Rodgers admitted that he would not have let Andy Carroll leave to West Ham United had he known no replacement would arrive. Liverpool were chasing long term target Clint Dempsey from Fulham but failed to meet the Cottagers asking price on deadline day.
"Any player that I believe can improve the squad, I will look at. We have got a very small group here," Rodgers said.
"There were 19 players training on Saturday morning, with some very young players among them. I have to look at ways to change the group. We need a reinforcement, that's obvious."
Although Rodgers signed several young attackers during the summer transfer window, he can only rely on striker Luis Suarez. Liverpool have managed to clinch only 1 point in three games at the start of the new season and are lying on 18th position in the table, marking their worst start in over 50 years.
However, former Anfield hero Owen, who scored 158 goals in 297 appearances between 1997 and 2004, is set for a dramatic return to his boyhood club eight years after leaving to Real Madrid.
But the Anfield faithful were left furious after Owen joined rivals Manchester United in 2009.
Meanwhile, Stoke City are gearing up to sign Owen with an offer of pay-as-you-play due to the strikers poor fitness levels in recent times. Sunderland had also shown interest to sign the 32-year-old.
Liverpool were favourites to finalise a deadline day deal for Chelsea striker Daniel Sturridge and Dempsey. But the Reds American owners were reluctant to reach Fulham's asking price for the 29-year-old striker.
Liverpool are also linked with a move for former Chelsea striker Didier Drogba who seems to be unhappy with his current club in China.