The Reds have been relatively quite compared to their rivals, with the focus having been on outgoings rather than new arrivals.
Philippe Coutinho's move to Barcelona, the fee for which could rise to £142m, has stolen the headlines while Daniel Sturridge has moved to West Bromwich Albion on loan for the rest of the season. Youngsters Cameron Brannagan and Lloyd Jones have also departed.
Virgil van Dijk is at the time of writing the only first-team addition made by Liverpool this month, arriving from Southampton for a world record £75m; making the Dutchman the most expensive defender in the world.
Naby Keita will arrive from RB Leipzig in the summer after a deal was agreed last summer but Lescott – who made over a century of appearances for Liverpool's arch rivals Everton during a career which is at a crossroads having been released by Sunderland last summer – would not be surprised to see another midfielder signed.
"Possibly, and not necessarily just defenders," Lescott told Sky Sports, according to The Express. "I think Emre Can has been well-documented to leave, there has been speculation around him. Maybe a midfielder, they have injuries in that area as well. So maybe that area they will want to strengthen."
Emre Can's future at Liverpool is uncertain with the Germany international entering final six months of his contract at Anfield. Juventus have been heavily linked with a move but a deal looks unlikely to materialise before the end of the January window.
The fitness of Jordan Henderson could also have provoked manager Jurgen Klopp into signing back-up in midfield with the England international making his first Premier League appearance for over a month after a hamstring injury in the win at Huddersfield Town on Tuesday [30 January].
Asked about the possibility of any deals in the final day of trading this month, Klopp appeared to rule out further activity and will even block a loan deal for Danny Ings, despite the 25-year-old having only played five times this season.
"It would be funny if somebody calls about Ingsy – I would love to respond: no chance!" he said, according to FourFourTwo. "We will see what happens but there is no chance that Ingsy is on the market tomorrow... only if I'm unconscious. Maybe something happens. It's clear who is a little bit [available]. It's possible but I don't know in the moment."