Welcome to the first January edition of The Transfer DealSheet.
Our team of dedicated writers, including David Ornstein, will take you inside the market to explain the deals being worked on in the January transfer window. This includes the players who could arrive and the ones on their way out across the Premier League and beyond.
The information found within this article has been gathered according to The Athletic’s sourcing guidelines. Unless stated, our reporters have spoken to more than one person briefed on each deal before offering the clubs involved the opportunity to comment. Those responses, when they were given, have been included in the Transfer DealSheet.
In this edition, we have David Ornstein’s One To Watch on Randal Kolo Muani, ongoing interest in Nico Williams and updates on Arsenal, Chelsea, Manchester United, Manchester City, Newcastle United, Tottenham Hotspur, Barcelona and Real Madrid’s plans.
We aim to bring you analysis you can trust about what is happening at Europe’s leading clubs and the latest information we’re hearing from across the market.
This article is long but detailed, so enjoy it all — or search for the club or player you want to read about.
David Ornstein’s One To Watch
While January is never the busiest month, plenty of the Premier League’s biggest sides need to make improvements to their options. Two teams who have struggled for form over the last few weeks are Tottenham Hotspur and Manchester United.
It is no surprise to see them attempt to add to their squads. And they are both exploring a loan deal to sign Randal Kolo Muani from Paris Saint-Germain.
Both Premier League sides and Juventus have expressed an interest in the 26-year-old. Kolo Muani is one of the most high-profile players likely to move during the winter window.
Kolo Muani is likely to move in January (Franck Fife/AFP via Getty Images)
PSG and Kolo Muani’s representatives have been made aware of the admiration, with the France international regarded by his suitors among the best versatile attackers currently on the market.
He joined the Ligue 1 champions from Eintracht Frankfurt in the summer of 2023 for €90million but game time has been limited and, given he is under contract until 2028, it should benefit all parties for the forward to be playing regularly.
Kolo Muani has scored two goals and provided an assist in his 14 appearances for PSG this season.
Kolo Muani has struggled at PSG, but is still a talented player
Kolo Muani’s time at Paris Saint-Germain has been characterised by a lack of minutes and just 11 goals in 54 matches since joining in September 2023.
Kolo Muani is a talented player, as he showed during the season before the transfer, recording 15 goals and 11 assists in 32 Bundesliga matches for Oliver Glasner’s Eintracht Frankfurt. He overperformed his xG (expected goals, the number of goals a player is expected to score based on the quality of chances received) of 13.5, but as his shot map below shows, he got into good positions and took his chances well.
Kolo Muani thrived as an inside forward in Glasner’s system, drifting inside from the left, but can play across the frontline. He is a solid dribbler, averaging 5.8 take-ons per 90 during the 2022-23 league season, with a success rate of 42 per cent. The France international was excellent at timing his runs in behind the defence, making him a threat there too.
Kolo Muani’s 11 assists came from an expected assists (xA) figure of 5.8, and he has not managed more than five assists in any other league campaign during his senior career. His passing can be erratic and, at both Frankfurt and PSG, Kolo Muani has not actively been involved in build-up play. He is eager to use his pace to get past defenders, making him an odd fit in systems focused on possession and control such as Luis Enrique’s at PSG.
Among the teams he has been linked with, Kolo Muani seems like a good fit for Ange Postecoglou’s Tottenham Hotspur, who could use his dynamism and goal threat on the left wing given their struggles in that area.
Manchester United could be a decent fit too. Ruben Amorim has shown what he can do with talented centre-forwards who can run in behind defences and United need to reduce the goalscoring burden on Rasmus Hojlund.
Either move would require him to quickly adapt to the physical and mental demands of the Premier League.
Thiago Motta’s Juventus project would be a clunkier fit given their focus on controlling possession, with limited avenues for Kolo Muani to consistently express himself.
