The new manager is here and assuming there is no war chest to buy new players, we are probably mainly looking at selling players before buying.
Gerrard and Torres would arguably fetch the highest price, but ideally everyone would agree it's better if they stay, no matter what money their sales would generate.
So if you had to wheel and deal, who are the candidates for the chop?
Mascherano - if reports are true then he's unsettled anyway and has been for a while. Barce have just sold Yaya Toure and there could be a place for Mascherano in Barcelona. He's also been linked with Inter but allegedly they are unwilling to pay up the 30 mil price that has supposedly been put on him.
Glen Johnson - Allegedly generating interest from abroad, I can only assume because they haven't watched him play recently. Awful in the world cup and his form peaked for us before Christmas last season. I'd get rid of him. Contrary to what the press say, he actually can defend. His problem is concentration, in that his is poor. He's too prone to being caught out or doing something casual. Attacking he has no problems though and is very effective.
Babel - Is it worth keeping hold of him? The lad clearly has talent, could a different manager's approach bring it out of him on a consistent basis? On the other hand I think his contract is running down and if we don't sell him now I have a feeling his contract is up next summer - although I'll need to double check that.
Kuyt - Not everyone's cup of tea, but a player I like. Still has a good reputation around Europe and even at 29 we could probably recoup the 10 mil or so we paid for him I reckon. I'd keep him.
Aquilani - Do we give him a chance? I think we have no choice, we'd get nowhere near the money we paid for him given his injuries and his limited appearances last season. But if we did decide to offload we'd easily get over 10 mil for him, and in that case we might not have to pay all of the 20 mil to Roma depending on how appearance based the fee was.
Riera - Do we forgive him? His analogy of LFC as a sinking ship wasn't far off the mark to be fair, but he publically criticised the manager at a time when we could have done without it. I still think he's our best wide midfielder when he's on form and up for it.
Benayoun - by all accounts already gone, and for a miserly 6 million. I hope Hodgson convinces him to stay though because although he had a poor season last year, he's often our most creative player after Torres and Gerrard.
Other fringe players may go, but none of them would generate very much cash, so it's probably down to the above list.
My own view is to get rid of Johnson if we can get a decent fee. And if Mascherano wants to go, then let him go at the right price. 30 might be pushing it but I'd let him go for 20-25 mil. Of course it all depends on whether Gerrard and Torres stay. I think there's more chance of them staying than going, partly because Gerrard had such a bad season last year and he's now 30, so interest in him won't be as high as it once was, and Torres clearly hasn't recovered properly from knee surgery yet as his WC performances suggest and again interest might not be as high as when he's fully fit. Again consider that destinations for Torres are limited. Inter? Barce? They're the only two clubs I could see him going to personally, I don't think he'd sign for another English side and we all know he wouldn't go to Madrid.