The Transfer DealSheet: Latest on January plans for Man Utd, Arsenal, Liverpool, Real Madrid and more

Welcome to The Athletic’s Boxing Day 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.

Next month, The Transfer DealSheet will return to its traditional in-window weekly format, with our reporters providing the latest on the market every Tuesday.

The information in 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 Antoine Semenyo and updates on Arsenal, Chelsea, Liverpool, Manchester United, Manchester City, Newcastle United, Tottenham Hotspur, Barcelona and Real Madrid’s plans. We also have individual Transfer DealSheets for a number of other clubs across the Premier League and beyond, including Aston Villa, Brighton, Crystal Palace, Everton, Leeds United, Nottingham Forest, West Ham, Wrexham and Wolverhampton Wanderers. We have a separate Transfer DealSheet for MLS.

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

The biggest transfer expected in the early part of the market — and possibly the entire window — involves Bournemouth attacker Antoine Semenyo.

Top-level admiration for the Ghana international is not recent, with Manchester United and Tottenham Hotspur exploring a move for him last summer. Those clubs continued their pursuit heading towards the winter trading period and were joined by Manchester City, while the likes of Arsenal and Liverpool also held an appreciation.

The difference now is the existence of a £65million release clause — inserted into the new contract Semenyo signed in July, which committed him until 2030 but provided a departure route. That was a condition of the 25-year-old agreeing to extend, so Bournemouth had little choice — however, he has repaid them with eight goals and three assists in 17 games so far this season.

It would also bring considerably more than the £50m and £55m offers they received previously.

Semenyo scores for Bournemouth against Burnley (Ryan Pierse/Getty Images)

The mechanism is valid for the first 10 days of January, which the south coast side hoped would pass and allow them to keep him until the end of 2025-26 — when the fee drops. Even if a deal was done sooner, a buyer willing to let Semenyo stay at the Vitality Stadium for the next five months would have been favoured by his current team.

Yet the strength of interest and Semenyo’s readiness to leave made an immediate switch likely, and all suitors held talks prior to a final decision materialising.

There is a feeling Arsenal would have ranked as his first choice had they been firmly at the table, although many tipped Liverpool to prevail given their stuttering title defence, the uncertainty around Mohamed Salah, and Anfield sporting director Richard Hughes having originally recruited him to Bournemouth.

Tottenham tried again, proposing a highly competitive salary, only for Semenyo to politely decline their advances and that resulted in City and United then emerging as the leading contenders.

A late enquiry from Chelsea did not change the direction of travel and despite Liverpool losing Alexander Isak to injury, it was City who The Athletic revealed as Semenyo’s chosen destination.

City are expected to take steps in the coming days to formalise the situation, but until it is resolved, Bournemouth will utilise their player and keep contingency planning for the event of his exit.

Why were the Premier League’s top sides all interested in Semenyo?

Semenyo’s threat on the transition is clear to see — he’s a frighteningly fast and powerful player who can chop on to either foot and strike through the ball cleanly.

Those skills are put to optimum use at Bournemouth, and are often the driving force behind the pitch-sweeping moves that Andoni Iraola’s side have quickly become known for. An emphatic finish on the opening day at Anfield, along with a rampaging run and cross for Eli Junior Kroupi away at Crystal Palace, stand out among his finest moments on the break.

In that regard, the admiration from Liverpool, which James Pearce writes about below, makes a lot of sense. They are the side to have generated the most expected goals from fast breaks since Arne Slot took over last summer, while they have also missed trickery and fleet-footed incision on the wing since Luis Diaz departed for Bayern Munich.

Manchester United are another side who look to hit hard on the break. They could have benefited from Semenyo’s flashes of speed down the flanks.

There is more to the Ghanaian’s game than just flat-out running. Semenyo is one of the most two-footed wingers in world football, which, coupled with an imposing physical frame and quick feet, makes him a consistent threat against set defences. Only Erling Haaland has taken more non-penalty shots since the start of last season, and as we can see below, those efforts come from all angles, healthily outperforming his expected goals thanks to a reliable shooting technique.

Semenyo is a thrilling player with space to attack, but there is plenty for clubs to admire about his profile when it comes to breaking down deeper defensive blocks.

