Liverpool manager Jurgen Klopp has affirmed that his side will "100%" need to make significant alterations in the summer transfer window.
The Reds kept their January warchest locked after forking out an initial £37m to sign Cody Gakpo, which could rise to £44m with performance-related add-ons.
Despite persistent calls from fans to bring in new faces in the midfield, Liverpool ended their January business with the signing of Gakpo amid their uncertain ownership situation.
Klopp's men are expected to be one of several teams fighting for the signature of Jude Bellingham in the summer transfer window, but failure to qualify for the Champions League would harm their pursuit of the Borussia Dortmund lynchpin.
Brighton & Hove Albion's Moises Caicedo and Chelsea's Mason Mount are also understood to be leading targets for the Reds, whose transfer business was discussed by Klopp during a recent interview with Sky Sports News.
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While admitting that no Champions League football would weaken their bid to sign Bellingham, Klopp has promised that his squad will undergo an overhaul ahead of the 2023-24 season.
"You talk about Jude, that's a different subject, but in general it always makes things more difficult," Klopp said ahead of Saturday's showdown with Newcastle United.
"But we are still Liverpool, we're a big club, and it's not that we can do nothing. We will have transfer business, obviously. We have to, 100 percent clear. In the summer, we have to make changes and everybody knows that.
"It will happen, but how much? That's not in my hands. We are obviously in constant talks so everybody knows exactly what we need."
All of Real Madrid, Manchester United and Manchester City are expected to rival Liverpool for Bellingham, who has supposedly already ruled out a move to Chelsea or Paris Saint-Germain.
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As things stand, Naby Keita and Alex Oxlade-Chamberlain will leave Liverpool as free agents at the end of the season, while Arthur's loan from Juventus is not expected to be made permanent.
Liverpool were initially believed to have been open to extending Keita's contract, but talks have since collapsed, and he is supposedly entertaining the idea of a return to RB Leipzig.
Roberto Firmino is also out of contract in four months' time, but Klopp is determined to keep the Brazilian at Anfield, and contract talks are believed to be heading in the right direction.
Goalkeepers Adrian and Caoimhin Kelleher could also depart in search of more playing time, and the same goes for centre-back duo Nat Phillips and Rhys Williams, the latter of whom was recalled from his loan spell at Blackpool in January.
