Doesn't fix the problems they have with that amount of first team players do they?
We have so many players with little time left on their contracts and many of them are definitely going to be of interest to other clubs. Loftus-Cheek, Gallagher, Mount, Kovacic, Pulisic, Ziyech for example are all good players. Four of them have contracts expiring in 2024 and the other two have 2 years left. Apart from Pulisic and to some extent RLC everyone of them are on reasonable salaries too.
Based on numerous links to other European clubs Aubameyang should also gather plenty of interest if he's given a free transfer (Barca, Milan and Atletico have been said to be interested). I think Azpilicueta would be able to find a club as a free agent too. These guys still have high salary contracts for another year so might have to compensate up to a few million to get rid but it's also possible being available on a freebie would be incentive enough for some club to take a bite even at their current wages. Either way they're gone.
Then there's the two loanees Zakaria and Felix who will leave automatically unless the club make an effort to keep them. I think Zakaria has no chance to stay but for some reason the club seem to have a boner for Felix so might try for another loan or even a permanent deal for him.
Of these 10 players mentioned I would expect us to keep three at most which would already cut down the squad size considerably. The rest of the trimming could be done by sending some of the youngsters (Hall, Chukwuemeka, DD. Fofana and Broja) out on loan for regular first team football elsewhere. It would be a whole different scenario if everyone we wanted to sell was on a long term contract but as they are not I would think it's not going to be too difficult to make the necessary cuts.
Let's say we manage to sell/release seven of the 10 mentioned senior players and ship three of the youngsters out on loan which would leave us with 21 players from whoever's in the squad currently and we'll have Nkunku and Gusto coming in the summer so 23 players. Adding another striker and a midfielder would put us up to 25 which would be definitely still be on the higher end, especially for a season with no European football, but nothing too outrageous.
Also if there's interest in the likes of Koulibaly, Cucurella, Havertz at decent values we'll absolutely sell them if possible but somehow I doubt that will happen.