Upon taking over at Liverpool, Hodgson vowed he wouldn't raid his old club Fulham. But that hasn't stopped Liverpool from being linked with Cottagers centre-back Brede Hangeland. The Norwegian is a defender of the highest class and has been sensational since Hodgson brought him to the Premier League from Copenhagen. Rumours suggest Liverpool are ready to table a bid of £7m to test Fulham's resolve.
Both Liverpool and Arsenal have been linked with Rangers defender Madjid Bougherra, with a fee or around £5m being mentioned. The Algerian international has been impressive north of the border but now the 27-year-old apparently wants a return to the Premier League where he had a spell with Charlton.
Mascherano is destined for the Anfield exit meaning a holding midfielder will be an essential purchase for Liverpool. And it appears they may replace one Argentinean for another. 29-year-old Esteban Cambiasso has been linked with a switch to Merseyside and the rumours are growing. Apparently Mascherano could link up with old boss Rafa Benitez at Inter, and Cambiasso could move in the opposite direction in a swap deal.
Another Fulham player linked with Liverpool is Clint Dempsey. The American had an impressive season, playing an essential part in the Cottagers' run to the Europa League final. His impressive displays at the World Cup have only increased his stock, with AC Milan apparently making overtures in his direction. A decent bid would be needed to tempt Fulham to sell.
Since the arrival of Adam Johnson, Shaun Wright-Phillips has fallen down the pecking order at Manchester City and he appears likely to leave (again). A few clubs are apparently interested, with Liverpool among them. It's also rumoured that he could be available at a cut-price £6m as City look to reduce their wage bill. That seems like a bargain, which would certainly appeal to Liverpool's owners.
During Hodgson's punditry work at the World Cup, he was apparently keeping an eye on Ivory Coast winger Gervinho. The Lille man looked an exciting prospect and had been attracting admirers prior to the tournament after a successful season in France in which he scored 13 goals. Lille value the 23-year-old at £10m, which is a bit steep - but if Liverpool can bring in some cash from selling players, Gervinho would be a useful addition.
Fernando Gago/Rafael van der Vart
Should Real Madrid meet Liverpool's £30m valuation of Steven Gerrard (or negotiate the price down a little), any deal could see either Fernando Gago or Rafael van der Vart move in the opposite direction according to reports. 24-year-old Gago is a huge prospect and any swap would mean little money changing hands. Van der Vart is less highly thought of at the Bernabeu, meaning he could arrive at Anfield along with some much needed cash.
In the strike department Liverpool are dreadfully short of options. Fernando Torres is their only key note striker, and with injuries plaguing the Spaniard recently, it appears Hodgson will need some new options. One of those options could be Asamoah Gyan, the Ghanaian forward who shone so brightly in South Africa (apart from that penalty miss). Rennes want £20m for the fast and powerful 24-year-old, a fee heavily inflated post South Africa, but one which might drop as World Cup fever passes.
Peter Crouch could be involved in a shock return to Liverpool. Hodgson unsuccessfully tried to sign the Tottenham striker during his time at Fulham, but with the lure of Anfield now behind him, he may finally get his man. Spurs have such a plethora of strikers that if the right bid came in they might be willing to sell. And the Liverpool fans would certainly welcome his return.
Raul Gonzalez looks set to finally move on from Real Madrid this summer after the arrival of Jose Mourinho. The striker has spent his entire career at the Bernabeu, but now at the age of 33, he is set to be forced to look elsewhere. Rumours have linked him with a move to Germany, but also Liverpool - who would appreciate that the Spaniard is available on a free transfer. Should a move transpire, Liverpool must hope he has more success than his fellow countryman Fernando Morientes.
Juventus striker David Trezeguet is entering the last year of his contract so could be available for as little as £8m. Apparently Roy Hodgson is viewing him as the perfect addition to a new look Liverpool strike force. At 32-years-of-age he'd still have something to offer having been one of the most prolific strikers in Europe over the past decade.
Liverpool are under new management, and Roy Hodgson is set for a busy summer with regards to the comings and goings at Anfield.
Javier Mascherano is destined to leave, while the futures of Fernando Torres and Steven Gerrard are far from certain. So new recruits will be essential, especially if Liverpool harbour any hope of returning to the top four.
Here, we take a look at the major transfer rumours circulating in the press and on the internet and consider who might be turning out at Anfield next season.
>> Click on the image to launch our guide.
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