Roy Hodgson today revealed plans to improve his squad in the January transfer window - and insisted Liverpool can attract top stars.

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The boss is hopeful of having money to spend following discussions with new owners NESV, but he is determined the Reds won't be held to ransom in the transfer market.

He explained: "If we want the right quality, we have got to be prepared to pay the right price.

"The owners know that perfectly well. We have got to make certain that if we go out and spend £20m, we are getting a £20m player.

"We want to be attracting the players that Barcelona, Real Madrid and Inter are chasing. It would be nice to think that we can shop at a high level.

"I'm like all managers in that I'm wary of the January transfer window. I think it can be dangerous as clubs try to correct mistakes.

"But, having said that, we are going to very interested in trying to improve our squad in January. There is no question about that. I am sure we will sign players."

Despite outlining his intent to dip into the market in two months' time, Hodgson's immediate concern is to guide those currently in his ranks up the Barclays Premier League table.

That way, he believes, there will be less pressure on any dealings carried out in the New Year.

To watch Roy on his transfer plans click on the play button below

"What I would hope to do is get this group of players playing well enough so we don't need to panic," said Hodgson.

"Then I can say to the owners, 'If we are going to spend a lot of money, let's get the right man.'

"I don't want to spend half the money that might be available on someone for the sake of buying when the player we actually want might not be available until the summer.

"The lucky thing is that we are rebuilding around several top-class players. We have got Reina, Carragher, Gerrard, Torres, Kuyt - it's not as if we are rebuilding from nothing."

The ownership of the club was resolved earlier this month when NESV completed their takeover.

Since then principal owner John Henry and chairman Thomas Werner have outlined their commitment to winning - but Hodgson knows being clever in his transfer dealings is just as important to that end as splashing the cash.

"I think you can pay an awful lot of money for poor players and you can pay not very much money for very good ones - it is all to do with how good your scouting and your eye is," he said.

"There are a lot of things here that the club has got to get right. We have got a lot more expensive failures on our list than good players that we have brought in for next to nothing.

"Free transfers don't necessarily mean that you have got a bargain. My experience of them has been very mixed. You need to be sure that the player you get can do the job you want from him."

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