I think focus really needs to be made on our midfield and that would help solve a lot of the issues we have. It's highly unlikely we can offload as many players that people have listed.
To raise funds, I would sell both Auba and Laczette. The former is too good for us and so far Arteta has not shown he knows how to get the best out of him. Those two should be able to raise sufficient funds to reinvest in midfield, while still leaving us a decent young attack to build on in Eddie, Martinelli, Pepe and Saka. Don't see the need to bring in another high priced forward as can't imagine many options out there available to us that are significantly better than what we already have if judging on potential.
I would let Ceballos return to Spain as have not been impressed enough by him and don't think he sees his future here anyway.
Guendouzi has character, but not much more if I'm looking at a future mainstay of this team. Would I be envious if he were playing in another team? Not for me so would happily use him as a makeweight in other deals. I'm not writing the kid off, but he is a saleable asset and there is not enough improvement in his play for me to think he is can be a starter in the revamped midfield we need.
Willock has potential, but really needs a loan and preferably abroad.
As for Ozil and Xhaka, I would actually keep them for next season. As much as Ozil's contribution is on the wane, his salary makes it difficult to shift him anywhere else so i just say try use him as best we can for the remaining season. Would rather put more effort trying to bring someone in than expending too much to get one out for the sake of one season. Xhaka has limitations, but think he is still a useful player to have in the short term if we can supplement with someone like Partey.
Defensively, would just look to let Soares and Luiz go at end of their deals. Hopefully Osei-Tutu can understudy Bellerin when he returns from Bochum. If we get an offer for the latter though, wouldn't be averse to taking it if substantial.