Corr, I thought the consensus was Henderson was being groomed for Gerrards spot when that day comes? Am I making a wrong assumption?
I also think there is reason to be optimistic that one of Shelvey, Suso, or Teixeira will make the grade and have a big future in the CM position, so I don't think that an expensive replacement for Gerrard is necessary at the moment.
I think there are 4 signings that we need to make if we are going to compete for the league title next season:
1. I personally feel that we need to replace Carra this summer. I don't particularly trust him to play against top sides, and I don't think that Coates is ready to be a regular starter in a title winning defense yet. I know Agger has had a better season in terms of injuries, but he is bound to miss a few games with knocks every season, so we need to have another top CB if we are really going to challenge for the league anytime soon. Vertonghen is the obvious name, but there are plenty of other options like Hoewedes, Hummels, Rolando, etc.
2. We need another player who can operate in the CDM role in Lucas's absence. Spearo has done a very good job this season, and I have been particularly impressed with his form lately. I honestly would like to see us sell off Charlie Adam and bring in a player like Mo Diame who has a better defensive side to his game than Adam does. That would leave us with Lucas, Diame*, and Spearo competing for the CDM position, while Gerrard, Hendo, and Shelvey would be options for the attacking CM role. Diame is available on a free and signing him would allow us to dedicate the transfer funds to more pressing areas.
3. In my opinion, the most pressing need we currently have is for a RW. Hendo and Kuyt are both square pegs, while Maxi lacks the pace to be a great option here. We need a player who has the pace and ability to beat the fullback when matched up 1v1 and force the opposition's central defenders to shift out to cover him. This creates chaos in the box and would provide the kind of space necessary for Carrol and Suarez to thrive.
4. We do need another CF. Carrol and Suarez are both solid options, and Kuyt and Bellers are decent backups, but we need a player who is a clinical finisher. Ba, Podolski, Huntelaar, Higuain, etc would all be excellent options in this role although I don't necessarily expect us to sign any of the aforementioned players.
So, that is my list. We need a solid CB, a defensive minded CM, a top RW, and a very good goal poaching CF. Should be able to get this for around 40-50M, but then we should easily recoup 20M from the sales of Aqua, Cole, Pacheco, and possibly players like Adam, Kuyt, and Maxi.