Anantaajith Raghuraman
What else we’re hearing
- Manchester City are exploring a deal for Abdukodir Khusanov. Other clubs hold an interest, too, with Newcastle United and Tottenham Hotspur aware of his talent and availability. Lens are looking to do a deal in excess of €40million, which means Tottenham are not expected to battle for the 20-year-old defender as things stand. Newcastle have tracked and identified Khusanov for some time but the current reality of their financial situation makes a move unlikely, despite the player being admired and fitting the profile they want to recruit. The agent Jorge Mendes has a mandate to deliver Khusanov’s sale in this window and will be working to secure Lens the best possible fee for a raw but promising talent. David Ornstein
- Nico Williams has a host of suitors; Arsenal and Chelsea are high among them, while Liverpool looked into the viability of a deal last summer. Arsenal manager Mikel Arteta would like to sign Williams in this window but the finances involved make it highly unlikely and Williams is not agitating to leave Athletic Bilbao. His release clause stands at just shy of €60million — it fluctuates with inflation — and would need to be paid in full. When the size of his salary is factored in, it becomes even more difficult. A summer transfer is more plausible. David Ornstein
- The Saudi Arabian league is still keeping a close eye on Vinicius Junior. There were new telephone conversations with his agents at the beginning of December, in which it was clarified that they are still interested in the Real Madrid and Brazil star. The next attempt to sign him is expected to take place in the summer — not the winter window — with Al Ahli as his destination. The Athletic revealed in August that talks had taken place between the parties, including a face-to-face meeting in London. Vinicius listened to the proposal but he felt it was not the right time, while Real Madrid referred to the striker’s €1billion release clause. Vinicius is under contract until 2027 and Madrid have shown a willingness to start the process of renewing his contract. His agents, however, prefer to wait until the end of the season, where they will have more negotiating power. Mario Cortegana
- Joshua Zirkzee intends to stay at Manchester United this window. Zirkzee has had a difficult start to life in the Premier League, culminating in the 23-year-old being jeered from the pitch at Old Trafford as his club lost 2-0 to Newcastle United. He was applauded on as Manchester United drew 2-2 with Liverpool on Sunday. There is interest from elsewhere in Europe and the Premier League, but at present he has no plans to depart. David Ornstein
- Wolverhampton Wanderers are on the cusp of signing Emmanuel Agbadou from Reims. The central defender had a medical with Wolves on Monday but he needs a work permit before his switch can be confirmed. Wolves will pay €18million for the 27-year-old with a possible €2m in add-ons. Agbadou will join on a four-and-a-half-year deal with the option of an extra 12 months. But Wolves will not end their recruitment there. They are still considering other central defenders. Lens’s Kevin Danso is a player they admire. They could also sign a central midfielder if Mario Lemina leaves — Al Shabab are keen on him, although that situation appears to have slowed. David Ornstein
- Matheus Cunha is edging towards signing a new contract with Wolves, which would run for four and a half years with the option of an extra 12 months. There have been discussions over a relegation release clause, but this would be somewhat irrelevant — as he would be expected to leave in the event of Wolves falling out of the Premier League — and it should not prove a stumbling block. There would definitely be no release clause if Wolves are in the top-flight. David Ornstein
How good is Khusanov?
“He’s calm, powerful, fast… He has very, very impressive potential,” Lens manager Will Still told Ligue 1’s website in January. He had plenty of praise for Khusanov, who is of interest to some of the biggest clubs in Europe after just one and a half seasons in Ligue 1.
There is a lot to like about the Uzbekistan international. In addition to the qualities Still referred to, Khusanov’s positioning and reading of the game are fantastic. His 2.4 interceptions per 90 in Ligue 1 is the best mark among players to have featured for at least 900 minutes.
He has the composure to let moves develop before making a crucial defensive action but is also not afraid to jump out of the backline to win the ball. He can overcommit at times, but boasts good recovery pace, while his tall frame (6ft 2in; 187cm), physicality and awareness make him difficult to beat in duels.
Khusanov’s distribution is still evolving. While he is keen to progress play on occasion with switches, he rarely attempts line-breaking passes through the middle. These are aspects that will improve with time given Khusanov does not turn 21 until the end of February.
His overall profile, though, provides enough evidence for why teams such as Manchester City are after his signature.
Anantaajith Raghuraman
Arsenal
What has happened this week?
From an Arsenal perspective, the main news has been another injury — this time to 17-year-old Ethan Nwaneri. After impressing in consecutive starts against Brentford and Brighton, he was withdrawn at half-time of the latter game with a muscular problem.
On Monday, Arteta said in his press conference: “Unfortunately he has picked up an injury and he is going to be out for a few weeks.”
Celtic have opened negotiations with Kieran Tierney about a free transfer in the summer. Arsenal declined to take up the additional year on the 27-year-old’s contract, so he is able to negotiate a pre-contract with clubs outside England. Arsenal have not been approached about a January departure for the Scotsman.
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The 20-year-old forward Charles Sagoe Jr has returned to Arsenal from a loan spell with League One side Shrewsbury Town, but that is unrelated to the current injury crisis. After Sagoe Jr made just five starts in the first half of the season, Shrewsbury opted to terminate the loan arrangement.
Arsenal have recalled Sagoe Jr from his loan (Julian Finney/Getty Images)
What would an ‘opportunity’ signing look like for Arsenal?
If Arsenal are to do business in this January transfer window, it’s likely to be one of two kinds.
