Welcome to the first January 2026 edition of The Transfer DealSheet.

Our team of dedicated writers, including David Ornstein, will take you inside the market to explain the deals being worked on in the January transfer window. This includes the players who could arrive and the ones on their way out across the Premier League and beyond.

The information found within this article has been gathered according to The Athletic’s sourcing guidelines. Unless stated, our reporters have spoken to more than one person briefed on each deal before offering the clubs involved the opportunity to comment. Those responses, when they were given, have been included in the Transfer DealSheet.

In this edition, we have David Ornstein’s One To Watch on Manchester United’s post-Ruben Amorim plans and updates on Arsenal, Chelsea, Manchester City, Newcastle United, Spurs, Barcelona and Real Madrid’s plans.

We aim to bring you analysis you can trust about what is happening at Europe’s leading clubs and the latest information we’re hearing from across the market.

This article is long but detailed, so enjoy it all — or search for the club or player you want to read about.

David Ornstein’s One To Watch

The sacking of Ruben Amorim by Manchester United has led many to ask whether it might affect their plans in the current transfer period.

As things stand, it is not expected to bring about any meaningful change on that front, with all of United’s planned senior activity completed last summer and more anticipated next time round.

United never earmarked January to do business, and the pursuit of Antoine Semenyo was viewed as an isolated opportunity; it related to a pre-existing target, who was identified for an area they are still aiming to strengthen (left wing), plus the revelation that his contract included a release clause available in the winter market.

When the Bournemouth attacker chose to join Manchester City, United decided to keep their powder dry until the right opportunities arose in the subsequent window, rather than reallocate the funds to an alternative target immediately.

Amorim left Old Trafford on Monday (Carl Recine/Getty Images)

Although his position is sure to remain on the agenda, a bigger focus will be central midfield— where Elliot Anderson, Adam Wharton and Carlos Baleba figure among United’s options and would each come at significant expense.

If little is forecast from an incoming perspective, similar applies in the other direction. United do not want to weaken their squad, and that looks set to rule out loan exits, with any permanent departures reliant on suitable offers landing and having long enough to secure replacements.

There has always been a desire to retain Kobbie Mainoo, and his wish to leave will likely soften following the head coach news, while Joshua Zirkzee remains a valued player and character as United seek Champions League qualification.

Keep an eye on Yan Diomande — but probably not for January

When Yan Diomande arrived at RB Leipzig in the summer of 2025, after a €20m (£17.3m, $23.4m) move from Leganes, it was with the expectation that he could become a €100m player within the space of two years. The club were that excited by his talent.

In retrospect, that timeline might have been conservative. Diomande has developed far quicker than could have been anticipated, producing a string of excellent performances through the autumn, earning him December’s Bundesliga Rookie of the Month award and a significant boost to his reputation, both in Germany and beyond.

Leipzig continue to insist that he’s not for sale in January and that, even in the summer, a club would have to produce a truly exceptional offer to sign him — likely in the region of that €100million fee. He’s seen as one of the most talented players the club has ever had. And with a contract that runs until 2030, with no release clause, Leipzig are in an extremely strong position.

It has been suggested that the club will accept a knockdown price. Historically, that has never been the case. Josko Gvardiol (€90m), Dominik Szoboszlai (€70m), Dani Olmo (€55m), and Benjamin Sesko (€76.5m) were all only sold once valuations were met. Even in the summer, Xavi Simons — who only had a year left on his contract (with the option for a further season) — eventually moved to Tottenham for €65m.

Leipzig see Diomande as essential to their hopes of returning to the Champions League and are under no pressure to sell.

So, while Tottenham have paid attention to Diomande’s rise, as have Manchester United and several other clubs in Europe, the chances of the Ivorian moving clubs in this window are small.

Seb Stafford-Bloor

Why would top clubs want Diomande?

This time last year, Diomande was just joining up with his new team-mates at Leganes after leaving the DME sports training academy in Florida. He was initially assigned to the B team in the Spanish fifth tier.

It took the 19-year-old just two months to break into the senior squad, before he sealed a €30million move to RB Leipzig in the summer. Since then, he’s scored a Bundesliga hat-trick, netted twice for his country, and is now preparing for an Africa Cup of Nations knockout tie with the Ivory Coast later tonight.

Diomande’s rise has been dramatic, but watch the young winger with the ball at his feet and you’ll quickly understand how he has scaled the ranks. He is a relentless dribbler, one of those players who never tires of running at his man. But Diomande is also effective, standing out across Europe for his ability to combine high volume with a high proportion of successful take-on attempts, as we can see in the scatter plot below.