Thom Harris

What Else We’re Hearing

• Fulham could move for a striker and a right-winger as early as the January market. Owner Shahid Khan is prepared to back the club in the market. First-choice striker Raul Jimenez, 34, is out of contract in the summer. They also have Jonah Kusi-Asare on loan from Bayern Munich in that position, but that will end in the summer. On the right wing, Harry Wilson and Adama Traore’s contracts expire in the summer, while Samuel Chukwueze’s loan from AC Milan expires then too. That means those two positions are likely to be pursued. While the club’s owners prefer younger players, they tend to want managerial certainty. Fulham have offered Marco Silva a new three-year contract, but he tends to leave his decisions quite late in the season. As a result, it might be that loans come in because of uncertainty over Silva. However, Fulham are not panicking over Silva’s future and the offer they have made to him would put him in the top six best-paid managers in the Premier League. David Ornstein
• Crystal Palace’s main target in the January transfer window is Tottenham Hotspur’s Brennan Johnson. However, he would command a significant fee given the £47.5million Spurs paid Nottingham Forest for him in summer 2023. They have also long admired Joe Willock at Newcastle United and, given his availability, the midfielder is likely to be of interest again. Matt Woosnam
• Bayern Munich will allow Sacha Boey to leave this winter if they receive a suitable offer. Boey has been out of favour this season and is willing to leave in search of playing time, but is yet to receive a proposal from anywhere in the Premier League. Sebastian Stafford-Bloor
  
• Southampton forward Damion Downs is attracting Bundesliga interest, but the English club have not received any formal enquiries yet. Downs is yet to score a league goal in England, having moved from Koln in the summer, but he will not be allowed to leave the club — even on loan — unless a replacement is found first. Sebastian Stafford-Bloor
• As things stand, Luka Vuskovic will stay in Hamburg for the whole season. Vuskovic is on loan from Tottenham but, while they have the option to recall the Croatian centre-back in January, there are currently no plans to do so. Sebastian Stafford-Bloor
• Bayern Munich’s teenage defender Cassiano Kiala will end speculation linking him to the Premier League by finalising a new contract with the Bundesliga champions in the new year. Sebastian Stafford-Bloor
• Eintracht Frankfurt will consider allowing Elye Wahi to leave on loan next month. Wahi only moved to Germany in January 2025, but has struggled to adapt to the Bundesliga and is yet to score a league or European goal for Frankfurt. Sebastian Stafford-Bloor

Arsenal

What positions will they be looking at in January?

Arenal are blessed with one of the strongest squads in Europe. Unlike in previous windows, they are no glaring areas of need.

If there is any concern, it will surround the spate of defensive injuries the squad has suffered. Arteta is currently without Gabriel, Cristhian Mosquera and Ben White.

Arsenal may also continue their drive to recruit more emerging talent. In recent months, they have signed 16-year-old Victor Ozhianvuna and Ecuadorian twin brothers Edwin and Holger Quintero to pre-contracts.

Arsenal are continuing to scour world football for more young prospects with the potential to become first-team players.

Gabriel is injured (Ryan Pierse/Getty Images)

Which players do they want?

Sporting director Andrea Berta demonstrated in the summer that he was prepared to explore a number of potential deals before proceeding with preferred targets.

Those exploratory talks are being held over a number of potential recruitment options.

One player Arsenal continue to follow is 20-year-old French centre-half Jeremy Jacquet — although having signed a new contract until 2029 in May, he would command a considerable fee.

One of the most talked-about names ahead of the window is Bournemouth winger Antoine Semenyo. The 25-year-old grew up as an Arsenal fan and was naturally interested in the prospect of a move to the Emirates. The admiration is mutual — Arsenal have been impressed by Semenyo’s rapid development at Bournemouth.

While there was some contact between the parties, it was clear from the outset that Arsenal’s interest was on the basis of a summer move rather than January. With Semenyo eager to move soon, Manchester City now seem to have emerged as the player’s preferred choice.

Do they need to sell?

After last summer’s huge spend, there will naturally be a need to offset that with sales at some stage.

Arsenal have a big squad. Even in terms of numbers, it is difficult to envisage them making additions without allowing others to leave. They are virtually at capacity.

There are a few players in the Arsenal squad whose lack of game time has attracted interest from elsewhere. The talented duo of Myles Lewis-Skelly and Ethan Nwaneri, who’ve both found Premier League starts difficult to come by, naturally feature on several clubs’ wanted lists. Arsenal would be reluctant to lose either teenage talent, having signed both to new long-term contracts this summer.

Earlier in 2025, Arsenal were open to the possibility of Gabriel Jesus leaving in January. As the window has approached, however, Jesus has returned to fitness and reasserted himself as an important figure in Arteta’s squad. The manager would be loath to let the Brazilian leave now as he is needed in north London.