The first possibility is that a long-term strategic target becomes feasible. That would include names such as Athletic Club’s Nico Williams. Mikel Arteta is a huge admirer of the winger, who has a buyout clause of €58million.
The financial aspect of such a deal is daunting. That buyout would need to be paid in full, and Williams would also expect a sizeable salary package. For Arsenal to follow through with their interest would potentially require owner intervention.
Alternatively, a deal might be identified which Arsenal can pursue without significant financial implications — or even long-term commitment.
Although Arsenal have used their Premier League quota of two loans, they are still able to loan players from abroad.
Many eyes are on Dani Olmo’s curious situation at Barcelona. Currently, they are not able to register the player they signed for €60m last summer. Olmo, however, appears intent on remaining in Catalonia.
One name under discussion could be Paris Saint-Germain’s South Korean forward Lee Kang-in. The 23-year-old is considering his options at PSG despite playing regularly under Luis Enrique. He is open to a new challenge.
PSG are not actively looking to sell and they value and rate Lee highly both on and off the pitch — he has a big impact for them in the Asian market. Any deal would need to be at least double the €22million they paid to sign him from Mallorca in 2023.
Lee, who has scored six goals in 16 Ligue 1 appearances this season, is well known to Arsenal, but the current price tag is off-putting. If, however, PSG were prepared to consider a loan with an option to buy, then Arsenal could be prepared to come to the table.
Lee’s current price tag is offputting (Mahmud Hams/AFP via Getty Images)
What positions/players are they looking at?
Understandably given the loss of Bukayo Saka to hamstring surgery, Arsenal’s efforts to strengthen are focused on wide attack.
Separately, Arsenal are also looking at a number of younger players who would strengthen their academy sides as well as being future prospects for the first team.
Which players could be leaving?
As things stand, Arsenal are not actively working to sell any of their first-team squad. With such a hectic schedule and with the roster beset by injuries and illness, almost everyone is needed.
James McNicholas
Chelsea
What has happened this week?
Chelsea have added to the group by recalling 19-year-old defender Aaron Anselmino from his loan at Boca Juniors. The centre-back was bought by Chelsea from Boca for a fee in the region of £17million (including add-ons) in August but stayed in Argentina to keep getting first-team football.
The timing of his return came a few days before head coach Enzo Maresca revealed fellow centre-backs Wesley Fofana and Benoit Badiashile are not close to fitness following hamstring injuries. He has suggested Fofana could miss the rest of the season, while Badiashile will not be back until next month.
Have plans changed after their recent results?
The general thinking remains the same regardless. Chelsea have never intended to be busy this month because of the work already done on the squad from January 2023 to August 2024. But they have never ruled out signing anyone — that includes the possibility of agreeing a deal with the summer in mind.
Rather than bad results making them spring into action to get someone in now, it will be due to other factors.
Anselmino has been recalled from his loan (Daniel Jayo/Getty Images)
What positions/players are they looking at?
The Fofana/Badiashile issue has thrown up a discussion point over what to do at centre-back.
Crystal Palace centre-half Marc Guehi, who began his career at Stamford Bridge and has 18 months remaining on his contract, has been added to Chelsea’s list of possible targets for 2025 although no bid has yet been made for him.
Another possibility being considered in the short term is recalling Trevoh Chalobah from a season-long loan at Palace. There is a break clause in the deal.
Academy graduate Alfie Gilchrist can also be recalled early from a season-long loan at Sheffield United but Chelsea, the Championship club and the player are happy for things to carry on as they are.
Anselmino is inexperienced in English football but will be assessed over the next few weeks to see if he could provide cover. Academy graduate Josh Acheampong, who shone on his first Premier League start against Crystal Palace, is also a factor in any decision.
Chelsea are weighing up whether to end midfielder Lesley Ugochukwu’s loan at Southampton, but they do not intend to end Andrey Santos‘ spell at Strasbourg.
Striker and winger are two areas under consideration with 2025 as a whole in mind. Mykhailo Mudryk could face a lengthy ban if the B sample of his doping test comes back positive and that will leave them a winger down; if a club makes a suitable bid for a senior player like Christopher Nkunku then he would need replacing.
Ipswich Town’s Liam Delap is one of five to 10 forwards Chelsea are watching closely in view of signing a striker this year.
Which players could be leaving?
Midfielder Carney Chukwuemeka is generating interest from clubs in the Premier League, Germany and Italy. Chelsea have made it clear that they will only consider a permanent sale. The 21-year-old has a £40million release clause in his contract.
The only loan for Chukwuemeka that will be considered is to Strasbourg but that will require one of Caleb Wiley, Djordje Petrovic or Santos to end their spell there because they can only take three loans from Chelsea.
