The Baggies are fifth in the Premier League despite losing their last two matches, but Clarke is likely to be without striker Peter Odemwingie and midfielder Youssouf Mulumbu when the Africa Cup of Nations takes place in the new year.
Clarke has already spoken with the club's sporting and technical director Dan Ashworth about possible replacements.
He said: "There's a possibility we lose a couple of players to the Africa Cup of Nations, we could lose players to injury, but when we get closer to the end of the month we'll start to make decisions.
"I haven't really discussed with the chairman (Jeremy Peace) about the way forward in January. That's why we have a technical director. He's the buffer. We have spoken about what we might need to do in January.
"If the chairman, Dan and I decide we need to strengthen the squad, then we can do that. Is there money there? Yes I think it is."
Clarke insists his faith in his squad is unaffected despite a much-changed line-up being beaten 1-0 at home by Stoke on Saturday.
He left out the likes of Odemwingie, Romelu Lukaku, James Morrison and Chris Brunt to freshen up the side for their third game in eight days.
Clarke said: "I can't keep saying I've got a good squad then pick the same players every week.
"Then I become a liar. I can't tell the players I trust them all the same and then not do that."