Defence
If we keep Valente, I don't think we need another left back - Lescott is more than adequate as cover for Baines, and Jagielka has shown he can do it alongside Yobo if Lescott has to move across. The only problem with that is if one of Yobo/Jags is injured, so maybe we could do with another centre half, but hopefully Rodwell will continue to improve and could be useful if needed?
As for right back, I definitely think we could do better. Someone who can overlap and actually cross would be nice! I never really liked Glen Johnson, but I really think he's kicked on since he's gone to Pompey, so I'd like to see him here. Cost would probably be prohibitive though.
Midfield
I'm assuming Peanuts will sign. Fernandes.....end of last season I would have said yes, definitely. Not 100% now though after his poor showings in his second spell here, but if he could be had for, say, £6 - £8 million I'd take him. As long as MSI aren't involved in any way!
Joe Ledley looks good too - we're crying out for an exciting left sided player, so he's probably worth a gamble - could be the new Cahill/Lescott, although that goal the other day has probably put his price up a few mill and alerted a few more teams.
Arshavin - looks awesome from the limited bits I've seen of him - would love to see him here, but I fear cost and competition for his signature mean it probably won't happen.
We clearly need a replacement for Carsley too. I don't really know who - some peole say Fernandes could do it, but I don't think he's got the workrate to get around and break up play. Huddlestone seems to be improving in that sense, and he's got amazing passing ability and can really strike a ball, so I think he could be the man. Sadly I don't think Spurs would sell though, and even if they did they would probably want a LOT!
I really want to see Milner here. I think he's got the hard working, team mentality to fit in perfectly at Everton, plus I really rate him! Skillful, scores goals, and can play on either wing or up front if needed. And he's at Newcastle for god's sake! Surely he'd jump at the chance to come here. Sign him up Moysie!
Attack
Yeah, I think we're probably ok here too. If we do get Arshavin or Milner, they can provide good cover.
Unless we can get the equivalent of Torres or something!