Saints will need to balance the books after play-off expulsion killed their chances of earning the financial rewards that come with promotion.
Eight players are on contract due to expire this summer, and only two of those are considered key, while four loans will end.
Here’s a look at Southampton’s squad to determine who they will want to keep, realistically retain and build around next season…
Goalkeepers
There will be plenty of change between the sticks at Saints this summer. With promotion now out of the question, loanee Daniel Peretz is unlikely to stay.
Daniel Peretz is unlikely to return for another season in the Championship. (Image: Stuart Martin)
Alex McCarthy and Jamie Jones are also on deals due to expire, while on-loan back-up goalkeeper George Long played just once and is also unlikely to stay.
That leaves the St Mary’s side with loaned-out duo Gavin Bazunu and Aaron Ramsdale as the only remaining shot-stoppers under contract.
Ramsdale will be too expensive to keep in the Championship, as he was last summer, and Bazunu has regularly been a poor performer.
That means Saints should again be on the lookout for a new starting goalkeeper and will need to bolster their backup options, too.
Gavin Bazunu spent the second half of last season on loan at Championship side Stoke City. (Image: Stuart Martin)
Centre-backs
Saints fought off transfer interest to keep Taylor Harwood-Bellis in the winter window, and clubs could again return to pry him away from the south coast.
He is the most likely player to attract interest and a good fee, while Joshua Quarshie has been linked to interest from Germany.
The 21 year old did not play as much football this season as he would have liked, and doubt remains as to whether he is suited to the Championship.
Joshua Quarshie played just 18 games during his debut season at Saints. (Image: PA)
Nathan Wood and Jack Stephens could be the pair to lead Southampton’s defence, assuming Harwood-Bellis departs, as expected.
A Harwood-Bellis exit would also leave Saints needing to add depth at centre-back after they sold Ronnie Edwards in the winter window.
Saints batted away transfer interest in Taylor Harwood-Bellis during the winter transfer window. (Image: Nigel French/PA)
Full-backs
James Bree is out of contract, but has expressed a desire to sign a new deal. Saints would be daft not to give him one, considering his unbeaten league record.
Whether Bree would still gladly ink new terms at St Mary’s following recent developments is another question. Saints will not keep Elias Jelert.
Elias Jelert was limited to just 576 minutes during his loan spell at Southampton. (Image: Stuart Martin)
They are, however, awaiting the return of another Danish right-back, Mads Roerslev, who underwent Achilles tendon surgery in February.
Yukinari Sugawara, currently on loan at Werder Bremen, who have an option to buy, is unlikely to stay at Saints in the Championship.
Over on the other side of defence, Ryan Manning, one of the club’s best performers this season, will head into the final year of his contract.
Having scored eight goals and provided six assists, Manning would be justified if he desired another shot at the Premier League aged 29.
Welington was in and out of the side this season, and especially struggled to dislodge Manning after returning from injury in April.
Saints would be wise to keep him around. Charlie Taylor, who has been on loan at West Brom, is not expected to be handed a new contract.
Ryan Manning enjoyed the best season of his career, scoring eight goals and notching six assists. (Image: Cody Froggatt/PA)
Central Midfielders
Caspar Jander was already the subject of reported transfer interest in Germany, and those rumours have resurfaced in recent days.
The German ended the campaign in ridiculous form, and performances against Arsenal and Man City will have caught the eye of other clubs.
Caspar Jander was excellent in the FA Cup semi-final against Man City at Wembley last month. (Image: Stuart Martin)
Shea Charles has also been linked with Man United. Saints will struggle to retain both of their promising young midfielders this summer.
Another year in the Championship opens more doors for Cam Bragg, while Flynn Downes’ inconsistent availability likely keeps him at Saints.
It would be a surprise to see Oriol Romeu, Joe Aribo or Will Smallbone handed new deals, with all three playing little football this season.
Will Smallbone endured an injury-hit loan spell at Championship Millwall this season and is out of contract. (Image: Richard Sellers/PA Wire)
Attacking midfielders/wingers
Fan-favourite Leo Scienza sits at the top of the list of players expected to command serious transfer interest this summer.
He has been linked with Premier League clubs and has one of the highest sale values at a time when Saints need to balance the books.
Leo Scienza won Southampton’s Fans’ Player and Players’ Player of the Year awards. (Image: Steven Paston/PA)
Ben Brereton Diaz will return, for the time being at least, after a decent loan at Derby. Jay Robinson could re-emerge after his promise faded.
Sam Edozie has put his hand up to replace Scineza, declaring that he will be ready for the “new challenge” in a statement issued on social media.
On the right, Tom Fellows and Kuryu Matsuki could do with another season in the Championship, and are players Saints stand a realistic chance of keeping.
Finn Azaz has shown signs that he can play at a higher level, especially with his excellent off the ball work. Saints should fight tooth and nail to keep him.
Kuryu Matsuki enjoyed a breakout season for Saints playing out on the right wing. (Image: PA)
Strikers
As things stand, neither of Southampton’s starting strikers will be at the club next season. Ross Stewart’s contract is up, and Cyle Larin is on loan.
Both could still be here, though, if deals are struck – Saints have an option to extend Stewart’s contract, but would prefer to renegotiate terms.
Ross Stewart is out of contract and headed to the 2026 World Cup with Scotland. (Image: Stuart Martin)
Larin would have joined permanently if Saints were promoted, and the club could yet return their interest in the 31 year old Canada international.
If Saints do not keep either Stewart or Larin, they will be left with Cam Archer, Damion Downs and youngster Nick Oyekunle as their striker options.
Archer and Downs have not proven themselves capable of leading the line at Saints, with Downs, 21, shipped out on loan in the winter window.
Oyekunle has recently signed a new contract, after an impressive season of goals with the under-21s, but needs time to learn.
Damion Downs has had a tough season at Saints and Hamburg, whom he joined on loan in the winter window. (Image: Matt Watson / Southampton FC)
Full squad for next season:
Goalkeepers: Aaron Ramsdale, Gavin Bazunu.
Defenders: Mads Roerselv, Yukinari Sugawara, Taylor Harwood-Bellis, Jack Stephens, Nathan Wood, Joshua Quarshie, Ryan Manning, Welington, Juan Larios.
Midfielders: Caspar Jander, Shea Charles, Flynn Downes, Cam Bragg, Finn Azaz.
Wingers: Leo Scienza, Sam Edozie, Ben Brereton Diaz, Jay Robinson, Tom Fellows, Kuryu Matsuki.
Strikers: Damion Downs, Cam Archer, Nick Oyekunle.