Former Pailan Arrows coach Arthur Papas who has taken over the reign from Armando Colaco has already roped in youngsters Jeje Lalpehklua (Pune FC), Jewel Raja (Mohan Bagan) and Gabriel Fernandes (Mumbai FC).
Seniors like Valeriano Rebello, Samir Naik, Anthony Pereira and Climax Lawerence are unlikely to remain in the club for the next season, sources said.
Apart from Brazilian Roberto Silva who is back in the side after serving Churchill Brothers, the other three are from Australia.
Colosimo deal is almost finalised, while the club is in the final stages of negotiations with strikers Dani Sanchez and Billy Mehmet, they said.
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The 34-year-old Colosimo who has donned Australian colours in 26 international matches has played for Manchester City in the English Premier League.
Dani Sanchez who played youth football with his hometown club Malaga CF in 2003 had successful spells in Australia.
Mehmet has experience of playing in Scotland and Turkey, besides having a good spell at A-League side Perth Glory. The 29-year-old is a former Ireland Under-21 international and last played for Bangkok Glass Football Club in Thailand.