Torino have made a bid for Italy Under-21 midfielder Cesare Casadei but it is below Chelsea’s asking price of €20-25million and a move there looks unlikely. They face competition from two clubs in the top six of Serie A, a top-four club in France and a top-three club in the Netherlands, who have all expressed an interest. Like Chukwuemeka, Chelsea are concentrating on a permanent sale rather than loan. A source close to Casadei is hopeful that Chelsea will lower their demands and that a move can progress over the next few days.
Casadei is of interest to Torino (Julian Finney/Getty Images)
Chelsea still hope to offload Ben Chilwell but apart from some initial enquiries, nothing is imminent. Kiernan Dewsbury-Hall is most likely to leave on loan. West Ham are one of the clubs interested.
Former academy player of the year Harvey Vale is expected to leave without a transfer fee. Instead, Chelsea want to include add-ons that will see them earn a sum depending on what Vale does at his next club plus a sell-on clause. A Championship club is interested, while there is further interest in the EFL. There is also interest from two teams in Europe. Vale’s Chelsea contract runs out in the summer. There is an option for the club to extend for another 12 months, but they do not intend to do so.
Meanwhile, 19-year-old forward Deivid Washington is likely to be loaned out and has options in England and Europe.
Simon Johnson
Liverpool
What has happened this week?
Liverpool rejected a number of offers for young winger Ben Doak. Crystal Palace (£15million) and Ipswich Town (£16m) both had bids turned down for the Scotland international, who has impressed on loan at Championship outfit Middlesbrough this season.
Liverpool believe his value is considerably higher. Unless they receive a much-improved offer, the plan is for Doak to stay at Middlesbrough for the rest of the season and then return to Kirkby next summer.
Full-back Calvin Ramsay was recalled from his unsuccessful loan stint at League One Wigan Athletic, but centre-back Rhys Williams’ spell at League Two Morecambe was extended until the end of the season.
Liverpool also agreed a permanent deal for goalkeeper Marcelo Pitaluga to rejoin his former club Fluminense. The 22-year-old heads home to Brazil on a free transfer with Liverpool negotiating a 40 per cent sell-on clause.
Liverpool have rejected a number of offers for Doak (Stu Forster/Getty Images)
What positions/players are they looking at?
Liverpool didn’t sign anyone last January and currently there’s little sign of them adding to their ranks during this winter window.
With Ibrahima Konate and Conor Bradley back in action against Manchester United on Sunday, the injury situation has cleared up with only Joe Gomez currently sidelined.
The left-back position has been a topic of debate among supporters. Andy Robertson turns 31 in March and Kostas Tsimikas isn’t a long-term successor, but strengthening in that department is unlikely to happen this month.
Is there any world in which Liverpool might be tempted to make a senior move?
Yes, if they believe a deal can be done which makes sense financially and is in the club’s long-term interests.
The signings of Luis Diaz (January 2022) and Cody Gakpo (January 2023) were examples of Liverpool moving swiftly for players they had initially intended to pursue the following summer when it became apparent that they were available midway through the season at acceptable prices.
The situation currently is complicated by the fact that Liverpool don’t know exactly what gaps in the squad they will need to strengthen come the end of the season as contract talks with Virgil van Dijk, Mohamed Salah and Trent Alexander-Arnold rumble on.
Which players could be leaving?
Liverpool aren’t looking to offload any senior players as they continue to maintain a challenge for glory on all fronts.
Before the turn of the year, they rebuffed an approach from Real Madrid to sign Alexander-Arnold in January and insist he’s not for sale. They are planning with Alexander-Arnold on board for the rest of the season — despite the threat of losing him to the Spanish giants on a free transfer in the summer.
Federico Chiesa has been linked with a loan move to Napoli but Liverpool have no intention of sanctioning a temporary switch for the Italy international who they only signed in the summer. Arne Slot is counting on Chiesa for the second half of the season.
Calum Scanlon will return to Championship Millwall on loan after recovering from a back injury, while there’s also plenty of loan interest in fellow youngsters Jayden Danns and James McConnell.
James Pearce
Manchester City
What has happened this week?
City beat West Ham United 4-1 at the weekend but still looked far from their best. Pep Guardiola also publicly challenged Jack Grealish.
In his post-match press conference, he said: “Savinho is in better shape and everything than Jack, and that’s why I played Savinho. Do I want the Jack that won the treble? Yeah, I want it, but I try to be honest with myself for that. They have to fight. You can say it’s unfair.
“If you think that, then it’s fine, but you have to prove (to me), ‘OK, I’m going to fight with Savinho, to deserve to play in that position’, every single day, every single week and every single month.”
City now have a bit of a breather before their January schedule gets hectic — including a further three Premier League games, an FA Cup tie and two Champions League matches.
