Phil Thompson has told Sky Sports that Liverpool should be looking to make experienced additions during the January transfer window.
He acknowledges that considerable investment was made last summer, but that was countered by the big-money sale of Luis Suarez to Barcelona.
He is also aware that a positive run of form could see the Anfield board pull the purse strings tight.
Brendan Rodgers has, however, been urged to do all he can to ensure that further funds are made available.
Liverpool have started to see recruits from the last window come good – with the likes of Lazar Markovic and Emre Can showing their true colours – but Thompson believes that an injection of older heads would help to carry the Reds towards the finishing post.
He told Sky Sports News HQ on Tuesday: “It always gets to a point doesn’t it when you’re on a good run, and hopefully it won’t happen, but owners sometimes go ‘What do you need any more players for, why do you need to spend any more money?’. Sometimes they say you might have to get somebody out.
“Net spend was less than £20m last year, although we spent £110m, £116m. I would think that they just need to change things up.
“Brendan has said himself that we need a bit more experience. There are a lot of young lads. Markovic is doing very well at the moment, Can is doing very well, and these are young boys. (Adam) Lallana was doing well, but has got another injury. I would think that we need a bit more experience. We still need another striker.”
Liverpool are unbeaten in their last eight games in all competitions, with six of those coming in the Premier League.
The Reds are now up to eighth in the top-flight standings and five points adrift of the Champions League places.
Rodgers also has his side in the Capital One Cup semi-finals, the FA Cup fourth round and the last 32 of the Europa League.
The fixtures are going to come thick and fast from this point and that would suggest that greater squad depth is required to help carry the load.