Liverpool have begun to regain their footing after enduring a challenging autumn, and the January transfer period presents an opportunity to further amend their earlier missteps.

Under Arne Slot’s leadership, the club made substantial financial commitments during the summer. Yet, it appears additional investments are necessary to complete the team’s puzzle.

In this analysis, our Anfield correspondent, Lewis Steele, delves into five critical questions surrounding the upcoming transfer window, including fresh updates on Antoine Semenyo, potential defensive recruits, and likely departures.

Despite a staggering £450 million summer expenditure, it might seem counterintuitive to suggest Liverpool’s squad is still lacking at least two key players.

This shortage is compounded by significant injuries. Young defender Giovanni Leoni, who joined from Parma for £26 million in August, and record-signing Alexander Isak, who cost £125 million, have both suffered severe setbacks. Isak faces a substantial recovery period after breaking his leg, while Leoni’s season is over due to a serious knee ligament injury sustained on his debut.

These unfortunate events underscore the urgent need for reinforcements in attack and central defense. Although Arne Slot mentioned two weeks ago that solving issues via the transfer market isn’t typically Liverpool’s approach, the circumstances might necessitate a different strategy this time.

Alexander Isak’s British-record move has been a complete non-starter so far after his struggles with form and then a brutal broken leg at Tottenham

Giovanni Leoni is another summer signing who will not play again for some time after his knee injury on debut

But even without the Leoni blow, there are issues with the remaining central defenders – Joe Gomez is injury prone, Ibrahima Konate is out of contract in the summer and the other, Virgil van Dijk, is 34 and long-term planning must be in place.

They also need a forward. Rio Ngumoha, 17, was the reason the club did not go all out for a ready-made Luis Diaz replacement in the summer. But he has hardly played, Federico Chiesa is not trusted and Mohamed Salah’s form has dipped.

Maybe not for January but a central midfielder should be on the shopping list in the summer.

2. Do they have money to spend? 

Slot said a fortnight ago that Liverpool do not have ‘unlimited money’ and that is true. But they do have funds available which is largely due to the fact their big spend last summer was offset by recouping the best part of £250m in player sales.

PSR is no problem and the club is in a strong financial position. Of course, another £450m will not be spent in the upcoming windows but a few additions are certainly possible.

On deadline-day in September, they were inches away from a £35m move for Marc Guehi, so there is no hiding that such money is available to be put on the table should it be needed…

On deadline-day in September, Liverpool were inches away from a £35m move for Marc Guehi, so there is no hiding that such money is available to be put on the table should it be needed

3. Who are they targeting? 

All the talk in the last week is that Semenyo is bound for Manchester City – but sources insist that Liverpool are still keen and may be ready to pounce to hijack any deal. It is not as clear-cut as some may think.

There were murmurs at the start of the summer that Bournemouth’s £65m-rated player – they would want upwards of £75m if not for the clause – was on Liverpool’s list. Maybe Richard Hughes, once of Bournemouth, did not want to be seen to poach two players in one go from his former club, after signing left back Milos Kerkez.

Definitely do not rule out Liverpool making a move for him if they get encouragement from the player and his camp. They and City are not the only clubs who are intrigued by his situation, with Manchester United and Tottenham also sniffing around.

As for defenders, we know that Crystal Palace captain Guehi is well-liked. He was 99 per cent a Liverpool player on deadline day only for the Eagles chairman Steve Parish to pull the plug on the move at, quite literally, the 11th hour.

The Reds would prefer now to wait until the summer to get the England international on a free transfer and that is possible. However surely they must see that they are only a Van Dijk or Konate injury away from the season careering out of control?

Guehi also has suitors at Manchester City, Bayern Munich and others on the continent. The defender would get a better financial package if he moved on a free transfer, as it would leave more money for the buying club to splurge on his wages. 

Funnily enough, Maxence Lacroix, his Palace defensive colleague, has been discussed in the past by Liverpool.

