A potential line of thought should be to try and purchase players for relegated teams (although, the counter argument could be that they aren't good enough, hence they have been relegated), so Pompy, Hull, Burnley.
It doesn't leave us with much to play with i admit, but you have players like
Fletcher (scored 10+ goals with service far from the quality of Young, Downing and Milner. Knows where the goal is, can score, has had a good season in a far from quality side)
KP Boateng (Attacking, pacey, loves to play football, young and could learn a lot under Milner. Use as an impact player for cup games and later on in PL games)
Hunt (Prob not CL material, so questionable wether he is worth the punt, but as a back up, could be very good. Definitely leaving Hull as well)
Then you have players that have been quality in the premiership and are either looking to move to bigger clubs or the clubs need to get rid to raise funds
N'Zogbia (Ahead of Downing IMHO. Much more comfortable of the right, allowing Young to play on the left. Quality left foot, wants to play)
Noble (Understudy to Parker, young, great vision, not the finished article, but a great future ahead)
However, it is all good and well buying new players to 'strengthen' the 'squad' in order to compete, but for me, rotation needs to happen. Spurs this season, and in someways, Man City, have had the mentality that if you have a poor couple of games, your on the bench, some takes your place, you have to win it back. That needs to happen here, a bit of competition is healthy, and players like Gabby and Young need the odd kick up the arse to show them that they haven't made it yet!
If MoN continues with the 4-4-2 i'd go with
Friedel
Young Cuellar Dunne Warnock
N'Zogbia Milner Petrov Young
Gabby Fletcher
Guzan
Clyne Davies Collins ??
Albrighton KPB NRC Downing
Delf Carew
Still leaves players like Noble, Delph, Clark, Heskey, Sidwell all competing for their places but ones that are very capable of playing in the 1st team when needed