Joe Cole and Milan Jovanovic, the vastly experienced Englishman's two major signings since taking over from Rafael Benitez, were both free transfers and as John W Henry completed a protracted 300 million pounds purchase of the club on Friday, Hodgson hinted at major changes ahead.
"We have a limited squad of players," Hodgson told reporters on Friday. "I don't think we're as strong in depth as many of our rivals, I'd like us to be stronger.
"I think that the 11 players that we can put out from the start don't give me enormous alternatives at the moment, especially up front and that's where the most alternatives would be. We are also short of back players at the club.
"In midfield we have quite a lot of players, many of whom play in the same position, so for me to really be happy with the squad I would want to balance it out a bit differently to how it's balanced at the moment but I'm not going to do that in two and a half months."
Sunday's Merseyside derby against Everton will swing the spotlight back to the pitch from courtrooms either side of the Atlantic and with off-field distractions now settled, Hodgson will hope his players follow Jamie Carragher's example.
The Liverpool-born defender committed the rest of his career to the club by signing a new contract during this week's turmoil and Hodgson said he was one shining light during a season in which Liverpool have collected six points in seven games in the Premier League.
"In all the bad news you have to remember there are Jamie Carraghers around," Hodgson said.
"He is part of the heart and soul of this club and a man who literally would do anything to achieve success with the club.
"He has been one of the few players who in these seven matches could hold his hand up and say "I can't do any better, I'm playing at the top of my form. You could never put a lack of result down to my performance.'"
