Brendan Rodgers says it may take up to three transfer windows until he has his ideal squad and believes he still has too many players despite three departures this week.
Experienced defender Leigh Bromby, young striker Liam Henderson and French centre-half Cedric Avinel have all been moved on this week, but Rodgers says he remains some way from his ideal squad number of 20 outfield players and three goalkeepers.
But one player who looks unlikely to move in the immediate future is midfielder John-Joe O'Toole.
The Republic of Ireland Under-21 international has been linked with a move to Wolves or Fulham but both clubs have distanced themselves from the speculation this week.
Wolves made a bid for the youngster earlier this season but Watford rejected the approach as it did not match their valuation of the Academy graduate, which is believed to be at least £1m.
And sources inside Wolves this week said the club won't be returning for the midfielder unless the asking price is dropped.
Fulham manager Roy Hodgson has also stated on a couple of occasions that he wants to implement a 'nobody in and nobody out' policy, although if Jimmy Bullard's proposed £5m move to Bolton Wanderers goes through that may change.
Rodgers has stated that anyone who leaves will be for footballing and not financial reasons, although he does admit that the club has too many players on expensive salaries.
The 35-year-old said: "What we have got is too many players here at the moment and there are obviously a lot of players on big wages for this league, so, I as the manager, have to look at that and trim the squad.
"It is not the players' fault, they have signed contracts which were given to them but we have to cut the cloth accordingly.
"It is a difficult task as we have a lot of players and some of them unfortunately have no contribution to make for me. I need to be looking at the squad to make sure we are secure."
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