I do think Liverpool would spend £20m on Jovetic if he became available, BUT, the financial picture for Liverpool isn't as clear cut as that.
For one, Liverpool made some pretty big losses last year, about £50m and that's after removing the one-off costs like the money wasted on stadium designs and Hodgson's pay off. So even when you adjust for the £20m wage savings and the extra £10m or so in kit sponsorship (the Adidas deal was about £12-£15m I think) that covers the existing losses which Liverpool were already on course to make - and get's Liverpool to break even.
You then need to consider the host of new contracts which have been signed in the last few months, most of those players will have been given a pay rise and also the stadium redevelopment costs which the club will be wary of.
As I say, I think Liverpool would pay the money if they could get a really good player for £20m+ and the additional TV money coming in soon will help also....but Liverpool's finances were out of control, the savings made will have largely just offset them, not necessarily added to the spending power.