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It's true that none would improve our best 11 but maybe Frimpong is worth a go if we let Hitz go.
Malouda and Arshavin would add squad depth but only if their attitude problems/wages can be managed.
Better to look overseas definitely.
The ones in bold I'd take...
Andrei Arshavin (Arsenal) - RM
Sébastien Squillaci (Arsenal) - CB
Emmanuel Frimpong (Arsenal) - CM
Eric Lichaj (Aston Villa) - RB
Richard Dunne (Aston Villa) - CB
Kevin Davies (Bolton) - CF
Yossi Benayoun (Chelsea) - RM
Ross Turnbull (Chelsea) - GK
Paulo Ferreira (Chelsea) - RB
Florent Malouda (Chelsea) - LM
Thomas Hitzlsperger (Everton) - CM
Mladen Petric (Fulham) - CF
Mahamadou Diarra (Fulham) - CM
Georgios Karagounis (Fulham) - CM
Chris Baird (Fulham) - RB
Wayne Bridge (Manchester City) - LB
Julio Arca (Middlesborough) - CM
Danny Simpson (Newcastle) - RB
Steve Harper (Newcastle) - GK
Jay Tabb (Reading) - CM
Ian Harte (Reading) - LB
Nicholas Shorey (Reading) - LB
Noel Hunt (Reading) - CF
Matthew Upson (Stoke) - CB
Rory Delap (Stoke) - CM
Dean Whitehead (Stoke) - CM
Jermaine Pennant (Stoke) - RM
Ryan Shotton (Stoke) - RB
Matthew Kilgallon (Sunderland) - CB
Titus Bramble (Sunderland) - CB
William Gallas (Tottenham) - CB
Steven Reid (West Brom) - CM
Chris Brunt (West Brom) - CM
Zoltán Gera (West Brom) - CM
Jerome Thomas (West Brom)- LM
Marc-Antoine Fortuné (West Brom) - CF
Carlton Cole (West Ham) - CF
Gary O'Neil (West Ham) - CM
David Jones (Wigan) - CM
Antolín Alcaraz (Wigan) - CB
Ronnie Stam (Wigan) - CB
Maynor Figueroa (Wigan) - LB
Stephen Hunt (Wolves) - LM
Sylvain Ebanks-Blake (Wolves) - CF
I don't think any of those guys improve our top 20. Maybe Figueroa, who would be stapled to the bench as Baines' backup. I realize he played CB, but he's no CB.