When the time does come, moving Jesus on may not be straightforward: the player does not have an EU passport, which limits his options, and is one of the club’s higher earners.

It is likely that Arsenal will exercise caution. At the season’s halfway point, Arteta will be acutely aware that allowing a player to leave now could potentially come back to bite him during the run-in.

Will anyone move out on loan?

A number of academy players are expected to leave on loan. Harrison Dudziak has already signed a short-term loan with Braintree Town, and several others could follow suit.

As far as the first-team goes, Arsenal are likely to resist loan approaches. Arteta is already reluctant to let players leave — doing so without the incentive of a significant transfer fee appears somewhat counterproductive.

Dudziak has gone on loan to Braintree Town (Michael Steele/Getty Images)

James McNicholas

Chelsea

What positions will they be looking at in January?

Chelsea do not intend to be busy, and additions to the first-team squad are not expected.

The club are instead working with the summer in mind. They could still purchase a young player for the future and keep them at their current club in order to continue their development, or loan them elsewhere. This has been a regular practice for the west London club over the last few years.

Which players do they want?

Chelsea are scouting a number of players in a variety of positions, although some of the names being looked at are with sister Ligue 1 club Strasbourg, who are owned by the same parent company, BlueCo, in mind.

Among the many young talents being monitored are Rennes centre-back Jeremy Jacquet and Saint-Etienne forward Djylian N’Guessan, but that is as far as interest in those players has gone.

Jeremy Jacquet is one of the young talents being monitored (Jean Catuffe/Getty Images)

Fans can forget about any reunion with veteran centre-back Thiago Silva after his departure from Fluminense — Porto announced his signing on a free transfer at the weekend. In any case, Chelsea have enough centre-backs and he was never under consideration.

In terms of the positions they are concentrating on for the first team in the summer, central midfield has become a priority due to Romeo Lavia’s injury issues. The Belgium international has made just 30 appearances since joining from Southampton for £50million in August 2023.

Chelsea made an initial enquiry over Antoine Semenyo, but decided against pursuing a move.

Who will they be looking to sell?

The biggest priorities are trying to resolve the futures of Axel Disasi and Raheem Sterling, who have been left out of the senior squad all season.

A Ligue 1 club have enquired about a loan for Disasi, but Chelsea prefer a domestic loan or a permanent sale.

Sterling’s situation requires greater consideration, as he is on a contract worth more than £300,000 a week, which still has 18 months left to run. The 82-cap England international rejected a loan abroad in the summer, preferring the stability and security of a permanent move. The 31-year-old’s family live in London, and that remains a key consideration regarding any loan offers in particular.

The 19-year-old winger Tyrique George is subject to a lot of interest from Premier League clubs and Champions League teams in Europe. He came close to joining Fulham on deadline day last time out and could be lured away by a club offering more game time.

Sources speaking under the condition of anonymity to The Athletic to protect relationships say goalkeeper Filip Jorgensen wants a move to get more first-team football, but Chelsea do not want to change their options in that position.

Will anyone move out on loan?

Chelsea have already used up their allocation of six international loan spots on Mike Penders, Mamadou Sarr, Kendry Paez (all at Strasbourg), Nicolas Jackson (Bayern Munich), Aaron Anselmino (Borussia Dortmund) and David Datro Fofana (Fatih Karagumruk). One of those loans will have to be cancelled for another player to go abroad instead. This is why Disasi being loaned out has been ruled out.

Chelsea are exploring options domestically for Brazil Under-20 international Deivid Washington. He has not played a senior game since being recalled from a loan at Santos in late August. The forward has made just three appearances for Chelsea since joining from Santos for €16million plus €4m in add-ons in August 2023.

Marc Guiu’s situation — he played three games on loan for Sunderland in August before being recalled prematurely — means the only club he could technically go on loan to is the north-east side. However, Chelsea want to keep the 19-year-old striker for the rest of the campaign, despite the Spaniard remaining a fringe member under Maresca.

Chelsea want to keep Marc Guiu for the rest of the season (Ed Sykes/Getty Images)

There could be movement for players in the Under-21s. Midfielder Sam Rak-Sakyi, who made his senior debut under Maresca last season, saw a move to a Ligue 2 side break down in the summer. Another loan will be explored in the new year.

Simon Johnson

Liverpool

What positions will they be looking at in January?

Centre-back is the most obvious spot, but the forward line has also come into sharp focus because of recent injuries and the uncertainty around Mohamed Salah.

