Welcome to the second 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 winter transfer window, which for many leagues closes on February 3. 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 last week’s edition, we covered Randal Kolo Muani’s future, interest in Nico Williams and Manchester City’s pursuit of a deal for Abdukodir Khusanov. This time, Ornstein’s One To Watch looks at a ‘Big Six’ side and whether they need to shift plans for this window, Aston Villa striker Jhon Duran’s future, and updates on Arsenal, Chelsea, Manchester United, Manchester City, Newcastle United, Tottenham Hotspur, Barcelona and Real Madrid.
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
Losing to Manchester United in the FA Cup third round extends a difficult run for Arsenal, which has seen them go three games without victory and slip eight points behind leaders Liverpool at the Premier League summit.
Bukayo Saka’s hamstring tear against Crystal Palace was a big setback, while Martin Odegaard is still yet to recapture top form since his return from injury and the team’s finishing in front of goal has left a lot to be desired.
It got worse during the United loss when Gabriel Jesus went off and he is now set for a long spell out through a suspected anterior cruciate ligament (ACL) rupture — although it is his left knee rather than the right, on which he had surgery in 2022.
Further specialist reviews are scheduled for Tuesday to establish the full extent of the damage, but it represents another major blow for Arsenal.
Speculation will now intensify over potential recruitment and they are open to doing business if suitable opportunities arise.
Jesus left the pitch injured on Sunday (Ian Kington/IKIMAGES/AFP via Getty Images)
This month was always viewed as a reactive market, with the summer a greater priority, and recent events could force their hand in a bid to strengthen for the second half of the season and beyond.
Arsenal do have some financial room to manoeuvre, while their desire to recruit both a striker and wide attacker is long-standing and has not receded.
The problem is the availability of players that manager Mikel Arteta wants, the level of cost involved and whether the options would represent an upgrade on existing personnel.
The presence of Neto and Raheem Sterling means Arsenal already have their two Premier League loan slots taken, but they could look abroad for temporary solutions and are understood to be doing so.
Despite permanent deals being more complicated and therefore less probable, the possibility should not be totally discounted if the value is deemed fair and achievable or a plan for the next market can be brought forward.
Arsenal’s main focus, however, remains utilising the talent they already have inside the building — knowing that Arteta’s squad can deliver far more than recent results have shown.
Kai Havertz will continue as their first choice to lead the line and his record since joining from Chelsea, especially in the 2024 calendar year, offers cause for optimism.
The likes of Gabriel Martinelli, Leandro Trossard and Ethan Nwaneri — when back fit — can also be expected to contribute in the final third of the pitch.
Which gaps in the squad do Arsenal need to urgently fill?
Arsenal are on a three-match winless run, with each of those games having consequences in a different competition. They are now out of the FA Cup, face trying to overturn a 2-0 first-leg deficit in a Carabao Cup semi-final decider away to Newcastle United next month, and are six points behind Premier League leaders Liverpool, who have a game in hand on them.
Their recent form has led many to believe Arsenal are in desperate need of recruitment, particularly given their struggles without Martin Odegaard through injury previously this season and Bukayo Saka at present. As the squad depth chart below shows, Arsenal have no cover for Odegaard, while Saka’s backup, former England international Raheem Sterling, is on loan from Chelsea and has had to deal with injuries himself.
Centre-forward is an issue for manager Mikel Arteta, too. Gabriel Jesus and Kai Havertz have 52 goals in 174 combined matches across all competitions for Arsenal. Jesus’ injury history and Havertz’s profligacy are concerns and both came to the fore during their FA Cup exit against Manchester United on Sunday. Jesus could now face a long spell on the sidelines.
Further down the pitch, Arsenal need to decide on a No 6 for the future. Thomas Partey, who turns 32 in the summer, and Jorginho, 33, are both into the final six months of their contracts. While Declan Rice can play as a No 6, his talents are better utilised as the left No 8 in Mikel Arteta’s system.
Right centre-back is one more problem that requires resolution. William Saliba is one of the best defenders in the world, but Arsenal will remember how their 2022-23 campaign unravelled when he suffered a season-ending back injury in the March. They do not have a natural backup for the Frenchman, although Gabriel can slide across and play that position, with Riccardo Calafiori or Jakub Kiwior covering at left centre-back.
