Manchester City have planned for an overhaul of their squad in the upcoming summer transfer window, according to a report.

The Premier League holders were knocked out of the Champions League by Real Madrid in their semi-finals tie on Wednesday evening, despite heading into second-half stoppage time with a 5-3 lead on aggregate.

Following on from that defeat, City are looking at bringing in at least three new faces ahead of the 2022-23 campaign in order to freshen up Pep Guardiola's squad, according to the Daily Mail.

Borussia Dortmund striker Erling Braut Haaland is viewed as a likely new arrival at the Etihad Stadium according to the report, with City said to be leading the race for the Norwegian ahead of a host of European rivals.

One confirmed arrival is River Plate forward Julian Alvarez, who completed a permanent transfer to the Premier League side in January, before immediately being loaned back to the Argentinian side until the remainder of the season.

Another target for Guardiola is said to be Barcelona midfielder Frenkie de Jong, with the former Barca boss understood to remain a huge admirer of the Dutchman, after missing out on the 24-year-old when he moved to the Catalan side from Ajax in 2019.

The report continues with a number of players that could be heading for the exit door at City, with Gabriel Jesus, Raheem Sterling, Ilkay Gundogan and Riyad Mahrez all entering the final 12 months of their contracts at the club, whilst Fernandinho has already confirmed that he will be leaving upon the expiration of his contract in June.