John Aldridge has urged Liverpool's owners to splash £20million on signing both Theo Walcott and Demba Ba during the January transfer window.
The former striker feels the club's transfer policy has not been particularly successful in recent years with millions spent on the likes of Jordan Henderson, Stewart Downing and Andy Carroll.
Brendan Rodgers looks set to close a deal for Chelsea forward Daniel Sturridge in January, but Aldridge wants to see more attacking options added to the squad and says Walcott and Ba would be ideal cut-price signings due to their contract situations at Arsenal and Newcastle respectively.
He told Goals on Sunday: "With all due respect we've paid a lot of money for people that haven't fitted the bill, £20million here and there.
"I'm only speaking hypothetically, but Demba Ba - what a couple of seasons he's had! He's mobile, he's a presence up front and he's strong.
"And Walcott as well... you'd probably get them two now for £20million. It's only hypothetical, but I think they are the type of players that they are looking at.
"Whether they'll come or not is a different matter. If Sturridge comes that's fine, but we can't just stop there. We need more potential players up front who can get you a goal."
Walcott's Arsenal contract expires at the end of the season and Aldridge says he would be the perfect fit to play in Rodgers' 4-3-3 system, alongside Luis Suarez.
And while he's not convinced the England striker, who scored his second hat-trick of the season against Newcastle on Saturday, would move to Anfield, he says Liverpool should be looking for forwards of the highest quality.
"To take us on to the next stage we should be looking to match the quality of Suarez alongside him," Aldridge added.
"One of the problems Brendan had when he came in was he changed the system from 4-4-2 to 4-3-3 and in a 4-3-3 system the three up front have to be strikers / semi-strikers like Walcott or Sturridge.
"We got rid of Craig Bellamy, Maxi and Dirk Kuyt who fit that bill. They will get you goals from the wide areas. You're always going to get goals from your striker, but you need your left and right-hand front men to chip in.
"But the players we've been left with, with all due respect to them, are wide men in a 4-4-2. Raheem Sterling and Downing are not strikers.
"So what he has to find now are the people that can play up alongside Luis Suarez. Sturridge could fit the bill and Walcott would be ideal, from my point of view, to play in that system.
"But I don't think Arsene Wenger can afford to let him go. Whatever his demands are at the moment, he has to match them.
"He's scored two hat-tricks playing down the middle. He's a fantastic player and against Newcastle he showed the potential in his play."