Anantaajith Raghuraman
What else we’re hearing
- Aston Villa have no intention of selling Jhon Duran in January. Despite signing a new deal in November, keeping him at Villa Park until 2030, there is interest in the striker once again. The Colombian has impressed this season, scoring 10 goals in 24 games across the Premier League and Champions League. There could have been a doubt over his future — he usually has to compete with Ollie Watkins for a single position in Unai Emery’s 4-2-3-1 — and it is rare to successfully keep two elite forwards happy in that situation. But Villa regard Duran as being worth upwards of £100million and do not plan to trade the 21-year-old during the winter window. David Ornstein and Jacob Tanswell
- Milan are interested in signing Kyle Walker this window. Pep Guardiola revealed on Sunday that Walker had asked to explore a move abroad. The 34-year-old missed out on Manchester City’s FA Cup tie against Salford as a result. It is unclear whether Milan will push further this window — especially as they have limitations around adding further non-EU players to their squad. James Horncastle and Laurie Whitwell
- Milan are also looking at left-wingers and No 8s in this window, to go along with a right-back. However, there is no guarantee they will sign a player in each position. Noah Okafor is on the cusp of joining RB Leipzig, which will leave Milan short on the left wing, although Christian Pulisic can play on that side, too. James Horncastle
- Chelsea have enquired over a potential deal to sign Bayern Munich forward Mathys Tel. The Premier League club have made contact with their Bundesliga counterparts to explore a move, with Bayern interested in signing Christopher Nkunku in a separate deal. At this stage, there are no guarantees that Tel will move to Stamford Bridge, but the west London club’s interest in the player is long standing and pre-dates this transfer window. David Ornstein
- Omar Marmoush is edging closer to a move to Manchester City — although there is a discrepancy between Eintracht Frankfurt’s asking price and City’s valuation. City want to pay around €60million, while Frankfurt want €80m with bonuses included. City have already expressed their interest to Frankfurt and personal terms are not expected to be a problem. David Ornstein and Seb Stafford-Bloor
Marmoush is edging towards joining City (Christian Kaspar-Bartke/Getty Images)
- Aston Villa are on the cusp of signing Yasin Ozcan from Turkish side Kasimpasa. He will cost €7million up front with a further €1m in possible add-ons. Ozcan, who will have a medical on Tuesday, will sign a contract until 2030 before returning to Kasimpasa for the rest of the season. Adam Leventhal and Jacob Tanswell
- Several Villa players face an uncertain future. Villa have received an offer from Fenerbahce for Diego Carlos, but the initial fee is lower than what they want, particularly as they will need to replace the defender. There have been reports linking Villa to a loan for Paris Saint-Germain centre-back Milan Skriniar, but his salary may be prohibitive. Joe Gauci, Kosta Nedeljkovic and Sil Swinkels could all leave on loan. Tommi O’Reilly and Samuel Iling-Junior may be recalled from their loans at Shrewsbury Town and Bologna respectively. Louie Barry has received notable interest from Championship clubs and teams in Scotland, with Villa soon set to decide whether to loan or sell the forward. Jaden Philogene completed his medical at Ipswich Town last week ahead of a permanent move worth £20m ($24.7m) and a further £3m in add-ons. Jacob Tanswell
- At the start of this month, Villa wanted to sign a versatile attacker and right-back. The club are set to land their first target, with Borussia Dortmund attacker Donyell Malen close to joining in a deal worth £23million plus £3m in add-ons. Villa’s pursuit of Malen will not be affected by the likely signing of SM Caen attacker Tidiam Gomis, who the club are in advanced talks to sign. The 18-year-old is viewed as a young player with potential and likely not to be part of immediate plans. Meanwhile, Villa are exploring a number of defensive options, including Celta Vigo’s Oscar Mingueza and Rayo Vallecano’s Andrei Ratiu, though no decision has been made yet. Jacob Tanswell
Why is Omar Marmoush a wanted man?
Marmoush possesses several qualities that modern football requires from top forwards.
He is direct and runs at defenders, creating space for himself and his team-mates to exploit. Hugo Ekitike, his strike partner at Eintracht Frankfurt of the German Bundesliga, has been a major beneficiary this season, with Marmoush assisting him four times in 16 league matches.
Out of possession, Marmoush gets into good positions to drive his team forward, especially on the counter. In more patient build-up play, he causes the most damage when allowed to get on the blindside of defenders and into ideal scoring positions. In front of goal, he often seems over-reliant on his stronger right foot but boasts fantastic ball-striking quality, which enables him to score from different angles.
Marmoush’s technical ability is a third factor in his favour.
The Egypt international, who turns 26 early next month, is a scoring and creative threat from open play and set pieces, as evidenced by his 19 goals and 12 assists in 25 matches this season across all club competitions. Marmoush’s 2.1 chances created per 90 is the second highest in the Bundesliga among forwards to have played at least 900 minutes this season (behind only Werder Bremen’s Marvin Ducksch on 2.3).
Anantaajith Raghuraman
Marmoush features in The Athletic’s Transfer Radar — read more about him and other key targets across Europe
Arsenal
What has happened this week?
Once again, the most relevant news to Arsenal concerned an injury. This time, it was Gabriel Jesus, who departed the FA Cup tie against Manchester United on a stretcher late in the first half of normal time.
Jesus had started the game on the right wing, filling in for the already injured Bukayo Saka. The Brazilian underwent scans on Monday. The results of those tests could force Arsenal into the market over the coming days and weeks as they have lost a player who was an option both through the middle and on the flanks — and potentially for the long term.
Marquinhos has returned to Brazil (Tim Nwachukwu/Getty Images)
Another Brazilian, Marquinhos, has gone back to his homeland, joining Cruzeiro. The 21-year-old returned to London from 12 months at Fluminense, where he made 29 appearances in all competitions, before swiftly returning to his homeland for another loan spell.
Arsenal spent heavily last summer — how is that outlay perceived in retrospect?
Over £100million was spent by Arsenal in the summer 2024 window, on converting David Raya’s loan deal from Brentford into a permanent transfer and adding Riccardo Calafiori and Mikel Merino. They also completed loan deals for backup goalkeeper Neto and Raheem Sterling.
