Out:
Kolo
Dzeko
Bridge
Maicon
Maybe Tevez
Lescott
Barry or Milner
Kolarov
The reason I reckon Lescott and Barry or Milner will go is because they are big earners who can be replaced with younger prospects on half of their wage.
Selling these players would raise around 40 million minimum and free the wage bill by close to 1 million a week including Balotelli's wage.
In:
A new striker- Falcao or Cavani would fit the bill around £150k a week
Winger/forward- Jovetic around £120k
Midfield - someone young with potential like Will Hughes or Hendrick (his Derby team, who I've heard were keeping an eye on) around £30k a week
Defence - an experienced defender like Carvalho or someone else with big game experience. Who can help Nasty and Rekik out and would be on lower wages than Lescott. And Luke Shaw. Around £60k and £30k.
Goalkeeper - someone to push Joe for the number one shirt. Possibly someone from LaLiga. Around £25k
Wage bill would be around £415k a week for these players which would shed over half a mil a week of the wage bill.
Team for next season:
Hart, Pantillimon, New GK
Zab, Micah, Nasty, Vinny, Rekik, New CB, Clichy, Shaw
Sinclair, Milner, Hughes, Rodwell, Garcia, Yaya, Nasri, Silva
Jovetic, Aguero, Falcao, Guidetti
That team looks impressive with a lot of youth involved.