Liverpool are still interested in signing Crystal Palace defender Marc Guehi, despite missing out on the England international late in the last window. The move has become more complex due to his contract situation — he is set to become a free agent this summer — and the additional challenges of completing a transfer mid-season.

Palace pulled the plug on a £35million deal on deadline day, having decided to keep him for this season. Liverpool don’t expect that stance to change in January. It’s also doubtful whether Guehi would want to leave next month, given that, financially, he would be better off waiting and walking away as a free agent come the summer.

Liverpool have the freedom to react in the market if needed but will likely stick with what they have.

Which players do they want?

Liverpool admire Antoine Semenyo, but The Athletic has reported that the forward’s preference — with Manchester United also keen and Chelsea deciding against a move after an initial enquiry — in January is to join Manchester City.

Links to Semenyo cranked up after Salah’s public outburst about losing his place in the team. However, Liverpool don’t expect the Egyptian attacker to leave in January, so in that case, there wouldn’t be a space in the squad to fill.

As in every window, the club’s recruitment staff will be assessing ‘market opportunities’, with several young players on their radar.

Who will they be looking to sell?

There’s no urgency to offload, especially after 10 players (seven permanent) were moved on in the summer. Liverpool are planning for the rest of the season with Salah on board and are not expected to lose any senior players.

A decision needs to be taken over Harvey Elliott’s short-term future. His loan spell at Aston Villa is not going to plan and he is unlikely to make the 10 appearances that trigger a £35million ($47.2m) move. He has only played in five matches.

As Elliott has already represented two clubs this season, he cannot play for another, so he either stays at Villa or returns to Anfield. He’s not playing — or even making the squad — as manager Unai Emery believes other players in his position are fulfilling his specific tactical requirements more successfully.

Another layer of complexity is centred on the terms of the loan, which do not include a recall clause, so it’s not as simple as Liverpool just deciding to bring him back and end the nightmare move. Villa will also have to pay to terminate the loan early.

Will anyone move out on loan?

A number of young players had been primed for a move on loan, but the number of injuries to senior players may change that.

Trey Nyoni has interest from clubs on the continent and across the UK, but right now he’s needed and was introduced for his Premier League debut late into the win at Tottenham last weekend. Calvin Ramsay is another who has been in the squad in recent weeks and may be needed as back-up with Gomez out. Stefan Bajcetic could do with a run of games after a lengthy injury, but won’t be rushed out, while young strikers Jayden Danns and Will Wright are on the comeback trail after injury.

This could, however, be an ideal window for Trent Kone-Doherty to make his first loan move as clubs continue to monitor his progress when he represents Liverpool in the UEFA Youth League and during under-21 games. Rhys Williams, meanwhile, was unable to secure a loan move in the summer, but there may be fresh interest in this next window.

Nyoni made his debut against Spurs (Lewis Storey/Getty Images)

Gregg Evans and James Pearce

Do Liverpool need a replacement for Isak?

Liverpool’s decision to splash out on two expensive strikers over the summer looked a curious recruitment decision given Arne Slot’s preference for a lone forward, but with Alexander Isak’s unfortunate leg break set to keep him sidelined for months, what seemed excessive now looks prudent.

In truth, Hugo Ekitike had already established himself as the preferred option anyway, scoring eight times in 11 starts. Isak’s adaptation to life at Anfield has been far less seamless, with fitness and form issues limiting him to just six starts, and his goal last Saturday was only his second in the league this season.

Instead, their attacking problems lie elsewhere. New signing Florian Wirtz has struggled to impose himself from attacking midfield, and Salah’s sluggish start has been compounded by his public dispute with the club.

Diogo Jota’s tragic passing leaves them light of another option, while the impact of Luis Diaz was perhaps underestimated when he was allowed to join Bayern Munich in the summer. Diaz has flourished in the Bundesliga, and Liverpool miss his tenacity and incisive directness down the flanks. Only Salah was more involved than the Colombian in their attacking moves per 90 during last season’s title-winning campaign.

Conor O’Neill

Manchester City

What positions will they be looking at in January?

City spent heavily last January and in the summer as part of a squad refresh, so there is not expected to be much activity at the Etihad this time.

One position they could strengthen, however, is the wide areas. Guardiola has repeatedly spoken about the need to add more goals and not be as reliant on Erling Haaland.

Guardiola has spoken about the need for more players to contribute goals (Darren Staples/AFP/Getty Images)

The team have started finding more goals from other players, but none of Jeremy Doku, Savinho or Oscar Bobb look like they are going to reach the numbers that players such as Raheem Sterling, Leroy Sane and Riyad Mahrez managed in previous City teams.

