Liverpool got the ball rolling on their January transfers nice and early with the capture of £12 million Daniel Sturridge from Chelsea, but manager Brendan Rodgers knows he will have more than a little work to do on the outgoing side of things this month as well.
The Reds have up to eight players who might be leaving the club one way or another this month as the boss continues to reshape the squad to his liking, freeing up wages and bringing in some additional cash where possible.
The latter is not hugely likely during January as most exits from Anfield will be free transfers or loans, but there is still some significant business to be done in the next two transfer windows and Liverpool's manager can certainly get a good head-start on outgoing matters this month.
Joe Cole: Most Expensive "Free Transfer" Ever?
A career move to take Joe Cole full circle is calling as the attacking midfielder is due for a medical with his first club, West Ham United, on Thursday.
The permanent transfer of Cole to the Hammers should be completed within 24 hours as the London side want him registered in time for their FA Cup third-round match against Manchester United, meaning his disappointing Liverpool spell should come to an end by Friday afternoon at the latest.
Having arrived as a free transfer in the summer of 2010, Cole is estimated to have cost Liverpool around £13,000,000 in wages so far and will receive a payoff of around £3 million more to cancel his contract and allow him to join West Ham on another free deal.
All this bought the Reds 42 appearances, five goals and plenty of time spent on the treatment table.
Nuri Sahin: Loan Deal to End?
Having joined the Reds on loan from Real Madrid in the summer for the entire season, much was hoped for from Nuri Sahin.
It hasn't quite worked out, though, with the midfielder asked to play a more advanced role than he is used to and, after a good start, he has suffered a drop in form and fitness and has lost his place in the first team entirely.
Sahin has played 12 times for the Reds, scoring three goals, but his last league start came back in November against Chelsea, and the Independent are one of several media outlets reporting that Sahin may be allowed to cut short his loan and return to Real Madrid.
The Turkish midfielder could be headed straight back out of the Bernabeu, though:
While Liverpool are hopeful Real Madrid may take him back early, they could be helped out by Inter Milan or Borussia Dortmund who are both interested in bringing the player in during the current transfer window.
Sahin was on the bench for Liverpool's win over Sunderland on Wednesday and, if he is still at the club, should expect to figure in the forthcoming FA Cup third-round match.
Defensive Duo Could be Loaned Out
With Daniel Agger and Martin Skrtel the established partnership at the back for Liverpool, and Jamie Carragher third in line despite his advancing years, Sebastian Coates has struggled to get any game time at all this season.
The Uruguayan has made only three appearances in the league despite impressing when given the chance to play, totalling only 139 Premier League minutes this term.
There is some speculation that he might be loaned out for the remainder of the season with Italian sides including Juventus monitoring his availability.
Fellow young centre-back Danny Wilson has already spent two months out on loan at Bristol City, but has utterly failed to work his way into the first-team scene at Anfield. In fact, he only played a single minute in the Championship.
Wilson may head out on loan again during the current window, but has much to do if he is to salvage his career in the top flight—Wilson's contract is up for renewal at the end of the season.
Four More to Head out the Door
Given that the Liverpool squad is relatively thin, there will be few first-team players who are allowed to leave unless a significant cash offer is made for them, but the Reds still retain a few fringe players who could head out on loan.
Spanish forward Dani Pacheco was supposed to do just that in the summer before his move fell through and he has been unable to force his way into the team under Rodgers. Pacheco is talented, but has lacked consistency and strength at the top level so far.
Likewise, young right-back Jon Flanagan has made just a single appearance for Liverpool this term and is another who needs to head out on loan to get some first-team football experience.
Having initially impressed when thrown in by Kenny Dalglish due to injuries to senior players, Flanagan finds himself now fourth-choice right-back at best with Glen Johnson, Martin Kelly and Andre Wisdom all ahead of him.
Flanagan would be a solid option for a few Premier League teams to pick up this month, but even a regular run at Championship level would benefit him at this stage.
There are two final players to mention—one is Alexander Doni who has been away on leave this season, with the goalkeeper not featuring in any first team match-day squad this term.
He may be granted a move back to Italy or Brazil, though there has been no concrete news from the club on his situation and any transfer out of the club might wait until the summer.
Finally, winger Oussama Assaidi is due to leave on international duty for the upcoming African Cup of Nations, where he will be representing Morocco. Assaidi has not managed to win a regular league spot for himself and may struggle to do so even more after missing up to a month of the season.
Statistical data from TransferMarkt.co.uk and WhoScored.com