Liverpool may be on the verge of making some changes as the Wednesday night transfer deadline looms.

Uruguay centre back Sebastian Coates, who is coming off a successful Copa America tournament with fellow countryman Luis Suarez, is expected to join Liverpool in the next 24 hours. The 21-year-old had 54 appearances with Nacional, and has a £10 million price tag.

Coates might be the lone Liverpool addition before the deadline, while some notable players may be leaving Anfield.

Chelsea are interested in midfielder Raul Meireles, but if the Reds make a deal with a Premier League club they would want more than his £11 million valuation, according to The Telegraph.

Liverpool and Arsenal are also involved in talks to land Chelsea's Yossi Benayoun. The 31-year-old midfielder was included in a package for Meireles and £8 million, but Liverpool turned it down.

According to ESPN, Joe Cole could be loaned to Lille, as the 29-year-old is eager to play in Champions League. Manager Kenny Dalglish has a crowded midfield, and Cole is not expected to receive much playing time.

Bolton boss Owen Coyle continues to pursue young striker David N'Gog with a £4 million bid, based on a Monday report in Daily Mirror. The French forward will almost certainly leave Anfield, as Bolton are also interested in N'Gog.

Liverpool have done a solid job on the transfer market in the past year. In January, the club added Suarez and Andy Carroll, who have lived up to, or surpassed, expectations. This summer, the Reds brought in Stewart Downing, Jose Enrique, Charlie Adam, and Jordan Henderson.

The next 24 hours might be very interesting for Dalglish as Liverpool could be positioning to have more money to spend in January.