How will Newcastle approach this transfer window?

After ending their domestic trophy drought with the Carabao Cup in March, and securing Champions League qualification with a fifth-place Premier League finish, Newcastle United will be hoping to build on their most successful season in modern history.

But with no major first-team signing in two years and having to sell players to comply with Profit and Sustainability Rules (PSR) in 2024, how will the Saudi-backed Magpies operate in this transfer window?

BBC Sport takes a look.

Not only will fans expect new arrivals this summer, manager Eddie Howe will too. In his final news conference of the season on 25 May, he was explicit in his demands for quick movement in the market, while also confirming the club is not fearing PSR incursions.

Last summer, Newcastle signed young striker William Osula but failed in a public chase of Crystal Palace captain Marc Guehi. Lloyd Kelly arrived on a free transfer from Bournemouth but the defender left for Juventus after half a season.

Only the permanent signing of Lewis Hall could be deemed a first-team success, but he had already spent a year on loan at the club. The need for better results is clear.

"Speed is key and I have reiterated that many times internally," Howe said.

"We have to be dynamic, we have to be ready to conclude things quickly because good players don't hang around for long. That's always been my thought and my message on recruitment."

The sales of Kelly and Miguel Almiron for a combined £28m have increased the headroom for Newcastle to spend and there is anticipation that the club will lay out more than £100m, with further exits expected to increase the budget further.

Although teenage Spanish winger Antonio Cordero arrived from Malaga, he is expected to depart on loan. Newcastle did make enquiries for a number of targets inside the first 'mini' window, which closed on 10 June, but are not close to a breakthrough as things stand.

There are four key positions Newcastle want to improve: right wing, centre-back, striker and goalkeeper. Their top targets are mostly Premier League-based, with Howe wanting to minimise the acclimatisation period for new signings, but this works against his desire for a quick start to the market.

Brentford's Bryan Mbeumo was earmarked as the main target out wide, but links to Manchester United and Tottenham have forced a re-think; similarly Ipswich striker Liam Delap and Bournemtouh centre-back Dean Huijsen, who the club also spoke to, joined Chelsea and Real Madrid.

After a late bid last summer, Newcastle have again enquired about Nottingham Forest's Anthony Elanga, as well as Brighton forward Joao Pedro. West Ham's Mohammed Kudus and Bournemouth's Antoine Semenyo are also of interest.

Talks with Burnley over a deal for 22-year-old England goalkeeper James Trafford are restarting after failed bids a year ago, but nothing appears close. Guehi remains high on the list in defence.

Newcastle, who are majority owned by Saudi Arabia's wealthy Public Investment Fund, do not want to be held to ransom over fees, which is causing transfer progress to slow down.

The wage structure in place is strict too, and the club are being careful not to break it for a new recruit, while hoping star striker Alexander Isak signs an improved contract.

There is a sense in the fanbase that Newcastle should look abroad for better value signings, having had previous success with Isak and midfielders Bruno Guimaraes and Sandro Tonali.

"We just can't afford to shop domestically all the time," Adam Widdrington, from the Newcastle United fan podcast True Faith, told BBC Sport.

"Even though the market abroad feels a little inflated, generally speaking there is better value overseas when buying players willing to make a move to England. In particular, those players going slightly under the radar but with impressive form over the past couple of seasons."

Newcastle have cast their net further afield, with soon to be free-agent striker Jonathan David admired. But a deal for the Canadian looks unlikely, despite sources telling BBC Sport that his wage demands have cooled the possibility of a move to Serie A champions Napoli.

Some exits are also possible, with midfielder Joe Willock and Sean Longstaff linked with moves away. The latter's future may hinge on Newcastle needing to meet a 'homegrown' quota for their Champions League squad. Veteran striker Callum Wilson, 33, is in talks over a new contract with his deal set to expire this month.

The news of sporting director Paul Mitchell's imminent exit was a surprise only in terms of timing, emerging two days after the end of the season.

Mitchell suggested the fact that chief executive Darren Eales was also set to leave, having announced last year he is suffering from cancer, was a key reason for his decision.

Eales hired Mitchell to oversee recruitment which created tension with Howe, who let his frustration be known in July last year.

The pair worked together amicably, but it is believed they were never particularly close. There was a clear power shift over the season; Howe was not consulted about Mitchell's arrival, and there were fears before Christmas that poor form may result in a managerial change. But the success of the team in the second half of the season strengthened Howe's position considerably.

Although the hunt for Mitchell's replacement is under way, it is likely to be tied to that of Eales. There may be a consideration to change the focus of that appointment and move away from setting transfer policy, with Howe, nephew Andy and Steve Nickson (head of recruitment) taking charge of player search.

Targets were already identified prior to the boardroom shift, but after previous sporting director Dan Ashworth left last year, there is a need for stability upstairs.

Signings are crucial and Howe would like to see new faces in by the start of pre-season in July.

The club has the means to spend and a desire to give the manager the best tools possible. Despite some early setbacks, an exciting summer could still await.