Neville Southall fears that Everton could pay for failing to strengthen their squad in January by losing manager David Moyes in the summer.
Moyes' contract expires at the end of the season, and he confirmed last week that he would wait until then before deciding whether to sign another one.
The manager, who will celebrate 11 years in charge at Goodison Park next month, has declared that he wants to judge his team's performance in the Premier League and FA Cup over the remainder of the season before he makes the final decision on his future.
Everton are sixth in the table, four points off a Champions League spot, and can earn an FA Cup quarter-final home tie against Wigan by beating League One side Oldham at Goodison Park in next Tuesday's fifth-round replay. But Southall, a league title winner with Everton in 1985 and 1987, is concerned that Moyes may be tempted to seek a new challenge at a club with a bigger budget.
The former Wales international goalkeeper told the Liverpool Daily Post: "Moyes is being sensible by waiting to make a decision. If Everton win the FA Cup and reach the Champions League, they will have matched Moyes' ambitions.
"But if they finish sixth or seventh and don't win the FA Cup, he is in a different position. Do Everton really want to be a top-four club? Moyes wants them to. But do the board? Can they match his ambition?
"I don't know. I appreciate their honesty in coming out and saying they have no money, but they can't keep on saying that forever. In all fairness, the board should have found some money in January and added three players.
"Look, we never really know what's going on behind the scenes but I'd have wanted to add at least three more players. It would have made a massive difference and they could really have gone for it in the second half of the season."
Moyes has been linked with the manager's jobs at Chelsea and Manchester City, but Southall thinks a lack of trophies could damage any chances of a move to another Premier League club.
The manager's 11 years at Goodison have brought one top-four finish and one FA Cup final appearance, but no silverware. Indeed, Everton have not won anything since Southall helped them to lift the FA Cup in 1995.
"Moyes has done brilliantly with what he has had to work with," Southall said. "But I believe for now Everton is the best place for him.
"Are any of the Premier League clubs above Everton going to take on someone as manager who hasn't won a trophy? I am not entirely sure. If Moyes does leave, he might have to go abroad."