The Premier League champions splashed out £450m on transfers in the summer on the likes of Alexander Isak, Hugo Ekitike and Florian Wirtz.
However, despite splashing the cash, Liverpool’s defence is weak as summer signing Milos Kerkez has failed to live up to expectations whilst Giovanni Leoni has torn his ACL.
Speaking to talkSPORT, Pennant revealed how disappointed he is to see the Reds sit back and not splash the cash on their defence, who have leaked 28 goals in the Premier League this season.
“We spent quite a lot in the summer, but some sort of cover, maybe someone who can even just sit on the bench.
“We are injury prone at the moment and down to bare bones and loads of games coming. We are still in loads of competitions and have got to try and maintain to keep in the top 4 for Champions League football.
“It's a little bit disappointing and as the hierarchy, the sporting director and the board should be looking at this thing if we don't get anyone in we are taking a gamble.
“If we get one more injury, that could really destroy our season in every way, shape and form. It's disappointing to hear that we are not looking at getting anyone. I don't know how they can sit there and go ‘yeah everything is fine, it's alright’.”
Liverpool are also set to miss out on Crystal Palace star Marc Guehi who will join Manchester City over the next week.
The Champions had agreed a deal believed to be worth an initial £35M for Guehi on deadline day in September, only for Palace to pull the plug at the last minute.
They are set to miss out once more as they refuse to bid for the defender, who will leave for just £20M.