Right-back and central midfield are other areas that could be strengthened, but they are likely to be addressed in the summer, especially as Matheus Nunes and Nico Gonzalez are excelling.

Which players do they want?

Bournemouth’s Antoine Semenyo. As my colleague David Ornstein has reported, City is the preferred destination for the 25-year-old.

With City being a more transitional team at times this season, his running power would be a huge asset. He also adds a superior goal threat, while his ability to play on either flank would provide Guardiola with more options to rotate. It would increase City’s firepower considerably.

Who will they be looking to sell?

Goalkeeper Stefan Ortega and midfielder Kalvin Phillips are the two obvious candidates.

The German goalkeeper is so far out of the picture that he is not even travelling to some games anymore. He has gone from being a relatively active deputy to Ederson for three seasons to now being behind Gianluigi Donnarumma and James Trafford. His deal is up at the end of the season, but if a suitable buyer can be found, he could leave next month. He turned down offers in the summer, however.

Kalvin Phillips is in limbo at City and needs a transfer away (Jan Kruger/Getty Images)

Phillips is another who finds himself in limbo. He was included in the 25-man squad for the Premier League but has not made a single matchday squad, and the seven minutes he played against Huddersfield in the Carabao Cup were his first for City in 645 days. After indifferent spells at West Ham and Ipswich, inactivity is his biggest barrier to finding a club that will take on a significant portion of his wage.

Will anyone move out on loan?

Bobb has offers to go on loan from clubs at home and abroad. He started the season well and was given a run of games on the right wing, but gradually dropped out of favour and suffered a hamstring injury in the 2-0 Carabao Cup win over Brentford.

Going on loan would be a way for him to gain regular minutes for the first time since his leg break last August, but whether he is permitted to could depend on what incomings there are.

Otherwise, some academy players could move on development loans later in the month.

Jordan Campbell

Manchester United

What positions will they be looking at in January?

United are prepared to be active in the January market, although incomings are only expected if they are able to accelerate the signing of a long-term target.

Those at the top of United’s midfield shortlist are not expected to be attainable in January as it stands, but the club are ready to act on any opportunity that might arise for the right player, either in that position or elsewhere on the pitch.

Which players do they want?

Antoine Semenyo’s £65million release clause would represent one such opportunity. United have a firm interest in the winger, who has a set price until a specific date in January. The 25-year-old would count as a long-term target. Semenyo is highly regarded by Amorim, who recently singled him out for praise and described him as a “special” player.

However, Semenyo prefers a move across Manchester to City.

Anderson is United’s first choice midfield option (Justin Tallis/AFP via Getty Images)

In midfield, Elliot Anderson is United’s first-choice target, but as reported in The Athletic’s Transfer Radar, Nottingham Forest have no intention of selling yet and should that stance change this summer, there is bound to be competition from elsewhere in the Premier League.

Adam Wharton is also greatly admired at Old Trafford for his ability to play line-breaking passes and Carlos Baleba cannot be discounted despite his form declining since United held talks, via intermediaries, with Brighton and Hove Albion last summer.

Though Baleba ultimately stayed put, United’s pursuit showed that they are prepared to shift plans and push moves forward if they sense an opportunity to steal a march on their competitors in the market.

Who will they be looking to sell? Will anyone move out on loan?

United do not intend to let first-team players leave in January without replacing them within the squad.

There is also a desire to wait until after the Africa Cup of Nations to make decisions on departures, as allowing players to leave before Amad, Bryan Mbeumo, and Noussair Mazraoui return would only deplete Amorim’s options further.

Kobbie Mainoo’s future is only set to be resolved after AFCON is over, with Napoli retaining serious interest.

Mainoo was in serious contention to start at Aston Villa before he picked up a calf problem in the final training session before the game. But it would not rule out a move.

Napoli sporting director Giovanni Manna is set to handle any proposed Mainoo talks, having already liaised with United over Scott McTominay and Rasmus Hojlund. Manna, who hired Antonio Conte as Napoli won Serie A, has developed a record for signing players with scope to improve and himself is attracting attention from Premier League clubs.

A loan with an obligation is on the table via intermediaries from Roma for Joshua Zirkzee. A personal agreement should not be a problem. Zirkzee wants to join Roma as he bids to go to the World Cup, but United would want to wait until after the AFCON. No club-to-club talks have yet taken place. Benjamin Sesko’s recent injury has highlighted a lack of depth up front, which would only be exacerbated if the Netherlands international were to depart.

