I'd take Owen, Ledley, Naughton, Mancienne, Aqualinni, Kallstrom and Fletcher + new keeper. Get Castillo and Jacobsen on contracts, they're decent squad players IMO.
Get rid of Nash, VDM, Anichebe
Leaves us with a squad of...
1. New GK
2. Hibbert
3. Baines
4. Yobo
5. Lescott
6. Jagielka
7. Owen
8. Castillo
9. Saha
10. Arteta
11. Kallstrom
12. Turner
13. Ruddy
14. Vaughan
15. Jacobsen
16. Ledley
17. Cahill
18. Neville
19. Mancienne
20. Pienaar
21. Osman
22. Yakubu
23. Aquallinni
24. Howard
25. Fellaini
26. Rodwell
27. Jukebox
28. Fletcher
29. Baxter
30. Naughton
If we're competing inn Europe next year that's the squad size we need.