The January transfer window will be key for Liverpool after a few years of relative inactivity in the market.
Centre-back Ibrahima Konate was the only addition in the summer window, joining from RB Leipzig for £36million, while in the last January window, the Reds signed two defenders in Ben Davies from Preston North End and Ozan Kabak from Schalke.
It's fair to say that both players didn't live up to expectations. Kabak signed on a loan deal, made multiple mistakes and ended up at Norwich, while Ben Davies didn't even make a Premier League appearance before going out on loan to Sheffield United.
With their poor title defence behind them, the Reds will be keen not to make the same mistakes again in the New Year as they target success both domestically and in Europe.
Planet Sport looks at some potential players that could join the club and those who may have to make way.
In - Karim Adeyemi
Current club: Red Bull Salzburg
Liverpool lack depth up front.
Although they have the Premier League top scorer in Mo Salah and other world class forward options including Sadio Mane, Roberto Firmino and Diogo Jota, another effective and versatile attacking option is needed if Liverpool are to compete on all fronts heading into the second half of the campaign.
A rising star who plays his club soccer in Austria, Adeyemi has caught the attention of many top European clubs thanks to his 11 goals in 13 league matches for RB Salzburg as well as four in six in the Champions League.
Adeyemi is a fast, direct player and one that suits Liverpool's style of play. He has played predominantly as a No. 9 but under the mentorship of Jurgen Klopp, there's no doubt that he could also be used as an effective inside winger.
At only 19 years of age, the future is extremely bright for Adeyemi, and Liverpool won't be the only team looking to secure his services.
However, Liverpool are set to lose Salah and Mane for at least a few games when the African Cup of Nations begins, so an attacking reinforcement will be high on the priority list for the club.
Although Divock Origi and Takumi Minamino are solid attacking squad players, there are upgrades available on the market, and Karim Adeyemi is certainly one Klopp will have his eyes on.
Out - Loris Karius
Loris Karius has no future at Liverpool. Currently the fourth choice keeper, he hasn't made a competitive appearance for the club in over three years.
Karius' last game for Liverpool came in the 2018 UEFA Champions League final, a memorable performance for all the wrong reasons. Liverpool lost 3-1 to Real Madrid and Karius was at fault for two of the goals.
Since losing his starting place in the Liverpool team, Karius has been loaned out twice. First to Turkish club Besiktas, where he played 55 games in two years, and then to German club Union Berlin where he appeared in only five games during the 2020/21 season.
Karius' contract runs out in the summer of 2022, so he will be able to sign a pre-contract agreement in the New Year.
However, a fresh start would clearly benefit both parties and with Karius set to leave for free anyway, Liverpool will be looking for suitors in January.
In - Franck Kessie
Current club: AC Milan
If Liverpool had one regret in the summer, it was not replacing Georginio Wijnaldum.
The 30-year-old midfielder was a key contributor before joining Paris Saint-Germain on a free transfer.
It was a move that was in the works for over a year, after Liverpool and Wijnaldum failed to agree on a contract extension during 2019 and 2020.
Shorn of Wijnaldum and hit by injuries, Liverpool have fielded what feels like a different midfield combination every week.
It's something that needs to be rectified in the January transfer window and a player that has been linked to the Reds in recent months is AC Milan midfielder Franck Kessie.
Despite mostly plying his trade as a box-to-box midfielder, Kessie also has the ability to play as a defensive midfielder and would bring much-needed versatility and physicality to the heart of Liverpool's midfield.
Since joining AC Milan in 2017 on an initial loan deal, Kessie has played 152 games for the Italian club and scored 31 goals.
Kessie's contract runs out next summer, which means Liverpool can begin talks with him on a pre-contract agreement. The other option is that Liverpool pay a cut-price fee for the 24-year-old in January to get him in straight away.
Out - Nat Phillips
For the majority of last season, Liverpool were without their top choice centre-backs.
Virgil Van Dijk suffered a season-ending knee injury in the Merseyside derby, Joel Matip had an accumulation of injuries that left him sidelined, and Joe Gomez also suffered a knee injury early in the season while on international duty with England.
One of the players who benefited from their absence was Nat Phillips. The 24-year-old played an unexpected key role for Liverpool in what was a season to forget for the Reds. He featured in 17 Premier League games as Liverpool produced a late surge to secure a Champions League spot that looked out of reach in March.
Phillips signed a new long-term contract with Liverpool in the summer to curtail talk of a possible exit. However, this season Phillips is yet to make an appearance in the Premier League and has essentially become Liverpool's fifth choice centre-back.
In - Marcelo Brozovic
Current club: Inter Milan
As previously mentioned, a failure to replace Georginio Wijnaldum has left Liverpool light in midfield.
With Thiago Alcantara and Naby Keita continuing to struggle with injuries, Croatian midfielder Marcelo Brozovic is also on Liverpool's wishlist.
The 28-year-old, who was part of the Croatia team that made it to the 2018 FIFA World Cup final, is out of contract at the end of the season and could be on the move.
Similar to Kessie, Brozovic is a tenacious midfielder, and is also a free agent come the end of the season. With no deal with Inter Milan on the horizon, he will be available on a cut-price deal in January.
He's been a key player for Inter since 2014, and has amassed plenty of experience both at club level and on the international stage - now in his prime, he could be a smart investment for Liverpool to make.
Out - Elijah Dixon-Bonner
A Liverpool youngster with the potential to sparkle on loan is midfielder Elijah Dixon-Bonner. The 20-year-old currently plays for Liverpool's under-23 team and has shown flashes of real potential, playing eight times this season and scoring three goals.
Dixon-Bonner had looked surplus to requirements in the summer, having been allowed to go on trial at Portsmouth.
However, the League One side opted against offering him a contract.
Upon his return to Anfield he knuckled down, scoring twice for the Under-23s in a 2-2 draw against Blackburn, and he was rewarded with a late appearance as a substitute in Liverpool's Carabao Cup win over Shrewsbury.
Fellow Liverpool youngsters Leighton Clarkson and Jake Cain made loan moves in the summer and a switch to a League One or Two club in January would make sense for Dixon-Bonner.