Aside from his speed and quick feet, there is also assurance and rhythm to his game, able to bounce between challenges and generate power and precision with a smooth shooting action. It’s that exciting blend of dynamism and technique that has quickly allowed Diomande to enter the conversation as one of the world’s most exciting wingers, despite just 24 top-flight appearances to his name.

Thom Harris

What else we’re hearing

  • Antoine Semenyo’s final game for Bournemouth before his move to Manchester City will be the match against Tottenham Hotspur on Wednesday night. There was an agreement between all parties that the 25-year-old winger would play his current side’s games against Chelsea, Arsenal and Spurs before making the switch to the Etihad Stadium. After the game against Spurs, steps are expected to be taken to finalise the impending transfer. David Ornstein
  • Manchester City’s defensive injury issues — Josko Gvardiol, Ruben Dias and John Stones are all out — mean they are down to the bare bones at the back. They have recalled Max Alleyne, 20, from his loan at Watford and also hold a strong interest in Marc Guehi. City are by no means the Crystal Palace captain’s only suitor, but whereas most of them plan to compete for his signing as a free agent in the summer, Pep Guardiola’s side are weighing up whether to push this month. As The Athletic reported in The Transfer Radar, there was an amicable understanding between Palace and Guehi that he would see out the final months of his contract, which expires at the end of the season. While that could change if Palace and Guehi receive a proposal they wish to accept, it is certainly not guaranteed. City have only just learned the full prognosis of Gvardiol’s injury — he is set for surgery and a lengthy injury layoff — and are unclear on the extent of the problem faced by Dias. There is still time for them to decide about making a serious approach for Guehi, although the ball remains in the court of Palace and the 25-year-old England international. David Ornstein

Barcelona want Cancelo on loan (Yasser Bakhsh/Getty Images)

  • Barcelona are in talks to sign Joao Cancelo from Al Hilal. Hansi Flick’s club are aiming to sign the 31-year-old, who spent the 2023-24 season on loan with Barcelona, on a temporary deal for the rest of the season. Barcelona have space in their La Liga salary cap to bring in a signing due to the injury suffered by Andreas Christensen. Pol Ballus
  • Bournemouth have held an admiration of Stuttgart forward Jamie Leweling as a possible replacement for Semenyo, but the German club are unwilling to sell him. As a result, while Bournemouth were interested in the 24-year-old last summer and more recently, he is not viewed as a realistic target. Their first-choice option to replace Semenyo was Brennan Johnson, who has joined Crystal Palace from Tottenham Hotspur, so Bournemouth’s search continues. Seb Stafford-Bloor and David Ornstein

Which teams have over and underachieved their summer spend?

Four months after the Premier League’s most spendthrift transfer window ever, last Thursday saw the return of its winter iteration. This month will be quieter than a summer that saw England’s top 20 clubs splurge over £3billion on new players, but quiet for the Premier League is loud just about anywhere else.

Already, less than a week in, over £90million has been spent on new players. The biggest deal so far, Brennan Johnson’s near-£35m switch from Tottenham Hotspur to Crystal Palace, was an intra-Premier League deal, so the net spend is rather lower at £43m.

That figure will doubtless grow over the next four weeks, though January is still often viewed as a window of relative desperation. The two biggest spenders in the short span so far perhaps bear that out: West Ham have spent around £45million as they seek to extricate themselves from the bottom three, while Palace’s spend on Johnson comes as a thin squad feels stretched by exertions both domestic and abroad.

How much this month’s spending will translate to success remains to be seen, and, as The Athletic wrote last June, transfer spend is only loosely correlated with success, at least in the immediate term. Transfers can take years to bear fruit.

Accepting that performance so far this season shouldn’t be used as a measure of whether a club had a brilliant or disastrous window last summer, it is still worth considering club spend then with performance now, even if only as a check-in.

Liverpool were the biggest spenders, dropping a club-record £400million-plus on a slew of new signings. That spending has, in part, led to increased pressure on Arne Slot as performances have nosedived compared to last season’s league-winning season.

Sales at Anfield meant Liverpool were only the second-highest spenders on a net basis, that honour instead going to Arsenal. With only around £9million recouped on sales there, Mikel Arteta’s side looked to be going all-out for a first league title in over 20 years — and, today, it’s hard to say the money was badly spent.

Other notable successes based on the summer are Aston Villa, Brentford and Sunderland. Plagued by regulatory troubles, Villa spent just £32million, the lowest in the division, in a summer where they took in more than they paid out. Third in the table, eight points ahead of fourth-placed Liverpool, looks a mighty mid-season achievement in that context.