How active are City planning to be in January?
City are planning to be active in the winter transfer window.
However, they will not rush into any sort of deal just for the sake of it. They want any signing they make to be for the long term.
Guardiol and City are planning to be active (Oli Scarff/AFP via Getty Images)
What positions/players are they looking at?
A position they are exploring bolstering is the centre-back role. Guardiola has had a lot of injury problems there, which has impacted other positions, such as holding midfield, right-back and left-back.
Abdukodir Khusanov is an option on the table — he has been offered to the club. City are now taking a closer look at him. Lens are keen to sell the 20-year-old in order to raise funds.
City are also open to strengthening other parts of their squad. They want to bolster midfield — with The Athletic reporting last month that they have been monitoring Ederson at Atalanta. It’s unclear if Atalanta would consider his exit while fighting for trophies.
They would also like to bolster in attack, having not replaced Julian Alvarez. Eintracht Frankfurt’s Omar Marmoush is considered an interesting profile of player but there have been no meaningful developments on that yet.
Which players could be leaving?
The sense at City is that they will not be letting anyone leave in this window.
Pol Ballus and David Ornstein
Manchester United
What has happened this week?
Ruben Amorim opened the door slightly to the possibility of a signing this month, having previously not entertained such talk.
After defeat to Newcastle a week ago, he said: “We don’t have that possibility in January if we don’t take (sell) some players. It’s not the case that I’m arriving here and I can spend a lot of money changing all the team.”
But ahead of the Liverpool match, he seemed more optimistic. “I will keep that to myself, we will try to do something,” he smiled.
United have at least moved to keep players at Old Trafford. They triggered the extra year clause in Harry Maguire‘s deal, meaning he is contracted to the club to 2026, while Amad’s fresh terms are expected to be announced soon (his current ones run out in 2025, although there is a plus-one option).
Are the club in a position to make signings this window?
United’s profit and sustainability rules (PSR) position is very tight. Their pre-tax loss over last season’s three-year PSR cycle stands at £312.9million, way above the maximum £105m threshold, although clubs are allowed to add back spending on youth development and infrastructure.
United are confident they fall within the guidelines, but bringing in any fresh faces would require some accounting magic.
Finding cash is an issue in any case. United’s revolving credit facility — effectively a company credit card — rose from £35.6million in June to £232.3m in September, a sign of how summer transfers were paid for. The limit on that particular route to money is £300m, but United are already creaking under debt.
What positions/players are they looking at?
The player foremost in thoughts at the moment is Randal Kolo Muani, who is available on loan from PSG. United have been looking at attacking options given their difficulties scoring.
Amorim likes having left-footers in his squad, and the most glaring position where one is needed is at left wing-back. Diogo Dalot enjoyed an excellent game in that role at Liverpool, but has not hit that level on other occasions. Luke Shaw’s injury record means he cannot be relied upon and Tyrell Malacia has struggled since returning from long-term injury.
Which players could be leaving?
Marcus Rashford‘s fall from favour under Amorim, coupled with his public statement about the prospect of a new challenge, makes his situation live during the winter window. However, the market for him appears shallow due to his wages, which are too high for nearly all clubs to afford. It would require a creative solution and subsidy from United.
Sources believe Italy is the likeliest destination and Milan are looking for a winger, but on the right.
Other academy graduates Alejandro Garnacho and Kobbie Mainoo also offer pure profit in the eyes of the accountants, and although selling them at this stage of their careers would be a huge wrench for fans, United’s hierarchy are expected to make unemotional judgements on all outgoings should offers arrive.
Casemiro has been available since INEOS gained control, with his salary at the top end. Loans for Antony have been discussed, with his wages amenable to more clubs.
Joshua Zirkzee has attracted interest from Juventus but intends to stay.
Laurie Whitwell
Newcastle United
What has happened this week?
Nothing conclusive, but exits will dominate at least the first part of January and some players are edging closer to leaving.
Martin Dubravka is wanted by Al Shabab and has agreed a deal in principle with the Saudi Pro League side. Reports in Saudi Arabia claim that Newcastle’s Carabao Cup quarter-final first leg against Arsenal on Tuesday will be Dubravka’s last match.
Eddie Howe did not confirm or deny that when asked about it at his press conference on Monday and, while the head coach would prefer to keep the Slovakia international unless a replacement is signed, Dubravka is 35, out of contract this summer and keen to take this lucrative opportunity. Newcastle also have four other senior goalkeepers and his departure will have only a negligible effect PSR-wise but, with Nick Pope the established No 1, Dubravka will no longer be playing regularly once the England international returns from injury in the next week or two.