Tyrell Malacia has been reintegrated by Amorim after being the only member of last summer’s ‘bomb squad’ to stay put, but has yet to play a minute this season, and could leave either permanently or on loan before his contract expires this summer.

Diego Leon is a candidate to go out on loan, but there are questions over whether he would be more suited to spending another six months in United’s academy as he continues to adapt to English football.

Harry Amass has enjoyed an impressive loan spell despite Sheffield Wednesday’s struggles at the foot of the Championship.

Wednesday are keen to extend his six-month deal until the end of the season, and United are happy with his progress at Hillsborough, but there is competition from several other Championship clubs.

United have officially recalled Toby Collyer from his loan at West Bromwich Albion. Collyer had already returned to Carrington for treatment on a calf injury that is expected to keep him out for around eight weeks, and United have decided he will not go back to the Hawthorns when fit. He could stay and provide midfield competition should Mainoo depart. Several Championship clubs are interested if United decide on another loan.

Collyer has been recalled from his loan at West Brom (Stephen Pond/Getty Images)

Mark Critchley and Laurie Whitwell

Newcastle United

What positions will they be looking at in January?

Full-back and midfield are the priority positions, with the former especially pertinent given Newcastle’s volume of defensive injuries.

The drop-off in Newcastle’s performances when Lewis Hall and Tino Livramento are not fit is so significant that alternative full-back options are required. In midfield, Newcastle require greater ingenuity to complement their athletic, physical and technical players.

Acquiring a young, versatile forward is also possible, though that is largely dependent upon whether Yoane Wissa and Nick Woltemade stay fit, and/or Will Osula’s future.

Despite links to Manchester City’s James Trafford, a previous long-term target, Newcastle have not yet re-engaged. Aaron Ramsdale’s loan runs until June, and a goalkeeping arrival is not anticipated.

Newcastle are not bracing themselves for a particularly busy January. They are open-minded to opportunities but will only make moves for long-term targets at affordable prices.

Which players do they want?

Kees Smit, the AZ midfielder, is greatly admired. Newcastle enquired about the 19-year-old over the summer, but AZ were adamant he was not for sale. The Netherlands Under-21 international is being watched by Europe’s top clubs, however, and Newcastle recognise they face a challenge to lure him to Tyneside, though an aggressive mid-season bid is believed to represent their best chance.

Monaco’s Lamine Camara, Valencia’s Javi Guerra and Auxerre’s Kevin Danois have also previously featured in internal conversations about midfield options. A loan move for Al Hilal’s Ruben Neves, the former Wolverhampton Wanderers midfielder, appears unlikely despite reports, given he is 28 — Newcastle want to continue their policy of primarily signing players aged 24 and under — and is not the profile being sought.

Monaco’s Lamine Camara is among a number of midfield targets for Newcastle (Valery Hache/AFP/Getty Images)

In defence, options across Europe are being considered, with Toulouse’s versatile left-back-cum-centre-half Dayann Methalie among several players being tracked.

Who will they be looking to sell?

Joe Willock is among the most likely to depart, should a midfielder arrive. Willock’s contract expires in 2027 and there is Premier League interest in the midfielder.

Will Osula, the 22-year-old striker who almost joined Eintracht Frankfurt in August, may also go. That will only happen if Newcastle can sign a young forward, which is far from certain, and Osula is currently sidelined with a foot problem. Frankfurt remain keen and Osula is among multiple forward options they are considering for January.

Kieran Trippier is 35, and his Newcastle career appears to be coming towards a natural conclusion, given his contract expires in the summer and an exit cannot be entirely ruled out. Emil Krafth, the 31-year-old defender who is in the last year of his deal, may depart, with Copenhagen interested.

The likelihood of Trippier and/or Krafth leaving has diminished as the defensive injuries have piled up.

Harrison Ashby, the 24-year-old right-back who has never made a senior appearance since joining from West Ham in 2023, is available for a permanent transfer.

Joe Willock is the most likely player to be sold by Newcastle in January (George Wood/Getty Images)

Will anyone move out on loan?

If Osula was to leave, a deal may be structured as a loan with an option or obligation to buy, although a permanent sale would be preferred.

Newcastle will look to get first-team experience for some of their promising youth players, with Sean Neave, the 18-year-old forward, Leo Shahar, the 18-year-old right-back, and Alfie Harrison, the 20-year-old midfielder, primed for moves. Alex Murphy, the 21-year-old defender, may also head out, although only if multiple Newcastle defenders return to fitness.

