After ending a 25-year absence from England's top division under Frank Lampard, the Sky Blues are expected to back their manager with significant investment this summer, although transfer expert Ben Jacobs believes the club's recruitment will be driven by smart ambition rather than reckless spending.
Speaking to Football Presse, Jacobs revealed Coventry have identified several key positions for reinforcement, with a goalkeeper, midfielder and striker all on the club's radar.
"Coventry are going to be active, as you would expect. I'm not so sure we're going to see a spend like Sunderland, of close to £150 million that ended up getting them European football on the final day of the season, but Coventry will be active.
"They're looking at potential forwards to come in and add some competition to Hadji Wright. They are also determining if another midfielder is necessary, and a goalkeeper is one of their highest priorities as well."
One of the most eye-catching names linked with the newly-promoted club is United States international Folarin Balogun, who has enhanced his reputation with an impressive World Cup campaign.
Jacobs believes Coventry are firmly in the conversation if the Monaco striker returns to England.
Speaking to Football Presse on behalf of Betway, Jacobs revealed: "Folarin Balogun is another name to watch as well, who's doing excellently at the World Cup with the US. That would prove an interesting dynamic, because then it would be Wright and Balogun at Coventry competing for the same spot.
"You've also got Ipswich Town, who have looked at Balogun, and Leeds United hold a historical interest in Balogun, as do Brighton.
"I'm not aware that those two clubs are back in the race now, but Balogun is likely to leave Monaco and is open to a return to the Premier League, and it's believed that Arsenal, by the way, have a sell-on clause there too, so they might be able to make a little bit of money."
Goalkeeper remains another major priority following Carl Rushworth's outstanding loan spell, which played a crucial role in Coventry's Championship-winning campaign. The club have already seen one offer rejected by Brighton but have not abandoned hope of securing the 24-year-old on a permanent deal.
Reports earlier this month suggested Coventry were prepared to make Rushworth their record signing as Lampard pushes to retain one of the key architects of promotion.
"They've had a bid rejected for Carl Rushworth from Brighton, and Rushworth was obviously on loan at Coventry and integral as they got promoted to the Premier League.
"So, Coventry could be back with an improved offer for Rushworth, and the player is open to that move. It's just Brighton haven't really determined what the long-term future is of both Bart Verbruggen and Rushworth, and until they get internal clarity at Brighton on the goalkeeper situation, it's harder to negotiate for Rushworth, but Coventry haven't given up there."
Perhaps the biggest boost of all, however, could come in the dugout.
Lampard transformed Coventry's fortunes by guiding the club back to the Premier League for the first time in 25 years, and despite attracting interest from elsewhere, Jacobs expects him to remain at the CBS Arena. Recent reports have linked the former Chelsea boss with Fulham following Marco Silva's departure, but Coventry are confident of tying him down to a new long-term contract.
"So, Coventry have definitely got budget to spend. The owner, Doug King, wants to be ambitious and make sure that Frank Lampard is well-equipped to stay up in the league, and remember, one of the biggest signings for Coventry this summer will be Lampard himself.
"There have been several Premier League clubs that have made approaches to Lampard, including Fulham, who are about to appoint Álvaro Arbeloa as their new manager, and yet the direction of travel is Lampard signing a new three-year deal at Coventry instead, and I'd expect that to be formalised before the season starts."
After a fairytale promotion campaign, Coventry's next challenge is ensuring their Premier League return is more than a one-season stay. If Jacobs' information proves accurate, the Sky Blues are preparing to attack the transfer market with both ambition and discipline as they build for life back among England's elite.