This would be my squad.
GK - Ederson, Bazunu, Carson
CB - Stones, Dias, Laporte, Aké
FB - Walker, Cancelo, Zinchenko, Sergi Gomez (or similar young cheap project pacey left footed LB)
MF - Rodri, FDJ, KDB, Bernardo, Gundogan, McAtee
FW -Haaland, Alvarez, Sterling, Foden, Grealish, Palmer
Per UEFA squad rules - 4 HG spots filled, 1 Club trained, 3 u21s, 15 foreign players...so room for another midfielder if one presents themselves and/or Steffen to stay if Bazunu really can't be persuaded to play 15 games in the cups and win some trophies.
I like it, I only have few changes to it.
GK - I'd do the same.
FB - I like the idea, I'd go a step further and spend no money and promote an academy fullback. Since those 3 can play fullback and I'd even say Ake can as well when interpreted defensively. JWE is pretty good as someone mentioned.
Could also buyback Pedro Porro for pretty cheap, I like that as well.
CMF - Tchouameni instead of FDJ maybe (or Nunes), but either is good. Rodri, Bernardo, Gundogan, Kevin.
AMF - Foden, Grealish, McAtee.
FW - My problem with keeping Sterling is that if he isn't signing a contract then he isn't committed, I don't want anybody not committed. But it also seems like Jesus is leaving, meaning we have to keep Mahrez.
Sell both and get Nkunku. I want more killers in the front 3 and less playmakers in general.
This means Foden and Grealish more as an attacking midfielder, backup FW options. KdB in a midfield 2 sending passes forward to the killer 3.
Haaland, Alvarez, Nkunku, Mahrez, Palmer - Foden, Grealish rotation if needed
Overall Cost In: Haaland, Alvarez, Nkunku, Tchouameni, Academy Fullback - (approx 220m Euros)
Selling - Sterling and Jesus (approx 90m Euros)