The lone piece of Liverpool's transfer business that didn't get completed before the September 1 cutoff was a deal to bring in a more capable backup in goal. Brad Jones is an awfully nice man with superb hair, but there's long been a desire to have a backup goalkeeper who can push the number one rather than serve as a fill-in for the domestic cups. Jones has handled that role capably and filled in as needed for the first team, but beyond that it's clear that he's not the top-level type of talent the club are looking for.
Enter Victor Valdes, who had long been connected to a Monaco move after the expiration of his contract at Barcelona this summer. A torn ACL in late March ruled him out of any further action last season and forced him to spend the summer rehabbing, which in turn led to the cancelling of the deal with Monaco. That left him available (though injured) for the rest of the summer, and over the last few weeks there was mounting speculation that Liverpool were suddenly in for him.
That's held true, with Guillem Balague all but announcing the deal himself last week, and the Liverpool Echo are reporting that the club will be looking to bring him aboard after his concludes his rehab over the next two months. It will be interesting to see the reaction to the signing if and when it does go through. Simon Mignolet should remain as number one indefinitely, but a goalkeeper of Valdes' stature will surely heap even more pressure on the Belgian to produce on a consistent basis. Mignolet doesn't have much room for error in the eyes of many; while he's been mostly solid to start the season, there doesn't appear to be much in the way of patience afforded his way, and there would be even less if Valdes arrives.
Having two excellent players in such a crucial position is a nice problem to have, though, and hopefully Valdes makes a return to full fitness and Liverpool manage to complete the deal.