Hutchings told BBC WM: "We're certainly going to get a certain amount of it [to spend on players].
"We are looking at whether we buy or loan, but yes we do have money and hopefully we can bring two or three players in."
Walsall have not paid a transfer fee for a player for nearly five years, but Hutchings says there is no policy now to bring in only free transfers.
"That's changing," he said. "Obviously, the money that we got for Troy makes that a lot easier for us to do. So yes, we will have money to spend, and we've got to make sure we spend it wisely.
"I think we got some very, very good money for Troy Deeney.
"I would like to thank him for the efforts he's put in over the last couple of years. When I first came here he was going out of the door.
"We changed him into the player he is, and it's credit to him for taking on board what we told him.
"While [negotiations have] been going on we've been working behind the scenes, targeting players we would like to go for if it happened.
"Now it's happened, it depends whether people want to sell players. We can always target them, but if they don't want to sell them, it's a different thing."
Source: BBC Sport
Source: BBC Sport