"We have received no new bids for Damien Duff but we are expecting another summer of transfer speculation," he said.
"Graeme Souness and the board are naturally keen to take the club forward and it is very likely there will be transfer activity as the club looks to trade in what is a difficult financial football environment."
"Graeme has already identified players he believes would improve our squad and there are those within the existing squad who he would be prepared to see leave should the circumstances be right."
This leaves the way open for Liverpool and Manchester United to prepare bids for the Irish winger, with Gerard Houllier under pressure to provide much-needed width to the side.