I think it's pretty automatic from what IH has said that his first choice pairing will be Howard and Campbell. Behind that Hayles will be a bench man. He has also made it clear that he rates Sappleton, Chambers and Odihambo and he won't want to make their path to the first team impossible next season.
In this context I think that both Hume and Fryatt are expendable. Both are good players on their day, but very inconsistent. I'm not saying that IH wants them to leave. However, if he doesn't want the young strikers to stagnate, he must be willing to lose one or both. It will also help him to strengthen elsewhere. He keeps going on about balance and our forward line options are far from balanced.
Another factor is size. He's always gone with big man, small man. Maybe he still wants another biggy in the squad as cover for Howard? If this is the case, Hume and Fryatt will have to go at some point.
I'd be surprised if he didn't take a fair offer for either. I'd also be surprised if he wouldn't be prepared to offer one in an exchange deal for somone he really wanted. Maybe a way through the whole problem with the 50% to Bolton clause in Norris's contract could be reduced with a player exchange with Fryatt (after all, they've just lost two forwards)?