I am convinced we are going to spend quite a lot. There will be a splash on either an outright striker or a wide player, and we will certainly buy a right back and a goalkeeper. The fact that we have been looking for a defensive minded midfielder in the last two windows seems to indicate that Wenger feels we need one those as well. If Vermaelen is allowed to leave I reckon we will sign someone roughly at the price his sale will fetch.
This is what I think will happen to the first team squad:
Out - Vermaelen, Miyaichi, Podolski (£20m-£22m)
In - Striker and winger (£40m-£50m), RB (£7m-£12m), CB (£8m-£12m), CM (£15m-£20m), Goalkeeper (£3m-£5m)
Net spend - £53m - £77m
Wenger may not buy that CM though. 🙁