To challenge for the title? We need a big clear out first. Parker, Huddlestone, Livermore, Ekotto, Naughton, Defoe, Adebayor, Gallas, Bentley, Friedel and Dempsey need to be sold or let go imo (not good enough). That frees up space on the wage bill and brings in funds to buy proper quality players. That would be about £40-50 million generated from player sales. Before anyone says we aren't going to sell and buy this many players, last summer we sold or let go of 15 players, totaling £66.5 million plus whatever we sold Jenas for in sales, and we bought 8 players, totaling £60 million. So these sort of figures have precedent.
We need a net spend this summer, which should be easily possible due to the additional £30 million in TV money we should have, increased gate revenues from Europe league fixtures, and a lower wage bill compared to last season.
So I'll give us a budget of 20-30 million net, so 70 million to spend.
Villa - 10 million
Leandro - 15 million
Bernard - 15 million
Belhanda - 8 million
Coentrao or Alex Sandro - 15 million (basically money for a top quality left back).
Sergi Roberto - 7 million
Emre Can - loan
Then we would be title challengers I think.
Defense - Walker, Smith, Kaboul, Vertonghen, Dawson, Caulker, Coentrao, Rose
Midfield - Sandro, Holtby, Carroll, Dembele, Belhanda, Roberto, Can, Sigurdsson
Wide Forward - Bale, Lennon, Townsend, Villa, Bernard
Strikers - Villa, Leandro
Might even need to get another striker as a cheap option or loan though, or keep Adebayor.