O'Neill has a number of other irons in the fire as he looks to end the month with a bigger - and better - squad than the one he had at the turn of the year.
"I think it is imperative that we bring more players in," said O'Neill.
"This is an important period for us.
"What you want to be able to do, by the end of January, is to be in a position where you are can cover many avenues - if not all - with the squad that you have for the final three or four months of the season.
"We want to add some more quality to the squad and there might be one or two who leave the football club, so we need to bring in a couple more.
"We're hoping that this will be the case but, until everything has been cleared, I can't really talk about any names."