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*Reserved for players with Homegrown status*
1) Nathaniel Clyne
2) James Milner
3) Jordan Henderson
4) Daniel Sturridge
5) Adam Lallana
6) Danny Ings
7) Jon Flannagan
8. Joe Allen
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9) Loris Karius
10) Simon Mignolet
11) Dejan Lovren
12) Mamadou Sakho
13) Alberto Moreno
14) Joël Matip
15) Philippe Coutinho
16) Emre Can
17) Sadio Mané
18) Roberto Firmino
19) Lucas
20) Kevin Stewart (HG)
21) Tiago Ilori
22) Brad Smith (HG)
23) Lazar Marković
24) Christian Benteke
25)
Players born after January 1, 1995 (number of future seasons they can remain on U21 status):
no limit on how many can be registered
Divock Origi
Joe Gomez (2)
Marko Grujic (1)
Cameron Brannagan (1)
Ryan Kent (1)
Sheyi Ojo (2)
Trent Alexander-Arnold (3)
Ovie Ejaria (2)
Shamal George (3)
Connor Randall
Ben Woodburn (4)
Pedro Chirivella (2)
Lloyd Jones
Jordan Williams
Allan* (2)
Harry Wilson (2)
Sell:
Balotelli, Bogdan, Wisdom, Luis Alberto,
Possibly sell:
Benteke, Allen, Smith, Lucas, Ilori, Stewart, Markovic
1 free spot for a new signing, plus addition spots available for each 'possibly sell' player sold. With the one minor caveat of if you sell all of Allen, Smith, and Stewart, they could only be replaced by a maximum of 3 foreign players (counting the 1 available spot)
As usual, there isn't much need to worry about leaving any quality players off the PL squad list or to worry about signing too many foreign lads.