Most neutral football fans I have spoke to presume that the supposed bids for the likes of Bellamy and Parker are smokescreens due to both players lack of quality. The argument that this window we need tried and tested English players who can hit the ground running is hopefully flawed. We have an unlimited transfer budget and the opinion seems to be that if we can't entice the likes of Villa and Kaka we will end up with Bellamy and Parker. The difference in class is astronomical and we forget how many exceptionally talented footballs who would enhance this squad are available and would be willing to join.
My hope and belief is that we have thrown a number of bids in so the gobby managers like Harry Redknapp can spout off all they want and therefore the media deflect attention away from our true targets. An example of this is Real Madrid, from what I can gather they have three bids in for right sided midfielders and this leaves them in more power as the clubs can't dictate a inflated price as Real can just say "fine next target then".
We saw Hughes during his Blackburn days work the transfer market very well and he has exceptionally contacts in Germany, so I would say proven European talents would be his first choice and if we do not see a marked improvement then Hughes would have proved he is out of his depth. January will be pivotal as to whether he has the resources to take this club forward.