Brentford, too, had a negative net spend, as the sales of Bryan Mbeumo and Yoanne Wissa helped bring in over £130million. Those two scored 39 of Brentford’s 65 Premier League goals last season, yet a club long known for savvy player trading has hardly broken stride. They sit seventh and have lost just once at home.
Sunderland’s net spend was the league’s fifth highest, even as eight sides spent more on a gross basis than the near-£160million they let loose on 14 new players. Yet they need to be assessed against the position they entered the summer window from: eight years away from the top tier, on the back of an unlikely promotion with a young squad with almost no top-level experience — either in England or anywhere. They have already surpassed the points tally of all three of last season’s promoted teams.

What of the underachievers? Several clubs might wonder if they spent well last summer.

Wolves’ net spend was negligible, but it is plain that the £120million they recycled ended up with a worse squad than before. Perhaps even more rueful might be Nottingham Forest. They spent over £200m on new players and nearly £100m net. Today, they sit just four points above the drop.

It is too early to brand their summer or anyone else’s a failure, and clubs approach transfer windows from very different vantage points. But, in isolation, a few clubs can look more happily backwards than others.

Chris Weatherspoon

Arsenal

What has happened this week?

At first-team level, it’s very quiet. With the likes of Gabriel now back from injury and contributing on the pitch, the squad looks to be in healthy shape.

Would signings help Arsenal get over the line?

Perhaps, but at present, they do not look like a team in need of additions.

While Mikel Arteta insists Arsenal will be “actively looking” in January, there is currently no urgent need for reinforcements. Arsenal spent more than £250million last summer, building a squad with enough depth and quality to compete on multiple fronts. So far, it is living up to that ambition.

What positions/players are they looking at?

If Arsenal are to make additions in January, they are most likely to be emerging talents to strengthen their academy and serve as potential future first-team prospects.

Blackburn Rovers striker Igor Tyjon remains of interest. Arsenal’s approaches for the 17-year-old were rebuffed in the summer, but having rejected a professional contract with the Championship side, he could potentially move in January.

Which players could be leaving?

While Arsenal are likely to field enquiries for players on the fringes of their first-team squad, the club are not in a hurry to let anyone go.

Much of the January activity will be around Arsenal’s academy players. After a successful loan spell at Morecambe, in which he was twice named the National League club’s Player of the Month, 20-year-old centre-half Maldini Kacurri has returned to London Colney.

Kacurri’s loan at Morecambe has come to an end (David Price/Arsenal FC via Getty Images)

His initial loan has expired, and while Morecambe are keen to keep him until the end of the season, there is interest from clubs higher up the football pyramid. Kacurri’s contract with Arsenal expires at the end of the season, so loan and permanent deals will be under consideration for the Albania international this month.

Harrison Dudziak is another who could look for a new loan in January. The 19-year-old midfielder joined Braintree Town in the fifth tier in December on a one-month loan deal. That agreement expires on January 21, and there have been enquiries from clubs in the football league about Dudziak’s potential availability.

James McNicholas

Chelsea

What has happened this week?

Chelsea have been rather preoccupied dealing with the fallout of Enzo Maresca’s departure last week.

Finding a replacement is the priority, with Strasbourg head coach Liam Rosenior arriving in London on Sunday for talks. Strasbourg are owned by the same parent company, BlueCo, and they have been looking for Rosenior’s successor as part of the same task.

Does Maresca’s exit impact plans at all?

Yes. While the sporting recruitment team are in charge of the overall strategy, they always want to consult with the new head coach about plans for January, the summer and beyond. So things are on hold until they do because they want to discuss system fit and need.

The targets they eventually go for could be impacted by the discussions with the new incumbent, who is most likely going to be Rosenior. They also want the new manager to speak to a potential signing, once permission has been granted by the selling club, of course, as part of the buying process.

Maresco left Chelsea last week (Darren Walsh/Chelsea FC via Getty Images)

What positions/players are they looking at?

One of the areas Chelsea are looking at in the summer, regardless, is midfield.

Chelsea, who, as my colleague David Ornstein reported, did make an enquiry for Manchester City target Antoine Semenyo at the end of December, only to withdraw their interest, are not expected to be busy this month. They could buy a young talent and leave him elsewhere to develop as the club have done in the past.

Some of the scouting is with Strasbourg in mind. Rennes centre-back Jeremy Jacquet and Saint-Etienne forward Djylian N’Guessan (for Strasbourg) are a couple of promising youngsters who have been scouted.

Which players could be leaving?

