Kasper Schmeichel

Leicester City were promoted to the Premier League after dominating the Championship winning 31 out of 46 games. However, they now face an even bigger challenge to keep up with the elite but their first task should be to extend manager Nigel Pearson's contract.

And even though Thai owner Vichai Srivaddhanaprabha has promised to spend £180m to reach the top-five in three seasons they will now focus on avoiding a repeat of recent years' free-spending mistakes under Sven-Goran Eriksson.

Business so far

Leicester City have already added some Premier League experience to their squad with the signing of Aston Villa winger Marc Albrighton and ex-England defender Matt Upson.

Furthermore, they have signed Charlton Athletic goalkeeper Ben Hamer as understudy to Kasper Schmeichel and winger Jack Barmby from Manchester United as cover for Lloyd Dyer, a potential departure.

Meanwhile, defender Sean St Ledger and Zak Whitbread have been released, Neil Danns has joined Bolton while Kevin Phillips has announced his retirement from football at the age of 40.

At the same time George Taft, Jamie Anton, Ben Frempah and Robert Paratore have left the development squad.

What they need

Even though David Nugent (20 goals) and Jamie Vardy (16 goals) have been clinical in the Championship, Leicester needs a proven goalscorer with Premier League experience.

And as well as purchasing a left-back, a centre-back and a midfielder they should also assure the future of striker David Nugent and star goalie Kasper Schmeichel, who is reportedly ready to end speculation over his summer move by signing a new four-year deal.

Furthermore, Pearson has admitted his side will need to improve at set-pieces – at both ends of the pitch - as he tries to add some players with aerial prowess.

Who could join

City have reportedly made a bid for Brighton striker Leonardo Ulloa while also keeping tabs on Benfica's Oscar Cardozo.

Furthermore, the club have also been linked with Manchester City's out of contract Gareth Barry, Cardiff's Frazier Campbell, Fulham's Steve Sidwell, Nick Powell and Aaron Cresswell.

Who might leave

Schmeichel and Nugent have been offered new deals and are expected to stay but winger Lloyd Dyer has already turned down the club's offer and could join Watford.

What the manager has said

"The important thing is we're going with a belief that we can achieve,"

"It's important we continue to improve everything about ourselves. So, we can challenge for the top-five. But, of course, one step at the time."