So far, it is difficult to argue they have extracted sufficient value from that level of outlay. Arsenal have played 31 games in all competitions, with Merino and Calafiori making 12 starts each and Sterling making five. Neto has not featured once since his move from Bournemouth, as he was cup-tied for the competition in which he was most likely to appear, the Carabao Cup.
Arsenal did manage to balance the books — much of their spending was offset by selling the likes of Emile Smith Rowe, Eddie Nketiah and Aaron Ramsdale. In theory, that should afford them some flexibility in what’s left of this window.
What positions/players are they looking at?
If Arsenal are to strengthen, it is most likely to be in the attacking third.
Either they can try to expedite a deal for a long-term target, such as RB Leipzig’s Benjamin Sesko or Nico Williams of Bilbao’s Athletic Club, or they will have to identify an alternative opportunity.
Sesko is a long-term target (Maja Hitij/Getty Images)
Arsenal have always felt it will be difficult to acquire a player of the appropriate level in January. If Jesus’ scan results provide bad news, however, it would significantly up the ante. They may have to compromise, perhaps even consider a short-term loan, simply to ensure they have the requisite cover.
But they can only borrow players from clubs abroad, having used their domestic loan slots on Neto and Sterling.
Which players could be leaving?
Although Kieran Tierney came on against Manchester United on Sunday, there is still a chance he leaves before the month is out.
The Scotland full-back is in talks with previous club Celtic about a pre-contract deal to return in the summer as a free agent. If an agreement is reached, they may try to broker an agreement with Arsenal to bring that move forward to January.
James McNicholas
Chelsea
What has happened this week?
Borussia Dortmund expressed an interest in signing midfielder Carney Chukwuemeka on loan with an option to buy. The Bundesliga club are also one of many teams interested in signing versatile Portugal international midfielder and defender Renato Veiga.
Chelsea continue to assess their options at centre-back due to Wesley Fofana and Benoit Badiashile being ruled out with hamstring injuries. Re-signing Marc Guehi is a possibility in 2025, four years after his move to Crystal Palace, but they are considering just recalling Trevoh Chalobah early from his season-long loan to the same club for now. Perhaps significantly, Chalobah did not play for Palace in their FA Cup tie at the weekend, which would have cup-tied him.
Chelsea could re-sign Guehi, who they sold to Palace in 2021 (Julian Finney/Getty Images)
Chelsea have added Manchester United’s England midfielder Kobbie Mainoo to their wishlist, with his contract at Old Trafford having just over two years left to run. The 19-year-old is a homegrown player who could be sold by United to help them comply with profit and sustainability rules (PSR).
And on Monday evening, my colleague David Ornstein reported Chelsea’s interest in Mathys Tel.
Meanwhile, Chelsea’s talented under-21 midfielder Alex Matos has joined Championship side Oxford United on loan for the rest of the season.
Would Guehi’s return be a big difference-maker for Chelsea?
There has been a lot of rotation at the back due to the Fofana and Badiashile injuries and Axel Disasi’s form. Tosin Adarabioyo has added some leadership to the dressing room, but Chelsea are still looking for a long-term central defensive partner for Levi Colwill.
Chelsea academy graduate Guehi can provide that. He is highly rated by his boyhood club and current head coach Enzo Maresca. With the England international being 24 and Colwill turning 22 next month, there is the prospect of the duo playing together regularly for club and country for many years.
However, a deal for Guehi this month will be difficult. Crystal Palace will take some convincing to sell now, while Chelsea’s valuation is considerably lower than the price Newcastle were quoted by Palace for their club captain during a protracted transfer saga last summer.
What positions/players are they looking at?
Other than centre-back, as discussed above, any arrival may depend on who leaves. Chelsea never intended to be too busy with incomings this window, although they will act if an opportunity presents itself. The club are also open to the idea of agreeing a deal for someone this month with a view to them joining in the summer, as Malo Gusto did in 2023.
One of the positions they have earmarked for 2025 is centre-forward. Ipswich Town striker Liam Delap, 22 next month, is one of five to 10 attacking players they are looking at. They also have interest in Tel, who is a versatile attacker.
Delap is one of five to 10 attacking players Chelsea are looking at (Michael Regan/Getty Images)
Chelsea have been linked with Deportivo La Coruna winger Yeremay Hernandez, however it is their French sister club Strasbourg who want to buy him. There is a €20million (£16.8m/$20.4m) release clause in the 22-year-old’s contract. Strasbourg are preparing an offer below that figure consisting of an initial fee up front and various potential add-ons, but the Spanish second-tier club do not want to sell. By joining Strasbourg, it would open up the possibility of joining Chelsea in the future should he impress.
Which players could be leaving?
Veiga’s possible departure is the most surprising development. Chelsea were not considering selling a player they only signed last July, but the 21-year-old wants to play more regularly and in his preferred position of centre-back. Dortmund are not the only team keen, with clubs in the Premier League, Italy and France also making approaches.
Chelsea will only consider a permanent sale rather than a loan and value him up to £30m. They also want a sell-on clause included. Any Veiga exit would not mean a new arrival — the likes of Gusto and Reece James can play at left-back as backups to their more orthodox options.
