Roy Hodgson will be given ample opportunity to improve his squad in the coming transfer windows, and the embattled manager will likely seek to bolster the club with some big-name talent.

Liverpool's January transfer budget will be £30 million, and another £30 million will be available for spending in the summer.

According to The Daily Star, Hodgson is looking to sign up to five players in the January window, potentially including top-tier players Ashley Young and Diego Forlan.

Young's price tag would be approximately £14 million, but Hodgson has hinted at his desire for home-grown talent, and this would still leave a fair portion of the budget for additional transfers. Harry Redknapp showed interest in the winger prior to the season, and Young has shown strong form since the campaign began. Villa, though, will likely work hard to keep Young, particularly in light of James Milner's exit earlier this year.

World Cup star Diego Forlan has revealed that he would like to return to the Premier League after six years in Spain, and he would surely have many suitors for such a transfer. Everton and Spurs have expressed interest, but such can now be said of Hodsgon as well. The 31-year old has three goals in eight appearances thus far this season.

Strikers Fernando Llorrente and Stefan Kiessling have also been the subject of Liverpool transfer rumors.

"We are trying to scout players of the highest level in the hope we can afford them," said Hodgson.

The Liverpool manager also remarked that next season, he wants to "have a new squad who [he] believe[s] can give it a good go."