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In the summer just gone, Liverpool splashed out around $500M to bring in the likes of Florian Wirtz, Alexander Isak and Hugo Ekitike.
And Hodgson was also hoping to sign Bobby Zamora, who later joined QPR and then Brighton.
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Bobby Zamora of England reacts after a missed chance on goal during the International Friendly match between England and Hungary at Wembley Stadium.
That season, Zamora scored 19 times in all competitions.
Zamora added: "When I played for England, my first game against Hungary, I get in the lift with my best pal and Stevie G, and Stevie G goes, 'Mate, f***ing brilliant today, well done
Would you come to Liverpool?'.
"I was like, 'Yeah, yeah, yeah' … so he said, 'I'll speak to Roy'
Mark Hughes was like, 'You're going to be my key man, I need you, we'll give you new a deal.' I don't know why, but I said, 'Yeah OK'.
"But yeah, I probably should have gone to Liverpool