A sign of how a situation can change is that Chelsea are now prepared to loan Chukwuemeka to Dortmund, albeit under the proviso that strict playing and economic conditions are agreed to. They also only want it to be a straight loan, with no option or obligation to buy included. As reported in last week’s Transfer DealSheet, Strasbourg were previously thought of as the only possible loan venue, with Chelsea looking for a £40million ($48.7m) release clause to be met if other clubs wanted to sign the 21-year-old.
Cesare Casadei is prepared to leave and Chelsea received an enquiry from a mid-table Premier League club on Sunday. There are also negotiations going on with leading teams in Italy, France and the Netherlands. Napoli were in the mix to take the 22-year-old Italian home, but that interest has waned now they have signed fellow midfielder Philip Billing on loan from Bournemouth. Chelsea want €20million to €25m.
Chelsea are looking to loan out or sell Kiernan Dewsbury-Hall and Ben Chilwell, but nothing has progressed with either yet. Should a large enough bid be received for Christopher Nkunku or Disasi, the club may consider those deals, too. Bayern Munich are interested in the former, which would be a separate deal from any Chelsea offer to sign Tel. Nkunku’s switch is described by Chelsea sources as more advanced than the enquiry for Tel.
There is also interest in Disasi, who is not regarded as a perfect fit for Enzo Maresca’s system — which means he is likely to move this window. There is interest from the Premier League and clubs in Europe, but it is too early to say if it will be a permanent sale or loan move. While are interested in buying Disasi, a loan could be considered to get him playing regularly and maximise his sale value in the summer. Disasi wants more playing time.
Simon Johnson
Liverpool
What has happened this week?
Liverpool have been keeping a close eye on developments regarding the future of Napoli winger Khvicha Kvaratskhelia.
The Athletic reported that the Premier League leaders could consider a move for the Georgia international, who has asked to leave the Serie A outfit this month. Paris Saint-Germain are among the clubs keen to secure his services. Reports in France on Monday night suggested they were close to an agreement — PSG have always been regarded as frontrunners for his signature.
Napoli boss Antonio Conte told reporters on Saturday: “I can’t chain up someone who wants to leave. I did it this summer. I had six months to persuade the parties involved to find a solution. The news came like a bolt from the blue. I’m now taking a step back and it’s right that the club and Kvara’s entourage resolve this situation. We are losing an important player.”
Liverpool are keeping an eye on Kvaratskhelia (Francesco Pecoraro/Getty Images)
Elsewhere, Liverpool recalled young winger Kaide Gordon from his loan spell at Norwich City due to a lack of game time. Gordon, who only started one league match for the Championship outfit, has returned to Kirkby with the club considering other loan offers for the second half of the season.
Right-back Calvin Ramsay, whose loan at Wigan Athletic was cut short earlier this month, is joining Scottish Premiership side Kilmarnock on loan for the rest of the season.
Would Kvaratskhelia improve Liverpool’s options?
Liverpool’s admiration for him is long-standing, with Jurgen Klopp effusive in his praise after Kvaratskhelia shone when the clubs met in the Champions League in 2022-23.
At the age of 23, the winger certainly fits the profile in terms of his skill set. He has plenty of top-level experience but with a high ceiling to develop further.
However, Liverpool aren’t short of left-sided attackers. Cody Gakpo and Luis Diaz have played there so far this season and it’s been an area of strength for Arne Slot’s side. Diogo Jota and Darwin Nunez can also operate from the left, although both have largely been utilised through the centre.
When you add the right-sided duo of Mohamed Salah and Federico Chiesa to the mix, Liverpool already have six senior attackers, so it’s highly likely there would have to be a high-profile exit to make room for a new signing. With Napoli wanting around €80m (£67m, $51m), Liverpool must decide what’s the best use of their resources.
What positions/players are they looking at?
Aside from monitoring Kvaratskhelia’s situation, it’s been quiet so far.
Slot has made it clear that he’s happy with the depth of his squad, with Joe Gomez (hamstring) the only absentee due to injury currently.
Slot is happy with his squad (Oli Scarff/AFP via Getty Images)
Liverpool’s stance is that they will only make a signing this month if there’s a deal to be done that makes sense financially and is in the club’s long-term interests.
The signings of Gakpo (January 2023) and Diaz (January 2022) were examples of Liverpool moving swiftly for players they had initially intended to pursue the following summer when it became apparent they were available midway through the season at acceptable prices.
Which players could be leaving?
Liverpool will consider loan interest in youngsters Jayden Danns and James McConnell, who both featured in the 4-0 FA Cup win over Accrington Stanley. Danns, who has yet to make a first-team start, has put a troublesome back problem behind him and enhanced his growing reputation by scoring his third senior goal off the bench on Saturday.
Before the turn of the year, Liverpool rejected an approach from Real Madrid to sign Trent Alexander-Arnold in January and their stance is that he’s simply 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.
Liverpool have played down talk of sanctioning a loan for Chiesa, who scored his first goal for the club after coming on against Accrington. Slot revealed that he would have started that game but for illness earlier in the week.
James Pearce
Manchester City
What has happened this week?
A lot! By the time Pep Guardiola announced that Kyle Walker would like to move overseas this month, City had already made serious advancements on three other deals.
