1. A computer implemented method for managing application migration in a networked computing environment, the method comprising the steps of: generating a list of relationships and dependencies for a first networked computing service and one or more current computer software applications that are utilized by the first networked computing service, state information of the one or more current computer software applications, and upstream and downstream network data connections of the first networked computing service; storing the list on an electronic storage device; determining an availability of one or more replacement computer software applications for the one or more current computer software applications that are utilized by the first networked computing service, wherein the one or more replacement computer software applications have substantially identical functionality as that of the one or more computer software applications; and determining an impact on service levels and performance of the first networked computing service that would result from a migration of the one or more current computer software applications from the first networked computing service to a second networked computing service, based upon the list and the availability.