Liverpool boss Rafa Benitez says he will be among the managers looking to make new signings when the transfer window reopens on New Year's Day.
Benitez wants to add to his squad in January
Manchester United have already signed Angolan striker Manucho and Tottenham have brought in Chris Gunter in deals which can now be formally completed.
Struggling Derby say they are looking to sign "four or five" new players to help their fight against relegation.
But Spurs chairman Daniel Levy has ruled out making any major signings.
Benitez had a high-profile falling out with Liverpool co-owners Tom Hicks and George Gillett over his plans for the transfer window earlier this season.
But relations appear to have smoothed sufficiently for Benitez to be entrusted with further transfer funds.
"We have some players, have some targets and we will try to sign the players we need," he said.
"Maybe we will bring in one, maybe two, if everyone is fit you never know. We are working hard and are very close."
The impact of African Cup of Nations call-ups later this month is likely to force many managers into action, with Portsmouth potentially down to just 14 senior players.
Pompey will be without the likes of Kanu, Lauren, Papa Bouba Diop, Benjani Mwaruwari and Sulley Muntari.
Sunderland boss Roy Keane has been linked with numerous players, including Blackburn's Robbie Savage, but would not be drawn on any specific targets.
"There have been plenty of players linked with us. I would say in the last month maybe something like 20 or 25," said Keane.
"I don't think we will be signing 25 players, let me tell you. It would be wrong for me to comment on a player under contract at another football club."