City’s director of football, Txiki Begiristain, was photographed in Manchester with a fan, and in the background was his incoming replacement, Hugo Viana, who will take over in the summer.
Walker wants to move abroad (Carl Recine/Getty Images)
Sporting CP had been insistent that Viana would only start to get his feet under the table in Manchester from February, but he has clearly been involved to some extent already, and with Walker’s exit as well as at least three more incomings, on top of plans for summer transfers, there is a lot that needs to be done.
What positions/players are they looking at?
It was only around a month ago that City were focusing only on signing a midfielder in January, but their continued run of poor form has seen them shift course and target more players, although ironically perhaps no longer a midfielder.
Their new approach saw them target two centre-backs (one more ready to play for the first team than the other), a versatile attacker and a midfielder — that last one will excite supporters and is, frankly, a necessity, but if City do bring in two centre-backs and cannot find the right midfield option, they will use Manuel Akanji and/or John Stones in midfield and wait until the summer to strengthen that area with a more suitable target.
In terms of the centre-backs, City are close to finalising a deal worth €40m plus add-ons for Abdoukodir Khusanov from Lens, a 20-year-old Uzbek international with great promise.
They are also in talks with Brazilian side Palmeiras for another promising talent, 18-year-old Vitor Reis.
The versatile forward is Frankfurt’s Omar Marmoush, an Egyptian international. City are pushing to bring him in this month.
It remains to be seen if Walker’s possible departure influences their recruitment at the back.
Which of City’s mooted arrivals feels the most pressing?
With two centre-backs potentially coming in, it is tempting to believe that City would be covered if Walker were to leave, but both Khusanov and Reis seem a little too raw to be able to make an immediate impact.
Khusanov is more likely to be used in the first team this season, but his work on the ball will have to improve, while Reis may need to bulk up to deal with the physical demands of the Premier League.
Khusanov is on the cusp of a move to City (Francois Nascimbeni/AFP via Getty Images)
They both seem like very good signings for the future and City will be pleased with their business if they get them over the line, but their short-term impact is a different question.
For that reason, Marmoush would be the most pressing of the three as he would be most prepared to come into the team and make an impact right away, especially as City’s forwards have struggled for goals and creativity this season.
That said, City’s biggest issue is in midfield, so somebody who can play there is more pressing.
Which players could be leaving?
City intend to keep their squad together in January, even if they are preparing to say goodbye to some key players in the summer.
That means that Galatasaray interest in Ilkay Gundogan and MLS interest in Kevin De Bruyne will probably have to wait, as well as any clubs looking to sign Ederson.
But with Walker asking Begiristain to leave this month and Guardiola saying that the right-back does not feel able to produce his best form at City, it appears the club will allow him to leave. Milan are interested and that move could develop.
There has also been keen interest in James McAtee, with Bundesliga clubs hoping to tempt him away. City have already rejected loan offers this month. While the 22-year-old is in demand, City are not welcoming bids for him.
Sam Lee
Manchester United
What has happened this week?
News emerged of United being reluctantly open to selling homegrown players, such as Alejandro Garnacho or Kobbie Mainoo, if big offers arrive due to a need to comply with football’s financial rules.
The club are not pursuing exits for either talent, but the reality of the regulations means a sale would go down as pure profit in the books, so talks cannot be discounted.
Paraguayan left-back Diego Leon, 17, has flown into Manchester to undergo his medical, spending a couple of days at Carrington. Once complete, he is set to sign a pre-contract so he can join United officially in the summer, once he has turned 18 in April. Laws only allow the international transfer of players over that age.
Garnacho’s sale might be countenanced (Julian Finney/Getty Images)
His club, Cerro Porteno, have claimed an overall package has been agreed of around £6million, including add-ons. The base fee is about £3.3m and he will have done well if the full cost is realised. Leon’s signing continues a theme of United going for academy players who are seen as capable of appearing for the first team in the relatively short term once they are acclimatised to England. An assessment will be made in pre-season over his suitability for Ruben Amorim’s squad, youth teams or going on loan.
Marcus Rashford’s exile has extended into a fourth week and a seventh game, with the 27-year-old excluded from the travelling party to United’s FA Cup tie at Arsenal.
Would selling Mainoo or Garnacho make sense?
It might make sense from an accounting point of view given they are likely the most valuable players at the club because of their quality, age, and contract terms. But from an emotional perspective, there is little to be gained by allowing either to leave. Supporters are up in arms at the possibility, mindful of United’s proud history of having players from the academy represent the first team for many years.
Mainoo, 19, has a strong connection with the fanbase, having been raised in Stockport to come through the ranks, while Garnacho, 20, is seen as having that special quality needed in a United player since progressing sharply after arriving in 2020.
Amorim’s genuine thoughts on the matter would be interesting to hear. He has not majorly relied on either player so far, but each has shown great moments under him and both played well at the Emirates. Napoli have been credited with an interest in Garnacho.
What positions/players are they looking at?
A left-footed left wing-back remains a long-term priority, with options in January also being assessed. Should Rashford depart, Amorim will want a replacement in the forward area and Randal Kolo Muani is among the possibilities on loan.
Which players could be leaving?
