Retain Vardy: How Leicester City's dream summer transfer window could look | OneFootball

Leicester City hope to be playing Premier League football again come August.

The Foxes were relegated at the end of last season after spending 10 straight seasons in the top flight.

It looked a formality that they would be promoted with plenty of games to spare, having been 12 points clear just over a month ago following a 2-0 win at home to Sheffield Wednesday.

Just one win in five has followed, though, including three straight defeats.

Meanwhile, Leeds United and Ipswich Town have been in imperious form.

This has seen Leicester lose top spot to Leeds, albeit by virtue of goal difference and having played one game more. Ipswich are a point further back, but again Enzo Maresca's side do have a game in hand.

A dream summer transfer window for Leicester will not happen if they're still playing Championship football next season – something the club won't even be thinking about right now.

Two weeks ago, The Telegraph reported that Leicester could face a point deduction at the start of next season for allegedly breaching financial rules.

This will also no doubt affect their summer transfer window. The former is something in their control, but the latter appears to be the opposite.

Considering these two factors, let's take a look at what would constitute a successful summer transfer window for the Foxes.

Jamie Vardy signing a new contract

When Leicester pulled the FA Cup quarter-final back to 2-2 against Chelsea at Stamford Bridge on Sunday, they had the wind in their sails.

Had Jamie Vardy not missed out through injury and was on the pitch, they would have fancied their chances.

He also missed the 3-1 defeat away to Leeds, where Leicester were wasteful at 1-0.

With 15 goals in total this season, including 10 in his last 11 appearances, Vardy is a man in form and as important to his side as he ever has been.

Whether Leicester win promotion back up to the top tier or not, giving Vardy another year on his deal should be the first thing they do. He clearly has plenty still to offer.

Although his wages could be a stumbling block. The Foxes' forward is currently estimated to be earning £140,000-a-week. Therefore, agreeing to a pay cut could be necessary for him, taking into account the club's financial position.

If they get promoted and secure Vardy a new deal on lower terms, this is the best thing that will happen to Leicester this summer.

Find value for money in Europe

In February, the Leicester Mercury reported that the club were considering the option to shop in the European market for their scouting mission this summer.

Sporting Lisbon striker Paulinho was earmarked as a player they could go for to replace Vardy or Kelechi Iheanacho – whose contract also runs out this summer.

Jerry St. Juste, also of Sporting, was mentioned for defence, as was Hidemasa Morita for midfield.

Benfica duo Alexander Bah (full-back) and Orkun Kokcu (midfield) were two other players listed by the Leicester Mercury.

This was before the reports came out that Leicester could be punished financially.

Nevertheless, luring a player from Portugal would be much cheaper than shopping around in England or other major European leagues.

Make Abdul Fatawu's loan deal permanent

In February, Portuguese outlet Record reported that Abdul Fatawu was set to sign for Leicester permanently this summer.

The Ghanaian winger has been on loan at the King Power Stadium this season, and has impressed with four goals and 10 assists in all competitions.

Playing as a right-winger cutting inside onto his left foot, the 20-year-old has bags of talent.

Leicester's fans will be hoping he can become the regen of Riyad Mahrez – PFA Premier League Player of the Year in the Foxes' 2015/16 title triumph. Mahrez also worked with Maresca when the Italian was Pep Guardiola's assistant last season.

With Fatawu on the right and Stephy Mavididi on the left, Leicester's wingers could cause Premier League full-backs huge problems next season. Chelsea discovered how talented they were, and they will be a force in the top flight next season if Maresca manages to tie down Fatawu to a permanent deal.

The worst case scenario for Leicester would be losing star man Kiernan Dewsbury-Hall, who has proved to be an ideal replacement for James Maddison after he left for Spurs last summer.

In today's market, Leicester could end up selling Dewsbury-Hall for a fee of £30m or more – something that may be a necessity to balance the books due to FFP and avoid a points' deduction.

This is the last thing they will want to do. Keeping hold of Dewsbury-Hall is important if they want to do as well as possible in the Premier League should they get promoted.

It was reported earlier on in the season that Leicester had agreed a fee to sell Boubakary Soumaré to Sevilla for £12.8 million.

Currently, on loan and impressing at the La Liga club, there's a good chance he'll stay at the Ramón Sánchez Pizjuán beyond this term.

Although he could be an asset to Leicester, their financial situation could force them to have no option but to sell him permanently.

His replacement could be Stafano Sensi, who currently plays for Inter Milan. Leicester almost signed him in January, but the move fell through. When Sensi's contract runs out this summer, Maresca could go in for him again.

The Italian connection will no doubt increase the chance of this transfer happening. As Fatawu could play the role of Mahrez in the title-winning campaign, Sensi would play the role of N'Golo Kanté.