Raheem Sterling is still training away from the first-team squad and is linked once again with a loan. Sources, speaking anonymously to The Athletic to protect relationships, say he is only interested in a permanent move.

The England international is Chelsea’s highest-paid player, on over £300,000 a week, and his contract does not expire until the summer next year. Chelsea sources say the club are in regular dialogue and working to find a solution.

Defender Axel Disasi, who has also been frozen out, is up for sale or could be loaned. Chelsea can only consider domestic loans, though, because they have already used up their six international slots (unless they recall one of those).

Disasi has been frozen out by Chelsea (Julian Finney/Getty Images)

Winger Tyrique George has plenty of interest from clubs across Europe, but nothing is imminent. The player is not pushing to leave, and if he is to depart Stamford Bridge, it would need to be for a place where he gets plenty of game time.

Under-21 midfielder Leo Castledine, who has scored 12 goals on loan at Huddersfield Town, could be sold. There is a January break clause in the loan agreement, which expires after a couple of weeks.

Four Championship clubs have expressed an interest. Castledine’s deal at Chelsea expires at the end of the season — although there is a clause to extend it by another 12 months.

Simon Johnson

Liverpool

What has happened this week?

Liverpool closed in on a deal to sign teenage centre-back Ifeanyi Ndukwe from Austria Vienna. The international defender does not turn 18 until March but is set to move to Merseyside ahead of the start of pre-season in July. He will be part of Rob Page’s under-21s squad initially.

MLS club Charlotte FC emerged as a possible destination for Harvey Elliott, whose season-long loan from Liverpool to Aston Villa ahead of a proposed permanent transfer has turned sour. However, sources close to the player have played down interest in securing a temporary move to America.

Elliott has not featured for Villa since October 2, with manager Unai Emery confirming they are looking at cutting the loan short. If Elliott makes 10 appearances for Villa, an obligation to buy for around £35million would be triggered come the summer. Villa have yet to open talks with Liverpool over terminating the loan.

Elliott could have his loan at Villa cut short (Stu Forster/Getty Images)

Owen Beck returned to Liverpool after his loan at Derby County was cut short. The left-back didn’t feature for the Championship club due to injury. He is recovering from surgery on his hamstring and is expected to be fit in April. James McConnell, 21, is also back at Kirkby after it was mutually agreed to end his loan at Ajax. The midfielder made seven appearances, but found himself out of favour following the sacking of John Heitinga as head coach in November.

Fellow Liverpool academy graduate James Norris completed a permanent move to Shelbourne following a successful loan spell with the Irish club.

Do Liverpool have what they need with Alexander Isak out?

Losing Isak until March with a broken leg hit Liverpool hard. The recent absence of the club’s record signing has been compounded by Mohamed Salah being away with Egypt at the Africa Cup of Nations.

Top scorer Hugo Ekitike, who has 11 goals, was ruled out of Sunday’s 2-2 draw at Fulham with a minor hamstring injury. Slot is hopeful the Frenchman will be fit for Thursday’s showdown with Premier League leaders Arsenal at the Emirates.

With Isak sidelined, there is a big responsibility on Ekitike to provide the firepower. Florian Wirtz has stepped up to ease the burden somewhat with two goals in the last three games.

Liverpool need more from Cody Gakpo, who has struggled for form and scored only his sixth goal of the season in all competitions at Fulham. Slot can also call upon Federico Chiesa and Rio Ngumoha, but both have found their game time limited. Creating chances is an ongoing issue, with Liverpool often dominating possession in games but failing to display a cutting edge.

Liverpool will need more from Gakpo (Carl Recine/Getty Images)

What positions/players are they looking at?

Centre-back and wide attacker. Liverpool retain a strong interest in England defender Marc Guehi, who was on the brink of moving to Anfield last summer before Crystal Palace pulled the plug. Since then, they have regarded him as a target for this summer, when Guehi will be a free agent, with the belief that he will not be available in January. It remains to be seen if Palace opt to cash in this month and if so, what offers are forthcoming, with Manchester City also among his suitors.

Reports in South America last week suggested that Liverpool were on the brink of signing Club Brugge centre-back Joel Ordonez for around £35million, but they are not in discussions to sign the Ecuador international.

The champions opted not to sign a replacement for winger Luis Diaz when he was sold to Bayern Munich last July, but losing that pace and dynamism on the left has cost them this season.

Senior club figures have indicated it is likely to be a quiet window for Liverpool, especially given the record-breaking £450million outlay of last summer. They won’t pursue short-term fixes. However, recent years have shown that they will react in the market if the right opportunity becomes available at the right price.

