The Liverpool boss will target two big signings - a forward and a midfielder - with the £6m-rated Olympiacos striker Konstantinos Mitroglou top of his shopping list.
The Greek star has impressed in the Champions League this season, scoring three goals in four games with Olympiacos now well placed to qualify for the knock-out round.
Last January, Liverpool's owners, Fenway Sports Group, sanctioned more than £20m in spending as Rodgers brought in Daniel Sturridge from Chelsea and Philippe Coutinho from Inter Milan.
The report claims the club has a significantly reduced budget for the upcoming window, although Rodgers is set to urge the board to loosen the pursestrings once again.
He's reiterated his desire to strengthen the squad, and in the wake of the 2-0 defeat to table-toppers Arsenal, believes it's crucial Liverpool bring in reinforcements as they push towards securing Champions League football for next season.
"The Arsenal game was another indication that we need to keep improving our team in order to be able to compete," Rodgers said in the Daily Mirror.
"The focus is on bringing in players that can come straight in and improve our team. We did that last year and benefited from that.
"Last year we made two great signings that came in and gave us that injection of quality that we needed. We will look to do that this January if we can.
"We got Daniel Sturridge - who has been brilliant - for the same money as Wilfried Bony went to Swansea."
Earlier this week, Liveprool managing director Ian Ayre seemed to suggest there would not be the same funds available for the winter window this term.
Mitroglou could be an interesting cut-price target then, with the Greece international reportedly available for around £6m despite his impressive displays in Europe.