Rashford’s representatives have been in Milan and at least one other European city to talk to clubs about a possible winter move on loan. Any agreement will come down to United’s willingness or not to pay a portion of a salary that puts Rashford beyond the scope of the majority of top clubs. United will have to make a call on whether it is worth letting Rashford leave temporarily to raise his value by playing regularly. It is felt that while there is lots of interest, bridging that gap is not close.
Rashford’s agents have spoken to clubs (Darren Staples/AFP via Getty Images)
Milan’s interest in Kyle Walker has a bearing on Rashford, with the Serie A side only able to register one more British player as things stand. Juventus and Borussia Dortmund are also interested in Rashford.
Casemiro and Antony have been linked with moves away, too. United would like to release Casemiro’s salary from the wage bill given his status under Amorim, but at this stage, a proposed move to Saudi Arabia is regarded as premature.
Laurie Whitwell
Milan will be limited to one of Rashford or Walker — why?
A regulatory wrinkle in Rashford and Walker’s prospects of moving to Milan is a consequence of Brexit. After the UK left the European Union (EU), British players were designated non-EU.
This limited Italian clubs’ ability to sign them as the Italian Football Federation (FIGC) only allows its members to register two per season. Teams lobbied for a change in the legislation and, in 2023, the FIGC compromised.
Clubs could sign one British (or Swiss) player per season and it would be amnestied, counting like an EU player in the past. If they registered another Brit (or Swiss), however, it would count as one of their non-EU slots.
Last summer, Milan used their non-EU allocation to sign Emerson Royal from Tottenham and Strahinja Pavlovic from Red Bull Salzburg.
The eagle-eyed among you will have observed the loan of Tammy Abraham from Roma, too. Abraham moved to Italy in 2021, however, and so was registered by Roma as a non-EU player. That status was spent upon the completion of that move, so his loan within Italy over the summer did not count towards Milan’s non-EU slots or their amnestied Brit-Swiss spot.
It means Milan have a slot available, but they can still only sign one of Rashford or Walker.
James Horncastle
Newcastle United
What has happened this week?
Martin Dubravka waved an emotional farewell to Newcastle fans at the Emirates last Tuesday and then within five days was close to agreeing to remain on Tyneside for the remainder of the season.
A transfer saga involving Newcastle’s second-choice goalkeeper, albeit one who is performing excellently in a team that has won eight successive matches, sums up the situation. PSR is constricting the club’s ability to make signings and, while business logic may dictate that 35-year-old Dubravka should depart, footballing logic is currently trumping that, much to Eddie Howe’s relief.
While Dubravka has been receptive to the lucrative offer he has received from the Saudi Pro League, Howe wants the Slovakia international to remain until the summer. Encouraging discussions have since taken place between Dubravka’s representatives and Paul Mitchell, the sporting director.
Dubravka might stay at Newcastle for the rest of the season (Stu Forster/Getty Images)
Although a contract extension is far from guaranteed, greater financial remuneration is possible, with talks said to be progressing positively and Newcastle hopeful of a favourable solution. Dubravka’s motivation is not merely financial, however, as he also wants assurances that he will be given a chance to compete with Nick Pope for the starting jersey once the No 1 is fit again.
Newcastle appear set to miss out on Abdukodir Khusanov, with Manchester City in talks to sign the 20-year-old Lens defender. He fits the profile of centre-back Mitchell likes, but Newcastle cannot afford to make a move currently due to their PSR limitations.
Isaac Hayden, the 29-year-old midfielder who has not played for Newcastle since December 2021, joined Championship side Portsmouth on loan until the end of the season.
Would Newcastle leave a clear path for another team to go after Marc Guehi?
Newcastle will be reactive to opportunities during this window and their long-term admiration of Marc Guehi means they will at least consider whether they can match any potential bids for the centre-back.
Last summer, Newcastle refused to meet Palace’s £60m-plus valuation but were still willing to invest heavily in the England international, recognising that doing so would mean they would need to trade outwards before June 30 to satisfy PSR. They were willing to do so, however, because they believe Guehi is a quality player who can prove to be a difference-maker.
Acquiring Guehi this month is more complicated given the shorter turnaround to balance their books before the end of June and sources with knowledge of the situation have long cautioned that a deal is highly unlikely. It is not impossible, but should one of Newcastle’s rivals table a substantial offer for Guehi, they may be unable to respond due to their PSR constraints.
Sven Botman’s return to fitness this month also means Newcastle’s need for a centre-half is less pressing than during the summer. A long-term successor to Fabian Schar is desired, but Botman’s ability to play on the right has increased Howe’s options.
What positions/players are they looking at?
Beyond Guehi and Khusanov, Juma Bah, the 18-year-old defender who is on loan at Real Valladolid from AIK Freetong, is among the centre-backs who have been watched. He is seen as one for the future rather than a first-team-ready recruit.
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 admire Brentford’s Mbuemo (Alex Pantling/Getty Images)
Newcastle have watched Tyler Dibling, Southampton’s 18-year-old attacking midfielder, but he is not deemed 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 £16m for in June, fits the profile of goalkeeper Howe wants. That deal is more likely to be revisited come the summer, with discussions ongoing to retain Dubravka until June at least and with four other senior goalkeepers on Newcastle’s books.
Which players could be leaving?
Miguel Almiron 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. Charlotte FC and Olympiacos are among his suitors, while there is interest from South America, but no deal is yet agreed.