Guehi was close to joining Liverpool last summer (Ryan Pierse/Getty Images)

Which players could be leaving?

It’s unlikely anyone in the senior squad will be sold, but some youngsters could be loaned out. Salah’s future was the subject of intense speculation after his outburst over losing his place in the team last month, but Liverpool are planning for the rest of the season with the Egyptian.

Stefan Bajcetic is not expected to be among those leaving on loan as the defensive midfielder continues with the final stages of his rehab following injury. There’s interest in Trey Nyoni from across the UK and Europe, but he’s viewed as an important part of Slot’s plans.

Calvin Ramsay is attracting loan interest from Scottish clubs, while Rhys Williams could depart permanently before his contract runs out in the summer. Kostas Tsimikas has been left frustrated by a lack of game time at Roma, but it remains to be seen whether the Serie A club look to terminate that season-long loan.

James Balagizi has been back at Liverpool doing his rehab after damaging his hamstring during a loan spell at Forest Green Rovers. Liverpool intend to assess what loan options are on the table for under-21s regulars such as Trent Kone-Doherty, Kieran Morrison, Josh Davidson, Tommy Pilling and Terence Miles.

James Pearce

Manchester City

What has happened this week?

Manchester City will push forward their attempt to sign Bournemouth winger Antoine Semenyo.

City are expected to complete the move after Bournemouth’s game against Tottenham on Wednesday. As The Athletic revealed, the winger has chosen the Etihad as his preferred destination.

City beefed up their defensive cover by recalling Max Alleyne from a season-long loan at Watford after injuries to Josko Gvardiol and Ruben Dias.

Meanwhile, Argentinian forward Claudio Echeverri is set to join Girona on loan after an unsuccessful six-month spell at Bayer Leverkusen.

Semenyo’s preferred destination is City (Harry Murphy/Getty Images)

What will Semenyo’s role be?

He will provide variety to Guardiola’s forward line as he is able to play on the right or left wing.

He offers a rotation option on the left with Jeremy Doku, and on the right, he adds more end product than Savinho or Oscar Bobb have been able to conjure so far.

What positions/players are they looking at?

Semenyo is the main target, but City are without nine players currently, and it has left them short at the back. Alleyne’s recall adds another option to Abdukodir Khusanov and Nathan Ake, but Gvardiol is set for a lengthy injury layoff, which leaves them weakened. The timeline for Dias’s return is currently unclear.

John Stones is sidelined by injury, while Manuel Akanji is on loan at Inter Milan without a recall option. Teenagers Vitor Reis and Juma Bah are unlikely to be brought back.

As my colleague David Ornstein reports, City are interested in Marc Guehi, and are considering whether to push for him this month.

Which players could be leaving?

Stefan Ortega and Kalvin Phillips are the two obvious candidates. Ortega is having explorative talks with several clubs, and if a suitable offer arrives, then he could leave this window rather than in the summer when his contract ends.

Oscar Bobb could also exit as he searches for regular game time. Borussia Dortmund have interest in Manchester City’s Oscar Bobb and have held exploratory discussions regarding a loan for the Norwegian, but there is nothing advanced at this stage and no indication yet that a deal will be pursued.

One player liked within Barcelona’s sporting department is Nathan Ake. But it is seen as unlikely that City will be open to letting him go on loan until the end of the season without the possibility of a permanent sale. Following Gvardiol and Dias’ injuries, the likelihood seems even more remote.

Jordan Campbell

Would Guehi suit City?

With his intelligent reading of the game, strength in the tackle, and composure on the ball, Guehi would add obvious quality to a Manchester City defence beset by injuries. But a period of adaptation would be expected, given the stark stylistic differences between City and Crystal Palace.

Palace have recorded the highest average direct speed in the Premier League this season (1.55 m/s) — a measure of how quickly teams move the ball upfield — while City rank as the slowest (1.04 m/s).

Adjusting to a defence that holds a higher line and circulates possession more patiently will take time, although Guehi’s experience marshalling England’s back line, who also tend to dominate possession, should ease the transition.

Palace’s direct approach helps explain why Guehi ranks in the 25th percentile for ball retention among centre-backs across Europe’s top five leagues this season. But his ability to move the ball quickly upfield through progressive carries and passes would add a different dimension to City’s build-up.

Like City’s current centre-backs, Guehi rarely rushes into action (front-foot defending, 24 out of 99), but is effective when called on with strong tackle and aerial success rates.

Conor O’Neill

Manchester United

What has happened this week?

Well, quite a lot but just not on the player incomings front. Ruben Amorim’s sacking has come after the head coach revealed there had been “no conversations” about signings or departures in January. That was last Friday when he said that, and the situation has not changed since around recruitment.

