Presuming Sam Johnstone leaves this is the team I would start the season with based on what we have now:
Button
Furlong, Bartley, Ajayi, Townsend
Livermore, Pereira, Mowatt
Grady, Robinson, Grant
That still leaves: Palmer, Clarke, O'Shea, Kipre, Phillips, Snodgrass, Sawyers, Tulloch, Zohore to pick the bench from.
Pretty strong team and squad all round, that starting eleven should do some real damage at this level. Ideally we could do with two or three more squad fillers to help over the course of the 46 game season but we can always 1) play the academy in the league cup, 2) use the loan market & 3) buy a couple if needs be in January.
If we get £40m in for Pereira then I can understand the board being tempted but less than that and I think it's an own goal. No point selling him and taking his goals / assists from the team to sign a striker like Cauley Woodrow - that isn't going to leave us any better off.