Fernando Torres will join Milan permanently on January 5 ahead of his expected return to Atletico Madrid.
Liverpool boss Brendan Rodgers has insisted Mario Balotelli will not be going out on loan in the January transfer window.
Liverpool manager Kenny Dalglish insists if AC Milan do not want on-loan midfielder Alberto Aquilani then he is happy for the Italian to return to Anfield.
Speculation about the 27-year-old's future has become a talking point in recent weeks as his hopes of a permanent move to the San Siro have receded.
The loan agreement with the Italian club stated if Aquilani made 25 appearances then it would trigger his automatic purchase for £6million.
He is currently three short of that total with only five matches remaining and Aquilani has been substitute for the last four matches, not even getting off the bench in Wednesday's win over Genoa.
"If they don't activate the clause he will be back here," Dalglish said.
"At the end of the day if they don't want him then he'll come back here as he's our player."
Despite the fact Liverpool will make a huge loss on a player signed for £16million in 2009 there is a need to trim the wage bill.
For that reason the future of another high-profile loan signing, Joe Cole, is also one which needs resolving.
The England midfielder has had a successful season on loan at French club Lille, where the Reds are subsidising his wages, but his weekly six-figure salary may prove prohibitive to a permanent move.
Of more immediate concern to Dalglish, however, are the players in the current squad.
Captain Steven Gerrard returned to training this week having been rested as a precaution for last weekend's defeat at home to West Brom.
However, fellow midfielder Charlie Adam will play no further part in the remainder of the campaign as the result of a knee injury sustained in last month's defeat at QPR.
"There is no operation needed but he won't play this season," said Dalglish, who also warned Great Britain coach Stuart Pearce the midfielder was unlikely to be available for consideration in any London Olympics plans.
"And I would think if they had any designs on having him in the Olympics he wouldn't be fit for that either."
Off the field the club have announced they are to allow unprecedented behind-the-scenes dressing-room access to American broadcaster FOX Soccer for a six-part documentary.
Cameras will start filming next month to capture preparations for, and the playing of, the FA Cup final before the TV crews move on to cover Liverpool's pre-season tour of the United States and Canada and the start of the 2012/13 campaign.
"I expect it will be compelling programming as Liverpool will provide unprecedented access," chairman Tom Werner said.
"This will be an amazing opportunity for our fans to see a new side of the club and for us to reach out to many more potential supporters around the world who will come to understand what makes Liverpool FC so special."