There have been no developments since United, and others, were informed that Antoine Semenyo’s preference was to join Manchester City. Although that deal has yet to go through, no change is expected on that front.

Amorim’s exit is not going to change United’s stance on transfers in this window. They will move for long-term targets should they become available or if they need to strike to ensure a rival does not make a move to get ahead of them in the queue. They could move for replacements if others leave, but there have been no talks directly with clubs on either front.

Amorim has left Old Trafford (Michael Regan/Getty Images)

Is the squad ready to play a different formation after Amorim’s exit?

United believe so. They want their head coach to be tactically flexible, and they believe their signings in the summer were not wedded to any particular system.

Matheus Cunha and Bryan Mbeumo can both play more wide, while Bruno Fernandes can push further forward to take the solitary No 10 slot if they were to switch to a 4-2-3-1 system. Similarly, Fernandes could stay in midfield alongside Casemiro and Kobbie Mainoo or Manuel Ugarte if Amorim’s temporary replacement wants to switch to 4-3-3.

Patrick Dorgu was signed 12 months ago with a wing-back role in mind, but the Denmark international has shown in recent weeks that he is versatile and can play as a winger or full-back on either flank.

United will not deviate from long-term targets and do not feel they have to, even if the interim boss wants to change formation.

What positions/players are they looking at?

The plan is to revamp and refresh the midfield over the next windows. Casemiro’s contract is set to expire this summer, and despite there being an option to extend this by a year, it is unlikely to be triggered. There remains a chance they renegotiate a new deal, but no talks have taken place as of yet.

Their midfield targets are currently not available

As reported by The Athletic previously, Elliot Anderson is United’s first-choice target, but 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 has also got admirers at Old Trafford but, like Anderson, has plenty of clubs monitoring and ready to pounce should Crystal Palace entertain any offers.

United held talks, via intermediaries, with Brighton and Hove Albion last summer over Carlos Baleba, but, at this stage, there is no progress on a move there.

The club will, like with Semenyo, have other areas they will sign players in during this window, but only if they form part of their long-term planning. There are no plans for reactive signings on the back of the change of head coach.

Casemiro’s contract expires in the summer (Darren Staples/AFP via Getty Images)

Which players could be leaving?

United are not actively looking to offload players in this window. However, the Portuguese leaving may change the thought process of those who previously had been agitating about potential loan or permanent moves.

Kobbie Mainoo did not start a single Premier League game under Amorim this season, which led to Napoli — who are under a soft transfer embargo — considering a January move. But Amorim’s exit might change Mainoo’s situation. Mainoo was in contention to start at Aston Villa before he picked up a calf problem in the final training session before the game.

A loan with an obligation remains on the table via intermediaries from Roma for Joshua Zirkzee. However, as my colleague David Ornstein reports, he is considered a valuable member of the squad as United look to push for Champions League qualification following Amorim’s exit.

Tyrell Malacia was reintegrated by Amorim after being the only member of last summer’s ‘bomb squad’ to not depart. He could still leave in this window on loan or permanently but, like with others, this is now being assessed by the player.

Diego Leon remains a candidate to go out on loan. His English is improving, but there is still some belief that he may be best staying at the club while the Paraguayan defender adapts to life in Manchester.

Harry Amass is attracting interest from a number of clubs following an impressive first half of the season with Sheffield Wednesday. It has not been ruled out that he stays with Wednesday, who are keen to keep him, but clubs higher up the table — including Stoke City — are interested. A decision will be made shortly between the player and his club on the next step for his development.

United have officially recalled Toby Collyer from his loan at West Bromwich Albion, and there is a chance he goes out on loan again once he recovers from a calf injury towards the end of the month. That was dependent on any progress over Mainoo potentially going on loan, but after Amorim’s departure, decisions like that will be reviewed.

Chris McKenna, Laurie Whitwell and Mark Critchley

Newcastle United

What has happened this week?

Most importantly, Newcastle won back-to-back Premier League games for only the second time this season to rise to ninth in the table, their joint-highest position all season, and kept a first clean sheet in 13 games.

Encouragingly, their defensive injury situation is also relenting, too. Nick Pope returned to the XI for the 3-1 win at Burnley on December 30, while Tino Livramento, Kieran Trippier and Sven Botman were back in the matchday squad for the 2-0 victory over Crystal Palace on Sunday.