Howe may even bring back a loanee, depending on how the injury situation develops. Matt Targett is at Middlesbrough, but Newcastle have a recall clause they can exercise for the 30-year-old defender. Howe has not ruled out doing so.

Matt Targett, on loan at Middlesbrough, could be recalled to ease Newcastle’s defensive situation (George Wood/Getty Images)

Chris Waugh

Tottenham Hotspur

What positions will they be looking at in January?

Thomas Frank has not openly disclosed precisely what sort of player he wants in the window, but most Spurs fans would say they need another midfielder who can move the ball forward in the middle of the pitch.

Their play has been too stodgy too often this season, especially with James Maddison and Dejan Kulusevski yet to play a single minute so far.

Then there is probably a need for another goalscorer. Richarlison is their top scorer so far with seven in the league. Next is Micky van de Ven with just three. They have not truly replaced Son Heung-min and need someone else who can chip in with goals.

Away from the window, Spurs want to tie Van de Ven to a new and improved long-term deal, which, if they could, would be more important than any new transfer.

Richarlison is Tottenham’s top scorer this season (Justin Tallis/AFP via Getty Images)

Which players do they want?

The precise identities of their January targets may change depending on what happens with Fabio Paratici. At the time of writing, Paratici, who only rejoined Spurs as a sporting director in October, is subject to an offer from Fiorentina to make a surprise return to Italy.

In theory, Paratici and his fellow sporting director Johan Lange are meant to work together on potential targets ahead of the window, but if Paratici does leave before the window opens then it could mean a change of plans.

As my colleague David Ornstein reports, Tottenham did make a move for Antoine Semenyo, proposing a highly competitive salary, but he politely declined.

Who will they be looking to sell?

Yves Bissouma has not played one single minute for Thomas Frank’s side yet this season.

He was dropped at the start of the season for lateness, and Frank admitted earlier in December that the club was looking into reports of Bissouma inhaling nitrous oxide, something that Bissouma has been caught doing before. He nearly joined Fenerbahce at the end of last summer, and it would not be a surprise if Tottenham were open to offers for him again in January.

Brennan Johnson has been linked with a move away, although Frank said earlier in December that he was “happy” with Johnson, who is a “big part” of the squad.

Will anyone move out on loan?

Spurs already have some of their best young players out on loan this season, and so there are not too many opportunities within the current squad. But there could be opportunities for other youngsters to go and play.

Dane Scarlett, for example, has only made one 10-minute substitute appearance for the first team so far.

Mason Melia is due to join from St Patrick’s Athletic in January, and the 18-year-old Irish striker could be another player lined up for a potential loan if the club think that is best for his development.

Jack Pitt-Brooke

Barcelona

What positions will they be looking at in January?

Before Andreas Christensen’s injury, Barcelona’s plan was not to sign anyone in January and focus all their efforts on improving their squad in the summer.

But Christensen’s expected four-month lay-off changes things. La Liga rules dictate that clubs can replace an injured player’s registration on their wage bill with that of a new player, as long as their salary counts for less than 80 per cent of the injured player’s. To qualify for this, the injury has to be deemed long-term. This has to be decided by La Liga’s independent medical panel.

Hansi Flick was asked on Sunday if he planned to use Christensen’s injury to bolster the squad and said: “I don’t know now, I need to speak with (sporting director) Deco tomorrow morning.”

Fellow centre-back Ronald Araujo remains unavailable after being granted indefinite leave by Barca. Club sources say that if the Uruguay international’s absence is prolonged, it could also affect their January plans.

Which players do they want?

Barcelona were already monitoring multiple profiles, although they were seen as summer targets rather than options in January.

They are one of the clubs keeping close tabs on Marc Guehi with an eye on the summer. Club sources say they are monitoring Crystal Palace’s 25-year-old England international. They said the prospect of signing him on a free transfer could be appealing given Barca’s precarious finances, but there is still a long way to go.

Barcelona are keeping close tabs on Marc Guehi (Sebastian Frej/Getty Images)

Borussia Dortmund’s Nico Schlotterbeck is another name that has been widely reported in local media. The situation with the 26-year-old Germany international could be more complex because, even if he does not extend his contract at Dortmund and enters the last 18 months of his deal in January, his signing would command a significant fee.

Barca will be in the market for a new striker in the summer, too. Atletico Madrid’s Argentina international Julian Alvarez is the board’s dream signing to replace Robert Lewandowski. The figures required for any deal are seen as prohibitive, however.