The expectation is that Dubravka will leave this month. It feels like it is now a case of when, not if.
Miguel Almiron, meanwhile, is available and there is interest from MLS, South America, Europe and Saudi in the Paraguay international. Newcastle hope to recoup up to £10million for Almiron, but may have to settle for less. The Athletic has previously reported that Charlotte FC, River Plate and Olympiacos are among his suitors, but no deal is yet agreed.
Almiron is available this month (Carl Recine/Getty Images)
Callum Wilson is highly unlikely to leave this month, given his present hamstring injury will keep the England international out until mid-February. The 32-year-old’s contract expires in the summer, though Newcastle can unilaterally extend that by another 12 months.
Newcastle will not rush into making a firm call either way, with the hierarchy recognising that if Wilson returns and scores goals, he may retain value and could be sold for a fee this summer. Yet, should his poor injury record continue — Wilson has made only four league appearances this season — then Newcastle could end up paying one of their top earners for another campaign, which has an impact upon their PSR position.
A decision does not have to be made imminently, however, with Newcastle retaining the ability to exercise that clause until late in the season.
Can Newcastle push the boat out in a bid for Champions League qualification?
Theoretically, yes. Yet a word of caution: Newcastle fans should not necessarily get their hopes up.
It is not that Newcastle do not want to strengthen — because they do, with several insiders insisting they will respond to opportunities to sign long-term targets — but they are extremely conscious of PSR.
Some supporters point to Newcastle’s willingness to spend £50million-plus on Marc Guehi in August as evidence of a large transfer budget. There is said to be some wiggle room but any substantial purchase would need to be offset. That would have been the case had Guehi signed. Newcastle are determined to avoid a repeat of June and a scramble to balance their books at the 11th hour.
During the January of 2023, when a top-four finish appeared attainable, Newcastle pounced to bring in Anthony Gordon for an initial £40million. But that was because what they deemed to be a decent-priced deal for a player they had wanted to sign the previous summer presented itself, while Chris Wood and Jonjo Shelvey also departed to partly offset that cost.
Gordon-esque transfers do not come around often in January windows. Newcastle hope another will arise, and are ready to try and conclude a deal if it does, but they are not necessarily expecting one to.
The counter-argument would also be that, given their festive form has propelled Newcastle into fifth, which may be enough for a Champions League slot, and with Sven Botman now back from long-term injury, there is no absolute need to significantly reinforce now.
Instead, the message coming out of the club is that, should they avoid sizeable expenditure this month, Newcastle will have better spending capacity for the summer.
What positions/players are they looking at?
The Guehi saga dominated August and Newcastle remain keen admirers. The feeling on Tyneside is that a January transfer would be difficult — though it is not being ruled out entirely, even if Botman’s return has lessened the immediate need.
Lens’ Khusanov fits the profile of defender Paul Mitchell, the sporting director, is looking for, while Juma Bah, the 18-year-old defender who is on loan at Real Valladolid from Sierra Leonian side AIK Freetong, has also been watched. The latter is seen as one for the future, rather than a first-team-ready recruit.
Newcaste have watched Bah (Alex Caparros/Getty Images)
At right wing, the club enquired about Nottingham Forest’s Anthony Elanga during the previous window. Brentford’s Bryan Mbeumo has been linked but, while there is some admiration, it would be expensive and complicated. Moves for PSV’s Johan Bakayoko and Monaco’s Maghnes Akliouche appear unlikely this January.
Newcastle have watched Tyler Dibling, Southampton’s 18-year-old attacking midfielder, but he is not deemed as a priority for January, and is merely one of a number of young wingers being tracked. Reports linking Manchester City’s James McAtee have been played down.
Burnley’s James Trafford, the 22-year-old Newcastle offered £16million for in June, fits the profile of goalkeeper Howe wants. That deal is more likely to be revisited come the summer, though Howe may push for another shot-stopper should Dubravka leave.
Which players could be leaving?
Beyond Almiron and Dubravka, Sean Longstaff is the first-team player who is most likely to leave.
Selling an academy graduate would represent ‘pure profit’ from a PSR perspective, so Newcastle would have to consider offers. With a 12-month extension prolonging his deal to 2026, Newcastle could command a reasonable fee for the 27-year-old, even if Howe is loath to lose him. Premier League and Championship clubs have shown interest, but bids are yet to arrive.
Crucially, Newcastle must reduce their wage budget, so significant earners in Kieran Trippier and Wilson might be moved on. The former was keen to leave during the summer and still desires a new challenge. The latter’s injury makes a mid-season exit unlikely.