Transfer-wise, however, Newcastle have not made any decisive moves yet, be they regarding incomings or outgoings, beyond cancelling Antonio Cordero’s loan to Westerlo and sending him on a temporary move back to Spain with Cadiz. Ross Wilson, who joined in October as sporting director, conducted a review of Newcastle’s loans and was keen for the 19-year-old winger to get increased game time, following just 87 minutes of league action in Belgium.

The club has the PSR (the Premier League’s profit and sustainability rules) capacity to make signings, though Eddie Howe, the head coach, has warned that any money spent this month will have a knock-on effect for Newcastle’s ability to invest during the summer, which they view as a window more conducive to conducting substantial business.

Newcastle are not anticipating a particularly busy January window and certainly do not envisage a massive outlay, though an addition or two would be welcomed by Howe, with a left-back and a midfielder among their priorities.

Cordero’s loan at Westerlo has ended early (Vasile Mihai-Antonio/Getty Images for DFB)

Will the injury situation dictate Newcastle’s business?

Howe has repeatedly suggested so in public, though the message from behind the scenes is that the injury situation itself will not lead to potential summer expenditure being expedited.

The expectation for weeks has been that most of Newcastle’s injured defenders would return early in 2026 and, barring any setbacks, only Dan Burn, Emil Krafth and Jamaal Lascelles are now unavailable. Of that trio, only Burn is a regular starter and he is expected to return from his rib and lung problems by the end of the month.

Even so, full-back depth is desired. Exits for Kieran Trippier, the 35-year-old right-back, or Emil Krafth, the 31-year-old defender, cannot be ruled out, given the pair are into the final six months of their respective deals, though it is unlikely both would leave.

Full-backs are key to Howe’s system, and Newcastle are an entirely different proposition, especially offensively but also defensively, when their first-choice pairing of Lewis Hall and Tino Livramento starts together. Yet that has happened on only four occasions this season and, while Lewis Miley has unexpectedly emerged as a genuine option at right-back, another left-sided defender is wanted.

Toulouse’s Dayann Methalie, the versatile left-back-cum-centre-half, is among several players being tracked across Europe. The 19-year-old has admirers inside St James’ Park, but he has just undergone knee surgery that will keep him out for a month, and Newcastle have not formalised any interest yet.

What positions/players are they looking at?

Beyond full-back, midfield is the area Newcastle would be most keen to strengthen should a long-term target prove attainable for a reasonable price.

Kees Smit, the AZ midfielder, is among their top targets. 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.

Whether Newcastle actually make an offer remains to be seen and may depend upon whether Joe Willock departs, given Howe has six senior options in midfield at present (even if Miley is being deployed at right-back).

Newcastle are interest in Smit (Ed van de Pol/BSR Agency/Getty Images)

Which players could be leaving?

First-team-wise, Newcastle are not necessarily rushing to get anyone out, though exits may help facilitate incomings.

That is particularly the case in midfield, where Willock has entered the final 18 months of his contract and has attracted Premier League interest, though Newcastle have not received a bid yet, and it seems more likely he will stay at this stage.

Will Osula, the 22-year-old striker who almost joined Eintracht Frankfurt in August, is an interesting case. Howe is keen to have three centre-forwards within his squad, though Osula may benefit from game time with a loan at a European club. Frankfurt remain keen, and Osula is among multiple forward options they are considering for January. But Osula is currently sidelined with a foot problem and, should he leave temporarily, Newcastle may only agree to that if it is a straight loan, rather than containing an option or obligation-to-buy clause.

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.

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, among those who may potentially head out. Alex Murphy, the 21-year-old defender, may also move on loan.

Chris Waugh

Tottenham Hotspur

What has happened this week?

It’s been a busy week for Spurs, on and off the pitch.

Several loan players have returned to the club, including Jamie Donley and Manor Solomon, both of whom have already found moves away on loan for the remainder of the season. Donley has joined Oxford United, and Solomon left for Fiorentina in Italy. Kota Takai, who is yet to make his first appearance for Spurs since signing from Kawasaki Frontale in the summer, has also left on loan, joining Borussia Monchengladbach for the rest of the 2025-26 season.

But the most eye-catching (and opinion-splitting) move of the window so far involves Brennan Johnson, who, just months after scoring the winning goal in the Europa League final in May, has joined Crystal Palace for a fee approaching £35million (€40m; $47m).

Solomon has moved on loan to Fiorentina (Harry Trump/Getty Images)

How crucial are additions this window?

Very. Thomas Frank has said Tottenham will be active in the transfer window and having sold Johnson, leaving a squad depleted by injuries even shorter on quality, there is an urgent need for reinforcements across several positions.

What positions/players are they looking at?

