Liverpool are ready to sell Andy Carroll to West Ham United and Charlie Adam to Stoke in a bid to finance one last push to sign Arsenal forward Theo Walcott.
West Ham have indicated they are still interested in a last-minute deal for Carroll, even though he has made it clear he does not want to leave Anfield.
The two clubs, though, have agreed a £20 million package should the England striker be convinced to change his mind.
That deal would see West Ham take Carroll on a season-long loan initially, paying his £80,000-a-week wages in full, and then sign him permanently for £17 million if they avoid relegation.
The 23-year-old has been told by manager Brendan Rodgers that he will only be a squad player if he stays at Anfield.
Rodgers has given the same message to midfielder Adam, with Stoke understood to have made a bid of around £4 million on Wednesday.
Liverpool's tight financial constraints mean that Rodgers has to sell before he can buy.
"I don't think we are in a position to have £35 million players as third choice strikers," Rodgers said in reference to Carroll's situation.
"It doesn't take a rocket scientist to see that Andy has been a cover player for us in the opening two games."
Walcott had looked likely to leave Arsenal after rejecting a new contract with only a year to run on his current deal but the forward has since held private discussions with manager Arsene Wenger over his future.
The England international is now in a position to remain at Emirates Stadium, but Liverpool, who have asked to be kept informed of Walcott's potential availability, are still considering a late bid.
Asked if the club could afford to buy without selling first, Rodgers said: "No. Not at this stage. Obviously, I have seen a lot of the links and it is great that those players would want to come here.
"But the reality is that we are not in a position to do those sorts of deals."