Only ins and outs I can see happening:
In: Song (loan) or Schneiderlin (£16m-20m) & Welbeck (loan or £10m-15m).
Would be happy to have Song as the fall back if we dont get Schneiderlin. He'd form a very very strong CM partnership with Capoue or Dembele. Wouldn't want to spend over £10m on Welbeck would happily take him on loan as he has a lot to prove and if he doesn't we wouldn't be stuck with him.
Out: Chirches, Assou Ekotto, 1 of Holtby or Paulinho, 1 of Lennon, Townsend or Soldado
With the signing of Fazio, the decent early showings from Kaboul and highly rated youngsters Veljkovic and Fryers on the books we still have too many CBs. BAE is 3rd choice LB and hasn't be sighted all pre-season. If we are to upgrade in central midfield as mentioned one of the German Scott Parker or the Brazilian Jenas has to go, no real preference which one just whichever we can get off the books. One of the wingers or Soldado only to be moved on if we do sign a striker who can also operate outwide like Remy or Welbeck.
Perfect final 25:
GK: Lloris, Vorm, Friedel
RB: Walker, Naughton
LB: Rose, Davies
CB: Vertonghen, Kaboul, Fazio, Dier, Veljkovic, Fryers
CM: Capoue, Dembele, Song, Holtby, Bentaleb
AM/wingers: Eriksen, Lamela, Chadli, Lennon, Townsend
ST: Adebayor, Kane, Remy
That's 26 there but I'm pretty sure the guys in italics wouldn't need to registered as they are U21.