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, who has dropped out of the starting XI. Premier League and Championship clubs have shown interest, but bids are yet to arrive.
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.
Alex Murphy, the 20-year-old defender, is available for a loan to the EFL, but Lewis Miley, the 18-year-old midfielder, will not be allowed to depart.
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, Anthony Gordon and Alexander Isak.
Chris Waugh
Tottenham Hotspur
What has happened this week?
It has been a quieter week in the transfer window for Spurs after the excitement of landing Antonin Kinsky during the first weekend of the window. There have been no new signings and no new departures either.
But it has also been a more positive week for Spurs. They beat Liverpool in the first leg of their Carabao Cup semi-final last Wednesday night, with Kinsky making a brilliant debut in goal just two days after his UK work permit came through.
Kinsky made his debut for Spurs against Liverpool (Justin Setterfield/Getty Images)
And then Spurs got past non-league Tamworth in the third round of the FA Cup on Sunday afternoon. They needed extra time, but at least they are in the fourth round and will travel to Aston Villa.
Almost as importantly, Mikey Moore played 68 minutes on Sunday, his first appearance for the first team since October, reducing some of the pressure on Spurs’ over-worked front line.
Would a Kolo Muani-esque loan signing be Spurs’ best route to improvements?
It might well be the case that the best way for Spurs to improve their attacking options this month would be with a loan signing. The squad is fairly unbalanced right now: they are over-reliant on the contributions of Dejan Kulusevski and Dominic Solanke, who have carried the team in recent months, as well as the goals of Brennan Johnson.
Son Heung-min has not enjoyed his best season, Timo Werner has struggled to make an impact, while Richarlison and Wilson Odobert have been injured more often than not. Moore just started to come into the team before missing more than two months with an illness.
Clearly, Tottenham will have to make some serious decisions in the summer about the futures of some of these players and they will need to go into the market and sign some higher-quality attacking replacements. But a major revamp in these positions is difficult at this time of year.
So it might be easier to find a temporary solution on the loan market — such as Randal Kolo Muani — who can come straight into the team. Especially while Odobert and Richarlison are still out. Bigger decisions about the forward line can be taken in the summer.
What positions/players are they looking at?
There are still quite a few areas in the Tottenham squad that need addressing, even after they successfully found a good new goalkeeper. The defence has looked short of depth all season and even more so now given Micky van de Ven and Cristian Romero have missed so much football recently.
Dragusin and Gray have started the last eight games together in central defence (Michael Regan/Getty Images)
Radu Dragusin and Archie Gray have started the last eight games together at centre-back. On Sunday, Sergio Reguilon started his first game for Spurs for almost three years. This means a left-sided defender would be hugely valuable to Spurs, but only if they can find the right player on the market for the right place.
Similarly, there is a need for bodies in the Spurs front line. Solanke and Kulusevski cannot be expected to win every game by themselves, but what exactly Spurs will do in the window will be determined by the type of deals on offer.
Which players could be leaving?
Ange Postecoglou made very clear last week that he did not want more players to leave Spurs this month. “The last thing I want is to lose another player at the moment,” Postecoglou said before the Tamworth game. “The other night, after Rodrigo Bentancur went off, we had 11 first-team players out. We are not letting anyone go at this point.”
Those comments were regarding the future of Timo Werner, whose loan will not be cut short. But they could apply to other players in the first-team squad, too. There was plenty of speculation last summer about Richarlison, with serious interest from the Saudi Pro League in him going there. But as he works hard to recover from the hamstring injury he suffered in November, there is currently no prospect of him leaving this month. If he gets fit, Spurs will need him on the pitch.
The only possibility concerns younger players who are not close to the first team. Postecoglou confirmed last week that young centre-back Alfie Dorrington would likely be going out on loan this month. He has now joined Aberdeen and signed a new contract.
Jack Pitt-Brooke
What has happened this week?
Last week began with La Liga and the Spanish Federation (RFEF) rejecting Dani Olmo and Pau Victor’s registrations, but the club are back within the competition’s salary limit and at the 1:1 rule — meaning they can spend all extra revenues they generate on improving the squad — after submitting the documentation for the sale of VIP seats at the new (unfinished) Camp Nou. So the Catalan club can now sign players as usual (although this does not help with the registration of Olmo and Victor).
Both players went to Saudi Arabia for the Supercopa de Espana (they won the final 5-2 against Real Madrid) without knowing if the Consejo Superior de Deportes (CSD), the country’s highest sports institution that is part of the government, would allow them to play in the competition.
Olmo has been temporarily registered (Haitham Al-Shukairi/AFP via Getty Images)
There was a message from influential and high-profile socios (club-owning members) calling for the board to resign and threatening a motion of censure against president Joan Laporta. Then, a former pre-candidate for the presidency, Jordi Farre, stated they also wanted to make a motion of censure. The CSD then postponed the final decision on Barcelona’s appeal over Olmo and Victor and allowed them to be registered temporarily, meaning they can play for the club for at least three months.
Would selling Araujo make sense?
In financial terms, maybe yes. On a sporting level, no. Ronald Araujo, whose contract expires in 2026 and has attracted interest from Juventus, has been the starting centre-back for the last few years and, although he had been out since July with a hamstring injury until recently, he still has qualities that other centre-backs in the team do not possess.
