Hull manager Steve Bruce wants to use the £12m the club received for striker Shane Long to buy three new players.
The Tigers have been linked with Manchester United's Danny Welbeck and former Tottenham playmaker Rafael van der Vaart, who is with Hamburg.
"We will invest that money into the squad to make it bigger and better, and we'll be looking to find a replacement," said Bruce.
"I'd like at least another three players to come through the door. The money that we got for Shane will allow us to do that."
|Simon Clark - Sports Editor, BBC Look North|
|"One immediate effect of suddenly finding yourself a reported £12m richer is being linked with all manner of players and that is what happened to Steve Bruce. Today he calmly dismissed speculation that Watford's Troy Deeney, Danny Welbeck of Manchester United and former Tottenham player Rafael Van Der Vaart were targets. Instead he suggested that he could be willing to spend the cash on up to three players rather than a like-for-like swap for Long. In the short term, though, the absence of Long could present Tom Ince an early chance to impress in an advanced role."|
Republic of Ireland international Long, 27, only arrived from West Brom in the middle of last season, but Bruce said the £12m offer was "too good to turn down".
He added: "It happened so quickly. This time last week I would never have envisaged us being without him."
Hull, who finished last season 16th in the table and were losing finalists in the FA Cup, begin their Premier League campaign at home to QPR on Saturday at 15:00 BST.