I think you're reading of the situation is quite close to the mark. My own theory is, is that we're not going to sign Yarmalenko without selling Stones first. I don't think we'd have a spare 15 million in the budget lying around which could be spent on another winger. I also think, as you've said his pulling out of the race and linking another player in the Ukrainian league (Bernard) from left field is a bluff, to let them know we can go elsewhere. Liverpool did this in the Benteke race, and used Rondon and Bacca for example. I suspect the Ukrainian president is playing hardball and possibly moving the goalposts.
I don't think it's a coincidence that the media exposure to Stnes has died down at a similar time to the Yarmalenko stuff. My own feelings are, if it's before transfer deadline day, and Chelsea offer upwards of 40 million we would consider it. We'd probably see a mad dash for a centre half (I suspect we'll try for Van Dijk but end up with Evans) Yarmalenko and also think we may try a cheeky lowball bid for Austin.
If we don't get that bid from Chelsea then I suspect we will look at mainly getting loans in.
On the original post for
@Ashtonian, I understand what he's saying about what benefit is it keeping Stones for 1 more year. The reality is though, especially at this late stage it would be a bad time to sell. We have already let our 2 senior centre halves go. I don't think selling Stones was ever an option (whereas it may have been for Barkley, McCarthy or even Lukaku had the right bid come in, and especially Mirallas).
If and it's a big if, we can sign Mori he will have a years experience in the premiership and probably be ready to start the following season. Likewise you would hope Browning and Galloway may be ready by next season to play a part at Centre back. I have a suspicion we have informally agreed to sign Evans like we did Cleverley last season. In all honesty in next summer would be a good time to then sell Stones (relative to this week) knowing we had back up in place.
I think Chelsea well test us twice more. One bid at 35 million with add ons, then on transfer deadline day. The fact the bid hasn't come in yet says to me Stones hasn't disrupted things as they'd have hoped.
Kenwright rightly or wrongly is under quite a bit of pressure currently. I think if we have another stunt like we saw with Arteta or Rooney, ie Stones being allowed to leave and the money not being spend on a replacement, a number 10 and another forward there would be a lot of anger. It makes sense for Kenwright to stick with him for another year if that's the case.