I think it's vaguely feasible. FFP will be loosened off a bit, so it potentially gives us one of the few opportunities to spend money like Man City / Chelsea did immediately before FFP came in to force. There'll be a number of clubs, particularly in Europe, who are feeling the pinch financially so players might be available that might not have otherwise been, or they'll be cheaper than they'd otherwise been (e.g. Sanson).
To me, it's not completely beyond the realms of possibility that we might spend £200m+ in the summer, and upgrade 7 or 8 players in the squad to ones that previously would've been in the £50m-£60m range ordinarily but now are in the £20m-£30m range. You'd be looking at wholesale changes to the first team with that -- probably moving to a place where the squad would be something like Martinez, Cash, Konsa, Mings, Targett, McGinn, Luiz, Grealish, Traore, Watkins, AEG, Hause, Wesley, Sanson, Steer, Ramsey -- then new players for the remaining spots
I mean, I'm taking the figure with a massive pinch of salt myself, but I suppose what I'm saying is that it's feasible, and it'd likely push us in to a position where we could quite comfortably rotate players across the squad and realistically challenge on multiple fronts.