Centre-back is an area in which Barcelona are well covered, with Pau Cubarsi and Inigo Martinez, Eric Garcia, Andreas Christensen and Jules Kounde. And then there is Sergi Dominguez, who is at Barca Atletic, the club’s reserve team that play in the Spanish third tier, but who spent pre-season with the first team.
It will depend on any figure offered for Araujo, with The Athletic reporting last week Juventus are interested.
In addition, Barcelona board sources told The Athletic they do not want any player whose contract expires in 2026 to start next season with the club. The aim is to avoid big players leaving the club for free, so eventually he will either sign a new contract — there is an offer on the table — or be sold.
What positions/players are they looking at?
With the emergence of Marc Casado and Marc Bernal, the club has stopped looking so actively for a defensive midfielder. They are now concentrating on a centre-forward given Robert Lewandowski is 36. Newcastle’s Alexander Isak and RB Leipzig’s Benjamin Sesko are among the forwards who interest the board.
Barcelona are interested in Alexander Isak (Stu Forster/Getty Images)
With Raphinha impressing on the left wing, the team no longer needs a player there, but the interest in Athletic Club’s Nico Williams remains, although that would be for the summer rather than for the winter transfer window.
In the centre of defence, the club is in contact with Jonathan Tah‘s camp to try to bring the Bayer Leverkusen defender in at the end of the season.
Which players could be leaving?
Araujo is the first issue to be resolved. He intended to stay at Barcelona, as he is one of the captains and has always shown his desire to stay and his respect for the club, but he wants to feel important. With the emergence of Martinez and Cubarsi, he feels he may not be a starter and talks to renew his contract have not progressed much.
Martinez’s injury — he is undergoing tests to determine the extent of the problem — will be a determining factor in his departure. As mentioned, Juventus are interested, but Barcelona have told the player they do not want to sell him during the winter transfer window.
Garcia could leave for Girona, either sold or on loan. He was already tempted to leave in the summer, but after Ilkay Gundogan left, he stayed so as not to further weaken the small squad. Now the option is back on the table, but it all depends on whether Araujo leaves or stays. Barca are ruling out two central defenders leaving in the winter transfer window.
Barca were open to selling Ansu Fati in the summer, but a new injury prevented that from happening. The player is not back to his best and the sight of him in the stands in the game against Athletic Club and not being included in the squad list for the Supercopa final made it clear he is a player that Hansi Flick does not want anymore. The club are open to selling him.
Laia Cervello Herrero
Real Madrid
What has happened this week?
There has been a lot of interest in Vinicius Junior’s situation after The Athletic revealed that representatives for the Saudi Arabian league had contacted his agents to reiterate their interest for next summer. CEO of the Saudi Pro League Omar Mugharbel fueled the possibility of landing the Brazilian star in interviews with several Spanish media outlets ahead of the Spanish Super Cup played in Jeddah.
He told AS: “Our clubs have what it takes to attract, develop and nurture such a talent. So let’s wait and see what happens with that.”
“Someone like Vini would be a great signing for any Saudi club,” he told El Mundo.
Vinicius Jr’s future has been a topic of conversation (Haitham Al-Shukairi/AFP via Getty Images)
There has been no further known movement regarding Trent Alexander-Arnold, this month’s big target. Sources with knowledge of the situation say it is unclear what will happen.
However, the pursuit of Alphonso Davies has now reached a decisive moment. There have been meetings between Bayern Munich, who are very confident about the renewal, and the player’s agent, who has travelled from Canada to Europe for this purpose. More talks between the two sides are expected this week. Other clubs including Real Madrid can do the same before the left-back, who is out of contract in June, makes a final decision.
Central defender Jesus Vallejo did not travel to Saudi Arabia for the Spanish Super Cup due to some discomfort and the possibility of his departure this January.
But David Alaba made the squad and is expected to play again in the next weeks after recovering from a serious knee injury in December 2023. The Austrian’s return is one of the reasons the board is reluctant to sign a centre-back now. Not even the heavy defeat against Barcelona in the final in Jeddah has changed their plan.
Are Madrid making any further moves for the summer market?
Madrid have been scouring the transfer market for months. In addition to right-back, with Alexander-Arnold as the chosen candidate, there is a big focus on the centre of defence. There are several names on the table, but the most prominent one has not emerged yet.
There have been discussions over whether Madrid need to sign a more technical and organised midfielder. Some at the club want Martin Zubimendi from Real Sociedad, whose release clause is €60million. Liverpool almost signed him last summer, but the player changed his mind at the last minute.
What positions/players are they looking at?
The priority is at right-back. The market for central defenders is also very much under scrutiny.
Some at Madrid want Zubimendi (Stuart Franklin/Getty Images)
Which players could be leaving?
Real Madrid want Jesus Vallejo to leave in January, as already happened in the summer. He is not an option for the board or Carlo Ancelotti going forward, while his contract expires in June. But Vallejo has expressed doubts in the dressing room about leaving.
Vallejo did not travel to the Supercopa due to muscular discomfort and, according to the club, also because there is a possibility that he could leave.
Mario Cortegana
(Top photo: Getty Images; design: Eamonn Dalton)