Isaac Hayden, who does not train with the first-team squad, is still available for a transfer. Jamal Lewis has returned to Newcastle after his Sao Paulo loan spell was cut short by an ankle injury. The 26-year-old’s Newcastle contract expires this summer and his injury may prevent him from securing another loan.
Despite reports linking Bruno Guimaraes with Manchester City, Newcastle have had no contact yet and are determined to keep hold of the Brazilian and their other star men, Gordon and Alexander Isak.
Chris Waugh
Tottenham Hotspur
What has happened this week?
Tottenham made a strong start to their January transfer window with the signing of Czech goalkeeper Antonin Kinsky.
Spurs moved as soon as the window opened to sign the 21-year-old, one of the highest-rated young keepers in Europe. Spurs will pay Slavia Prague just over £10million ($12.5m) for Kinsky, who has signed a deal until 2031. He was confirmed as a Tottenham player on Sunday morning and has now had his work permit confirmed. It means he is eligible to face Liverpool in the Carabao Cup semi-final first leg tomorrow.
The expectation is he has come in to compete with Guglielmo Vicario, rather than be a back-up, so with the Italian still recovering from a broken ankle, we may see Kinsky in goal for Spurs sooner rather than later.
Spurs have signed Kinsky (Juan Manuel Serrano Arce/Getty Images)
Have recent form and defensive injuries changed Tottenham’s plans?
The injury crisis has shown Spurs are light in certain areas, especially defence and the front line. They have won just one league game (Southampton away) in eight since their 4-0 win at Manchester City on November 23.
Ange Postecoglou has been open about needing players. “The club are working hard to try and get some help for the playing group,” he said at Friday’s press conference. “It’s no secret, we need to bolster our numbers up a little bit.”
Moving fast to get Kinsky for January, rather than waiting until the summer, shows they are willing to react to the situation to find reinforcements for the second half of the season.
What positions/players are they looking at?
There are two standout issues.
The first is in defence. First-choice centre-back pair Cristian Romero and Micky van de Ven have struggled with injury in recent months, while Ben Davies and Destiny Udogie are also out with hamstring problems. That has left Radu Dragusin and Archie Gray playing centre-back for the last six games. It has also led to Postecoglou turning to Djed Spence and Sergio Reguilon, both of whom had been in the cold in recent years. Whether Spurs sign another defender — perhaps a left-sided one — this month will depend on who is available, how much Postecoglou feels he can rely on Spence and Reguilon, and when the injured players will get fit.
The other issue is in attack. Spurs have asked so much of Dominic Solanke, Brennan Johnson and Dejan Kulusevski this season but they have looked a bit short of options. Timo Werner has not done much, Son Heung-min has not been at his best, while Richarlison and Wilson Odobert have barely played due to injuries.
Another winger or striker would certainly help the team out if they can find good options on the market — and it therefore makes sense that they have moved for Randal Kolo Muani.
Which players could be leaving?
The availability crisis has made it much less likely for Spurs to move players on this month. Key players Pedro Porro, Kulusevski, Solanke and Johnson have played almost every available minute. Gray has played more than might be expected. Reguilon and Spence have been brought in from the cold.
So while there was plenty of interest from Serie A in Dragusin, he has now started Spurs’ last 11 league games in succession and, as such, there is no prospect of him being let go this summer. Richarlison, who has been out with a hamstring problem in recent months, could be more use to Spurs on the pitch than on the market when he gets fit again this month.
Jack Pitt-Brooke
Barcelona
What has happened this week?
It is never a quiet week in Barcelona. The Dani Olmo and Pau Victor saga has been in the spotlight.
Both players have been unregistered with La Liga and they were unable to feature in the weekend’s cup game against fourth-tier side Barbastro.
Now Barcelona will head to Saudi Arabia to play in the Spanish Super Cup. Both players are expected to be part of the travelling squad, but it is still unclear if Hansi Flick will be able to select them.
The Olmo saga has dominated conversation at Barcelona (Josep Lago/AFP/Getty Images)
La Liga and the RFEF (Spanish FA), the two institutions that allow and execute players’ footballing licences in Spain, rejected Barcelona’s latest claim to have Olmo and Victor registered.
Joan Laporta and his board have completed the sale of the exploitation rights of the new Camp Nou’s VIP boxes as the latest “lever” to boost the club’s finances. However, that sale was completed late, according to La Liga. They say Barcelona were not able to show them proof of payment by December 31, the deadline that had been set to fix the situation.
Now Barcelona have sold a new asset from the club that Laporta was hesitant to let go, while two players still can’t feature for them.
Is the situation bad enough that Olmo might leave?
This is the worst-case scenario, but one that is still on the cards.
Olmo is already entitled to leave for free. He has not done it yet because he wants to stay at Barcelona and is willing to let the club try everything to resolve the situation in their favour.
