Let's say our playing staff current wage bill is around 45M (after Friedel, A.Young, Salifou etc.) and then you have the manager, management, coaches and so on (probably another 10M). I'd say our max tolerable wage bill according to UEFA rules is around 60M, so we have around 5M to spend on wages and we have key positions like goalkeeper and central midfielder open. It would be nice to get rid of non contributing high earners like Heskey, Ireland and Beye (around 8M in wages), but you will notice that no-one is intrested.
Hutton is a great player, but he would demand a big wage and that is one position we really are covered at the moment. Also I'd like to think that we should have policy to mainly sign young players and only older players when they are extremely good (I know Hutton is not so old at 26, although he looks like 35).
So my main targets for this transfer period would be: Dann (24years, 10M + 45k/week), Nathaniel Clyne (20years, 4M + 25k/week), NZogbia (25 years, 9M + 60k/week) and goalkeeper (maybe Given on a 2 year deal with 3,5M + 55k/week). Dann only if we can sell Dunne, Clyne only if we can sell Warnock, NZogbia as replacement to A.Young.
I expect great things from players like Clark, Barker, Albrighton, Delph and Hogg. Lichaj, Gardner, Bannan, Delfouneso, Herd and Weimann are decent squad players.