With that wage budget you have no chance. No point having a huge transfer budget with Leicester unless you have the reputation you will find the players interested in coming are pretty god dam awful. I have tried this experiment and I got promotion through playoffs, no fun with 50 million though.
ST: Griffits , Garra Dembele and maybe try Alexey Rudenok from Bate ( costs 100-200k and has 4star pot on my **** save ) and perhaps Macheda on loan
Mid: Tom Cairney , Verratti , Kevin if he comes , Aaron Ramsey on loan in Jan
Def: CB get Boyata on loan from city and Rafael from Utd , also get Dodo for 1,3m and if you can get Kvekveskiri for 200k
GK: Smithies 650-850k or Hradecky 700-825k
These wouldnt cost too much and wont ask too much wages either and could get you easily to Prem.