Barcelona will file an appeal to the Consejo Superior de Deportes, the highest sports institution that is connected to the government. Their hope is that they are given temporary permission to proceed with both registrations before the subject is discussed in a new broader legal dispute.
What positions/players are they looking at?
With the Olmo and Victor situation to deal with, Barcelona are currently not focusing on new signings for this month.
The outcome of this, though, can have an impact in their stance.
On the back-burner, there is the Jonathan Tah deal. Barcelona have been in touch with the player’s camp to sign him on a free transfer at the end of the season when his current deal with Bayer Leverkusen comes to an end.
Tah’s deal expires in the summer (Sebastian Widmann/Getty Images)
Which players could be leaving?
Again, this will also depend on Olmo and Victor. If both players have to leave, it is difficult to envisage the club sanctioning departures.
But one name that could be leaving is Eric Garcia. Girona are very interested in signing him permanently, after a successful loan spell last season, and are willing to make an offer.
Garcia is far from a starting spot in Hansi Flick’s plans but has been a solid option as a backup holding midfielder. The German manager values the 23-year-old, and given he has few options in that role he would prefer Garcia to stay.
However, his contract with the club runs until 2026 and there have not been talks to extend it so far. Eric Garcia was already tipped to leave last summer, but with Andreas Christensen, Ronald Araujo and Marc Bernal’s injuries he had to stay. Two of those players are returning to action this month.
Pol Ballus
Real Madrid
What has happened this week?
It has been a busy week at Real Madrid, with a focus on one particular name: Trent Alexander-Arnold.
Sources with knowledge of the situation described the past few days as “crazy”. The fuse was lit on 31 December, when Real Madrid made an approach to Liverpool to ask if they would be open to negotiating the sale of the right-back in January. His contract expires in June and he has not extended. The refusal from Anfield meant that no figures were even discussed in depth, despite some reports.
Madrid are confident about signing Alexander-Arnold for the summer, but are trying to bring it forward to this window. If Liverpool were interested in doing a deal now so that one of their biggest stars does not leave for free in June, Madrid would be happy to agree a fair price.
Is there any chance they will push again for Alexander-Arnold this window?
It is still unclear, but sources involved in the process do not rule out further moves in the next days and weeks. Arne Slot did not rule out the possibility of Alexander-Arnold leaving in January at his press conference on Friday.
Real Madrid have a big need at right-back since Dani Carvajal’s serious knee injury in October. Carvajal is aiming to be back for the Club World Cup, which starts in June.
Sources at Valdebebas have been saying that they see no way of being competitive in all tournaments without reinforcements in the position, which is more of a concern than centre-back. One source told The Athletic: “What I know is that without a right-back, it is impossible to win the Champions League.”
There is a lot of respect for Lucas Vazquez as a player and a professional, but he is playing too much and there is too much demand on him.
Madrid are interested in Alexander-Arnold (Carl Recine/Getty Images)
What positions/players are they looking at?
The right-back position is the most urgent.
There is also concern about the situation in the centre of defence, but that situation is less pressing because of the recent good results, the emergence of academy player Raul Asencio and the recovery of David Alaba, who is expected to play again in January, 13 months after his serious knee injury.
Madrid are very reticent about the winter market and have not made a move in it since signing Brahim Diaz in 2019. He was signed as a market opportunity because his contract at Manchester City was due to expire the following summer.
The board consider that there are no top players for sale and rule out making additions just for four months.
Which players could be leaving?
Jesus Vallejo. The centre-back returned from a new loan spell in the summer and did not want to leave although neither the club nor Carlo Ancelotti were counting on him. He has only played 10 minutes and there have been constant physical problems. On Sunday he was surprisingly not included in the squad for the first round of the Copa del Rey, where he was expected to have minutes.
Sources explained that on Saturday he had left training saying he had physical discomfort and on Sunday he had not trained. The club added that they are looking for a way out for him. He has a contract until June. Vallejo has not decided whether or not he wants to leave or stay yet.
No one has asked to leave at this point, not even those who are playing fewer minutes, and Real Madrid do not want to lose players either because they consider that all of them can be important at certain times during the season.
Endrick is a clear case. He has only played 160 minutes. The club has asked him for patience, pointing to the processes followed in the past by his compatriots Vinicius Junior and Rodrygo Goes. One argument given is that Endrick has played more games up to December, with 15, than Vinicius (10) and Rodrygo (14) in their first season.
The striker is not contemplating leaving in January but is planning to discuss the situation in the summer with the club in search of playing time if he does not get minutes at the Bernabeu.
Mario Cortegana
(Top image — design: Eamonn Dalton, photos: Getty Images)
