Knight has called for chairman Phil Gartside to make funds available for manager Owen Coyle so he can make the changes which are desperately required.
He told the Bolton News: "The players have been fantastic but I do believe it's time for a revamp.
"We have to go into next season stronger and hopefully the chairman does stick to his word and bring players in because we have got a small squad.
"There were times when we couldn't even fill the bench.
"We need a bigger squad with better, more experienced players."