While I would like a new young-ish goalkeeper who we could train to give Hugo some tactically similiar cover/competition (a goalie who rushes off his line, is quick with the ball at his feet, etcetera), I'd much prefer it be an English goalie like Karl Darlow or Alex McCarthy. If rumors about Dawson leaving are in fact true, we're going to have a problem soon with our home-grown quota, and one of the easiest ways to address that is via a back-up/young goalie. Bring in a talented young English keeper and let him be Hugo's understudy for the coming year/ the next two years (which is the maximum amount of time I can see Hugo spending here, in all honesty), with a graduation to a first-team place at the end of that period if he impresses. Should make for a smoother transition to first-team duties than some of our goalkeepers' introductions (Gomes', Hugo's own) over the years.
Also, I doubt Davies will go for anything under 10 million quid, myself, which makes the prospect of a swap deal for Gylfi plus 4 or 5 million quid palatable should Siggy himself be amenable to such a move.