I'd sell/let go the following:
Jones
Johnson
Enrique
Toure
Gerrard
Lambert
Coates
Borini
Aspas
Alberto
That's only about 18-20m there. If an offer of around 50m came in for Sterling I'd accept it. Maybe. I'd also reluctantly accept a decent offer for Allen.
However, this would leave us with a thin squad as it is, but I'd rather some quality than a massive squad filled with shite. So, assuming we keep Allen and Sterling, and we optimistically raise 20m from that pile of shite up there, that would give us 45m to spend. I'd do what we should have done last summer and sign Lacazette, though it may not be possible now. For the sake of this talk let's say we can get him for 25m. Then I would look to perhaps get in a back up striker on a free. Am I right in thinking Ings is out of contract in the summer? If so, get him in. I'm not convinced by him, but he can't be any worse than Lambert or Borini. Then I would look to sign a midfielder. Perhaps Schneiderlin. I would love Nainggolan, though, and he'd probably be cheaper. Let's say around 15m. Then we would need a back up keeper. God knows who, but someone for a couple of million quid. We're also heavily linked with signing Garbutt on a free from Everton at the end of the season, so why not. Then finally promote some of the kids that are doing well and recall some loans.
All of this would trim our squad considerably, but add a bit of quality to it.
Mignolet/Sub keeper/Ward
Skrtel, Sakho, Lovren, Moreno, Garbutt, Can, Manquillo (he's on a 2 year loan, right?), Ilori, Flanagan, Wisdom as defenders/full backs
Allen, Lucas, Henderson, Nainggolan, Rossiter, (Can also in here) as your central/deeper midfielders
Lallana, Sterling, Ibe, Markovic, Coutinho, (Ojo is meant to be doing well, isn't he?) all as players in those attacking midfield positions
Sturridge, Balotelli, Ings, Lacazette, Origi (maybe promote Sinclair too to be around the first team) as the forwards.
Easy