Joel Ordonez at Club Brugge is another they have kept an eye on, especially before they signed Leoni, while Oscar Mingueza at Celta Vigo has been tentatively linked in Spanish reports. Brentford’s Nathan Collins has also been mooted as a potential defensive reinforcement.

All the talk in the last week is that Antoine Semenyo is bound for Manchester City – but sources insist that Liverpool are still keen and may be ready to pounce to hijack any deal

Maxence Lacroix (left), Guehi’s Palace defensive colleague, has been discussed in the past by Liverpool

Oscar Mingueza (right) at Celta Vigo has been tentatively linked in Spanish reports

4. How have their summer signings fared so far? 

Mixed reviews.

Hugo Ekitike has over-performed expectations and been Liverpool’s signing of the summer with 11 goals. After a move from Eintracht Frankfurt, many expected him to be second fiddle to Isak but the Frenchman has made himself undroppable at times.

Florian Wirtz has had a slow start, but the German is slowly coming good and has demonstrated in the last few weeks just what a magical player he can be. Kerkez is also improving though has several levels to step up yet.

Jeremie Frimpong has hardly been seen but is adding a new dimension to the team at right wing-back now. Giorgi Mamardashvili, the No 2 goalkeeper after a move from Valencia, did not do much wrong during his run in the XI but it did unfortunately coincide with poor overall form.

Isak was pretty poor before his injury and his first season has been a bit of a write-off so far despite starting to get sharper just before going down with that issue. Leoni is also out for the season.

Hugo Ekitike has over-performed expectations and been Liverpool’s signing of the summer with 11 goals

Giorgi Mamardashvili, the No 2 goalkeeper after a move from Valencia, did not do much wrong during his run in the XI but it did unfortunately coincide with poor overall form

5. And who might leave? 

James McConnell is likely to be recalled from a loan at Ajax after falling out of favour following John Heitinga’s sacking at the Amsterdam giants. He has suitors in the Championship at West Brom, Derby County, Oxford United and Swansea City, who recently appointed former Reds coach Vitor Matos.

Slot may fancy the 21-year-old midfielder to play in the FA Cup game against Barnsley due to a lack of back-up options at the moment but this would scupper any potential loan in the second half of the campaign, as you are only allowed to play for a maximum of two clubs in the same season.

Given the lack of options Slot has available, it would be a bad decision to let any first-team options depart in January.

Gomez had suitors in Italy in the last week of the summer window and AC Milan retained an interest but he cannot leave unless a replacement is signed.

As of Thursday, Konate can talk to overseas clubs about joining them on a free transfer in the summer. No breakthrough has been found in talks over the Frenchman’s contract just yet. 

Then there is the Harvey Elliott conundrum. He signed for Aston Villa on loan with a £35m obligation to buy him on deadline day but, as Daily Mail Sport revealed, he must play 10 times for that to be activated.

James McConnell is likely to be recalled from his Ajax loan after falling out of favour since ex-Reds assistant John Heitinga’s sacking

Harvey Elliott needs to play 10 times for Aston Villa for his £35m obligation to buy to come into effect, but at the midway point of the season he has just five appearances

That, now, looks unlikely to happen with him well out of favour with Unai Emery, the Villa boss, and Elliott has made only five appearances. It remains to be seen whether Liverpool recall him but the two clubs will try to find a resolution as the current agreement is not suiting anyone.

Elliott, though, cannot go out on loan again this season due to the aforementioned rule about featuring for a maximum of two clubs in one season.

Some youngsters could go out on loan. Stefan Bajcetic and Jayden Danns have both been on the sidelines a lot recently and could either seek temporary moves or play for the Under 21s to build fitness. Trent Kone-Doherty, who is flourishing in the youth team, could head out.

Other current loans, like Lewis Koumas at Stoke City, could be looked at due to a lack of game time. Isaac Mabaya is doing rehab work on Merseyside after suffering an injury on loan at Wigan and former Latics loanee, Luke Chambers, could also make a temporary move in January.