Liverpool still have a chance of winning all four pieces of silverware this season and manager Jurgen Klopp will be keen on having the strongest possible squad for the run in.
The Reds, however, are yet to complete any major deals in January, with only two youth players - Morgan Boyes and Tony Gallacher - leaving the club.
The six-time Champions League winners still have plenty of work to do, although it's unlikely they will bring any new players to Anfield before the deadline on January 31.
Nevertheless, Liverpool still need to sell a few stars and get one of their biggest players to commit their long-term future to the club.
Here, Mirror Football takes a look at Klopp's transfer priorities between now and the end of the window.
Who should Liverpool sign in January? Let us know in the comments below!
Selling Phillips
Klopp is keen to complete the sale of Phillips, who wants to play regularly after his heroics last season - helping Liverpool qualify for the Champions League.
The centre-back, 24, has only made 47 professional appearances - three of which have come this season - and Klopp has accepted his desire to flourish elsewhere.
"The manager and I agree that the best thing for me is to play as many games as possible," Phillips recently told Sky Sports News.
"I think you saw last year I developed well. I'm going to see what comes along [in January] and go from there.
"I think at this moment in time it's unlikely that I'll be playing lots of games for Liverpool, so if an opportunity arises where I get the chance to do that somewhere else.
"And if it suits everyone then it's certainly something I'd be interested in.
"I've had the exposure and experience in the Premier League and the Champions League. So maybe those situations where you're new and nervy, I've gone through that phase.
"I don't need to go through that process if I do go somewhere else. I'll be ready straight away to get involved and play."
Klopp added: "We cannot keep him forever, that’s clear. We needed him, just to be safe, for that half-year.
"We will see what happens in the window. He was fine doing it because he’s a great guy. His development is absolutely insane.
"You saw it last year, you would have said 'Nat Phillips, oh my god, he plays in the last line?' People love him because of his heading but with his feet he is unbelievable.
"He’s a late starter, but his development is unbelievable. I would sign him for any club except Liverpool, because we have him."
Liverpool have already rejected two transfer bids for Phillips - one of which is believed to have come from Watford - and reportedly want £15million for him in January.
Klopp would undoubtedly love to keep the Englishman in his squad, but a move would be the best thing for him.
Gomez staying, youngsters finding loans
The Reds don't need to loan anyone, but it's always beneficial for a younger player to get some minutes under their belt.
One of those in need of game time is Joe Gomez, who's made just 12 appearances this season after recovering from a serious knee injury.
Speaking last month, Klopp ruled out the possibility of the England international, 24, leaving in January.
"We are patient, and I think Joe is patient now as well," said the German. "That’s the situation. I have no plans to give anybody on loan in the winter.
"I am not the driving force, let me say it like this. Nobody came to me and asked me, 'Can I go somewhere?'
"Joe is now only back for a proper week or so, because of the circumstances he could be involved in the squad, but he needs still time... to get where he has been before."
According to some reports, Aston Villa manager Steven Gerrard is considering making a bid for Gomez before the end of the window.
The biggest stumbling block with that deal is Phillips, with Klopp unlikely to let two senior centre-backs leave the club. And the priority is finding Phillips a new club - not Gomez.
Young defender Rhys Williams is more likely to complete a temporary move in the coming days, just days after he was recalled from his loan spell at Swansea City.
Williams, 20, made just five Championship appearances during his six-month stint in Wales and Klopp may be keen on sending him to a club where he'll play regularly.
Fellow defender Neco Williams may also secure a loan move after admitting he wants more game time, playing just seven minutes of Premier League football this term.
"I think most players have goals and targets for the new year, to be honest," said the 20-year-old earlier this month. "New year is a time to set goals and see if you can succeed in achieving them.
"For me that is playing games, trying to get as much game-time as I can, doing well and trying to contribute assists when I'm playing."
Finding a new home for Karius
Yes, that's right - Karius is still a Liverpool player.
The goalkeeper, 28, hasn't played for the Reds since his disastrous Champions League final performance in May 2018.
During the last three-and-a-half years, Karius has spent time on loan at Besiktas and German outfit Union Berlin. A permanent move, however, has never materialised.
The German stopper will leave Liverpool when his contract expires in the summer, but his departure may be sooner rather than later.
"There are different things [to consider]," said Klopp when asked about Karius' future earlier this month.
"One is Loris Karius the player, who is doing absolutely nothing wrong and he is a really good shape. He is training really hard and he is fully committed. That is clear.
"Before the season we made a decision and obviously it was in the club’s interest as well that Loris finds a new club but that didn’t happen.
"We made a decision that he will be treated completely normally.
"As long as we don’t have a massive situation here our No1 is Alisson, our No2 is Caoimhin [Kelleher], No3 is Adrian and No4 is Marcelo [Pitaluga].
"That is already four goalkeepers and we were never in a situation where we had to use a fifth one. It is nothing to do with the quality; we made the decision and the boys do really well."
Klopp went on to say: "I wish Loris only the best and he will find a club whether it is now or in the summer and from there he will go on, I’m very sure."
Karius may decide to see out his Liverpool contract - reportedly earning £65,000-a-week - as it's unlikely he'll receive the same wages at his next club.
Greuther Furth - who are currently bottom of the Bundesliga - are interested in signing him this month according to reports in Germany but can't afford to take on his full salary.
Liverpool could agree to give the goalkeeper a pay-off - allowing him to find a new club - or pay a percentage of his wages between now and the end of the season.
It won't be the end of the world if Karius finishes the term at Anfield, but it would be best for all parties concerned if a transfer can be finalised this month.
Salah's new contract
Salah is the Premier's League leading scorer this season with 16 goals and Liverpool fans are desperate to see him commit his future to the club.
The Egyptian, 29, has just 18 months remaining on his existing deal and many top European clubs would love to lure him away from Anfield.
If he doesn't sign a deal before the end of the season, Liverpool may reluctantly decide to sell him in the summer - which would be a nightmare situation for the Reds.
Salah wants £400,000-a-week from his current employers, not an outrageous demand when compared to other Premier League stars.
Cristiano Ronaldo earns £500,000-a-week at Manchester United, while Kevin De Bruyne's Manchester City salary is £400,000-a-week.
"I want to stay, but it's not in my hands. It's in their hands," said Salah earlier this month. "They know what I want. I'm not asking for crazy stuff.
"I've been here for my fifth year now. I know the club very well. I love the fans. The fans love me. But with the administration, they have [been] told the situation. It's in their hands."
Salah is as influential as anyone in the Premier League. He deserves a huge salary - and Liverpool will regret letting a player of that calibre leave if they fail to match his demands.