Luckily for those clubs with slightly less transfer funds there a few bargains to be had.
Here is a list of players who are available on free transfers this summer:
Nigel Reo-Coker (Aston Villa)
Come July 1st Nigel Reo-Coker will be released by Aston Villa. This came as a slight shock to me.
He has always struck me as a decent midfield player with a good engine. He joined Villa in 2007 for £8.5million after captaining West Ham in the 2006 FA Cup final defeat to Liverpool.
For me signing the 27 year-old would be a no-brainer for most Premier League clubs. I cannot see the midfielder being without a club for very long. If fit, he would make a good addition to most Premier League teams, although he has also been linked with a move abroad.
John Carew (Aston Villa)
Carew is another player released by Villa this summer. It didn’t come as a surprise as he was on-loan at Stoke City at the end of last season and out-of-favour before that. The 31 year-old striker is hoping to secure a permanent move to the Britannia, but it remains to be seen if he has done enough to win a permanent contract.
Carew is still a good target man and for any teams wanting to play the more direct style of football he is perfect. He would be a good signing for a midtable team or a team battling against the drop.
David Vaughan (Blackpool)
The Welsh midfielder impressed last season, despite his club being relegated from the Premier League. The 28 year-old Welsh international has created a niche for himself as a defensive midfielder after previously playing on the left of midfield and defence.
Blackpool were hoping to persuade the former-Crewe player to sign a new contract but they look like they are fighting a losing battle. North East side Sunderland are believed to be leading the chase ahead of Wigan and Bolton.
Jay Bothroyd (Cardiff City)
The Cardiff City striker is hoping for a big move to the Premier League this summer after scoring 18 goals in the Championship last season. The 29 year-old has again failed to achieve promotion with the Welsh side and is now looking for his chance in the Premier League.
If recent reports are to be believed the recently capped England international could be joining Premier League Everton. However he is also attracting interest from SPL giants Celtic.
Craig Mackail-Smith (Peterborough) (Not free but cheap!)
The 27 year-old is one of the reasons that Posh won promotion to the Championship. He scored the third goal in Peterborough’s 3-0 play-off victory over Huddersfield. His play-off final goal was his 35th of the season.
The newly-capped Scotland international is now hoping for his big chance in the Premier League. He has been linked with a move to newly-promoted Norwich and is now believed to be attracting interest from other top flight clubs.
The striker has only played lower league football so far in his career. Premier League clubs looking at signing him would be taking a slight gamble, but as he’s available at a knockdown price so he would be worth the risk.
He has proved a prolific goalscorer in the past few seasons and he deserves his opportunity in the top flight. If not then I’m sure he will be snapped up by a Championship club.
With money tight at a lot of Premier League clubs the need to sign players for cheap has grown. These are just five players who could be available on free transfers but there is likely to be lots more players available for a knockdown price this summer.
Who will be the best Bosman signing this summer?