The Mirror says Tom Hicks and George Gillett yesterday claimed that they will scale down plans for a new stadium, partly because they want to support the Spaniard.
Chief executive Rick Parry said: "It is nonsense to say that there will be an embargo on transfers for the manager - the owners are committed to supporting him as much as possible.
"The objective on day one in building the new stadium was to generate more cash to fund the team and we must never get away from that objective.
"We will still produce a stadium for the fans to be proud of, and the owners will be able to support the manager in the way that he wants."
The Merseyside club have scrapped designs for a revolutionary £450m stadium because they were simply too expensive.
Texan architects HKS will adapt their plan to reduce capacity from 75,000, and cut costs significantly.
Liverpool will also invite Manchester firm AFL to draw up another blueprint for the stadium to replace Anfield, after they initially submitted a design in 2001, which Hicks dismissed as "20 years out of date".