Senior executives have also mentioned the name of Levante’s Karl Etta Eyong as a player they are monitoring. The 22-year-old Cameroon striker has scored six goals in 15 games in La Liga this season.

Who will they be looking to sell?

The first name that comes to mind is club captain and goalkeeper Marc-Andre ter Stegen. He is the only player in the team that Barcelona would like to move on, although it is a very complex situation.

The club signed goalkeeper Joan Garcia for €25million ($28.6m; £21.1m) from local rivals Espanyol in the summer, and he is tipped to be Barca’s No 1 for the next generation. Flick has said in recent weeks, after Ter Stegen’s return from injury, that the 24-year-old Garcia remains his first choice and that this won’t change.

But Ter Stegen has a long-term contract until 2028 and has shown no intention of wanting a move. The 33-year-old Germany international previously made clear he wants to fight for his place in the team, even if Garcia remains ahead of him in the pecking order.

Joan Garcia has firmly established himself as Barcelona’s No 1 (Manuel Queimadelos/Quality Sport Images/Getty Images)

There is also an awareness that big clubs are rarely looking for a new starting goalkeeper in the January window, especially not one on the kind of wages Ter Stegen is on at Barca.

His current deal, which was signed in 2023, includes salary deferrals he agreed to help Barca’s finances. He is due a significant chunk of these over the next two seasons.

Will anyone move out on loan?

Ter Stegen falls into this category, too, as Barcelona are keen to offload him in any way. But if there was a club that appealed to Ter Stegen, it is highly likely Barcelona would have to pay a significant share of his wages.

Pol Ballus

Real Madrid

What positions will they be looking at in January?

It is unlikely that Madrid will make any moves in January. First, because the squad is considered to be qualified enough to compete for all titles. The board sees the academy as a valuable resource for emergency situations, even if Xabi Alonso has only fielded 19-year-old Victor Valdepenas and, very briefly, 21-year-old David Jimenez.

Secondly, Madrid tend not to be active in the winter transfer window as a general rule. Madrid’s view is that there are no good options available in January, and if there are, prices are excessive.

There are no plans to change that, even with Endrick’s loan move (without an option to buy) to Lyon and Brahim Diaz’s participation at the Africa Cup of Nations with Morocco.

Which players do they want?

With the summer in mind, Madrid are combing the market for a centre-back, and they are also keeping an eye on midfielders.

For the defence, there have been links with three centre-backs whose contracts expire in June, a type of signing that the club is always on the lookout for.

With Liverpool’s Ibrahima Konate ruled out, as revealed by The Athletic, no serious move has been made for Crystal Palace’s Marc Guehi. The financial demands of Dayot Upamecano, who is in talks to extend his contract with Bayern Munich and is being pursued by suitors such as Paris Saint-Germain, are considered excessive by Madrid’s standards.

As for midfielders, there have been positive reports for some time about Adam Wharton, 21, and Kees Smit, 19. Both names were discussed at Madrid back in the summer, around a potential Dani Ceballos sale.

Wharton is under contract at Selhurst Park until 2029 (Sebastian Frej/Getty Images)

Madrid also retain an option to re-sign Nico Paz from Como, although the Argentina international has been playing a little further forward in Serie A. In any case, there is a good chance that Madrid will bring him back next summer for around €9million (£7.8m; $10.5m).

As reported in The Transfer Radar, AZ do not intend to let Dutchman Smit leave in January and are looking for around €60million for his sale in the summer. AZ sources said Barcelona, Manchester United, Newcastle and Borussia Dortmund were among the clubs monitoring Smit.

Wharton, meanwhile, is under contract at Palace until 2029 and does not have a release clause.

Who will they be looking to sell?

There are no departures planned for January — with Endrick already having moved to Lyon on loan.

The coming months are expected to be 33-year-old David Alaba‘s last at Madrid, as his contract is coming to an end and he will not be offered a renewal.

A decision on 32-year-old Antonio Rudiger, whose contract also expires in June, will be made later in the season, depending on his performance and feelings. His case is similar to that of captain Dani Carvajal, who turns 34 in January.

Since the summer, there have been plans to sell Rodrygo if a good offer comes in, although it is still unclear whether the Brazilian’s recovery in form at the end of the year could change the situation.

The club would like Ferland Mendy, 30, to leave. However, Madrid have extended his contract to 2027 or 2028 (the renewal has not been officially announced) and the Frenchman has not shown signs of wanting a move.

Will anyone move out on loan?

Endrick has already completed his switch to Lyon. Despite Gonzalo Garcia attracting some interest, there are no other moves planned.

Mario Cortegana