The Sunderland manager has been hit with a few problems on the injury front as Craig Gordon and Fraizer Campbell, Michael Turner, Keiren Westwood, Titus Bramble, Phil Bardsley, Seb Larsson, Kieran Richardson and Jack Colback are all out.
O'Neill maintains he never spoke about a possible transfer war chest before he took the job but he will now be seeing if he has any cash to spend.
He told the Echo "I will speak to the owner in the next couple of days and we will have a look at it.
"I never took this job on the promise of the money we might have to spend in January.
"But the injuries are a concern to us, especially given the fact that, once February arrives, you have to deal with the squad you have from there on in."