The Type-54A radars are outdated yes.
But an updated Type-54B could use a Royal Navy Type-45 radar setup, where there is
a) a $10M SMART for low resolution, long range, anti stealth volume search
b) a small AESA at the top of an integrated mast which maximises radar horizon. And when you compare the number of AESA modules with what we see on the 4 huge panels on an Arleigh Burner or Type-52D or Type-55, that is a huge cost reduction in modules and associated electronics.
A future Type-54B could also accept a lower level of radar precision and use cheaper electronics generally, for its shorter ranged missiles.
Type 054B has often been depicted on fan CGIs, based on rumors from "big fish", as one that appears to have a "Lotus Lantern" on top of a mast. Lotus Lantern as I like to call it, which best describes its shape, has a test mock up on Wuhan, so its not from one's imagination, and you might have already seen it, as its been posted here and other forums. The crown of the lantern could have a small radar of its own, meant for navigation, or it can be the base for a SATCOM or a surveillance search radar. Or maybe the IFF. I'm speculating. The middle of the lantern could be housing a multi-function radar. Below the lantern, on the stem, could be missile guidance radars followed by 2D navigation radars, but again that's speculative.
This thing for me, feels analogous to SAMPSON, EMPAR, KRONOS or Herkales. Still, its not going to be cheap.
If they want to save on bucks, maybe they should consider putting the SR2410C into PLAN service. This radar appears to be meant as a replacement for the mechanical Type 360/361/364 radars on top of the Type 056 and the Bangladeshi Type 056 variant. Already two are fitted on the last two export Bangladeshi corvettes launched this year. Its sometimes referred to as the Chinese version of the Thales SMART-S Mk. II or the Type 997 Artisan 3D radar. This can be used exposed or enclosed in a dome.
The third appears to be an phase array, likely an AESA, that is associated with the LY-80N, which is the export HHQ-16. The radar has appeared on the ship that serves as a weapons and radar testing platform, and its been depicted on CSSC's displays of proposed export frigates in defense exhibitions. This radar is situated on top of the bridge. This radar also appears on the model of the proposed trimaran frigate. No designation or name for this radar that I know of but the radar might be primarily a fire control radar with missile guidance. This radar can be used either in exposed form or enclosed in a dome.
Then you have this radar that has appeared in defense expos a few years ago but I could barely find any information or pictures about it. The type number for it might be Type 385. Note the radar on top of the 054A that looks like a FREGAT is called Type 382, so 38X might be reserved for search radars, while 34X might be reserved for fire control radars (like Type 344, 345, 346 and 347).
The speculation is that it would replace the Type 517 Yagi on the 052C/D. This led to fans depicting it on the their CG interpretations of the 055 or the future variants of the 052X. Functionally, it should be the equivalent to the SMART-L you see on the Type 45 class, the Sachsen class frigates and so on.
These radars are not mutually exclusive to each other, and can be made to work on a single ship to cover a wide range of functionality, with overlap to provided needed redundancy. All these had been speculated for the Type 055, simply because at that time, these appear to be meant for a future surface warship, and the Type 055 is still the future then. but the outcome has turned out be very different, as the 055 is unveiled which shows its not easy to predict the outcome of future PLAN warship projects. Who knows if they might show up as part of the next frigate class instead.