier Mascherano and Daniel Agger also arrived at the club in previous transfer windows.

What they need:
A previously watertight defence has started to creak, with 25 goals shipped at the halfway point. Only 27 were conceded in the whole of the last campaign. At the other end, Steven Gerrard and Fernando Torres would welcome a bit of assistance.

Who they might buy:
After Sir Alex Ferguson signed Michael Owen, would the Kop be as welcoming of former Red Devil Ruud van Nistelrooy? A return to Anfield for 31-year-old Emile Heskey might prove more popular. Crystal Palace's young star Victor Moses could cost more than both and is an outside bet for a team needing immediate remedies. Matthew Upson may be an affordable defensive option. Any chance of landing the likes of Hamburg's Eljero Elia and Valencia's Juan Mata requires funds generated by some serious out-goings.

Who might be leaving:
Ryan Babel has talked his way out of a future at the club and could bring in a sizeable fee from the continent. Andrea Dossena and Andriy Voronin's likely departures will add little to the kitty. Javier Masherano's enthusiasm for a new contract has been less than overwhelming but his sale would be an unpopular gamble from a manager under pressure.