Tottenham have had an £8m bid rejected for 19-year-old Santos left-back Souza, who has impressed in recent months in the Brazilian top flight. With an €100m (£87.1m; $117.2m) release clause for foreign clubs, Santos are in a strong position to fend off interest if clubs do not match their valuation.

Further up the pitch, Tottenham also held an interest in Manchester City-bound winger Antoine Semenyo, and with Mohammed Kudus unavailable for Wednesday’s trip to Bournemouth on top of Johnson’s departure, a winger appears high on their priority list.

Spurs had a bid for Souza rejected (Wagner Meier/Getty Images)

Which players could be leaving?

Owing to injuries in wide positions and his impressive performance against Sunderland on Sunday, Frank has said Mathys Tel, who has been linked to various European clubs on loan, is set to be awarded more game time at the club. This makes an immediate departure less likely.

Academy graduate Alfie Dorrington, who has been recalled after spending the first half of the season on loan at Aberdeen, may follow in Donley’s footsteps and secure another short-term move away in the EFL.

Elias Burke

Barcelona

What has happened this week?

Barcelona picked up a hugely valuable 2-0 win against local rivals Espanyol, allowing them to stay top of La Liga, with a four-point lead over Real Madrid.

Goalkeeper Joan Garcia was the star performer, returning to Espanyol for the first time since crossing the city last summer. He put in a fine display, making six saves in a tense atmosphere at the RCDE Stadium.

Now Barca are heading to Saudi Arabia, where they will face Athletic Club in the Supercopa de Espana semi-final on Wednesday. Atletico Madrid or Real Madrid await them if they progress to the final on Sunday.

Christensen is out with a knee injury (Judit Cartiel/Getty Images)

How are Barcelona planning to cope with Christensen’s absence?

Andreas Christensen was nowhere near to being a starter, but his knee injury is a blow.

Barcelona have just five first-team defenders available for four slots — Jules Kounde, Eric Garcia, Pau Cubarsi, Gerard Martin and Alejandro Balde. One of those, Garcia, is being used in midfield.

Ronald Araujo returned to training last week after a leave of absence agreed with the club, but the Uruguayan is not fit to play yet — so Hansi Flick has no back-ups in defence. It is obviously a cause for concern.

“When we look at our defensive line, I think we need one more player,” the German manager told a press conference last Friday. “It’s something we need to talk about, but it is not easy to get a player of this level in winter.

“I am confident we can do something, but it has to make sense.”

What positions/players are they looking at?

Flick wants a new defender and the club are exploring the market to see if any opportunity arises this month.

But sporting director Deco is not very optimistic about the situation. “It is very difficult to find a signing in the winter transfer window that works out, it’s tough to find players,” the sporting director said last month in an interview with local radio station Cadena SER.

Club sources insist that any new signing needs to make a real improvement to the current squad.

Deco was already planning to sign a new centre-back as a top priority for the summer transfer window. But none of the players they were monitoring for that, including Borussia Dortmund’s Nico Schlotterbeck and Marc Guehi of Crystal Palace, are easily available now. In any case, it is unclear whether Barca have the financial means for a deal of that scale now.

The club are ideally looking for an experienced defender who could sign on loan until the end of the season — and not beyond that — to add depth and competition to Flick’s squad. It will be a hard task to find a suitable candidate.

One player who is liked by Barca is Manchester City’s Nathan Ake. But City do not envisage letting the 30-year-old Netherlands international go at present, and the possibility seems even more remote given Josko Gvardiol and Ruben Dias’ injuries.

Barcelona like Nathan Ake (Glyn Kirk/AFP via Getty Images)

Joao Cancelo could return to Barcelona on loan. The 31-year-old Portugal international is expected to leave Saudi Pro League side Al Hilal this month and would be very keen on moving back to Barca after spending 2023-24 on loan there. The club are in talks with Al Hilal.

Barca are in a tight spot with their La Liga-imposed salary limit. But, as Christensen is expected to be ruled out for four months, the Catalans could take advantage of the long-term injury exception in La Liga’s rulebook to use 80 per cent of his salary space to register a new signing.

Clubs must notify La Liga of this no more than 25 days after the player is injured. Given Christensen’s injury happened on December 20, Barca need to tell La Liga if they want to register a new signing in his place by January 14. The clock is ticking.

Which players could be leaving?

Marc-Andre ter Stegen is the standout name. Barcelona want to offload the German goalkeeper, with Joan Garcia fully established as No 1.

The main obstacle in Ter Stegen’s exit, however, is his contract. The 33-year-old’s Barca deal runs until 2028, with significant wages that include salary deferrals from previous seasons. He has shown no intention of wanting a move and has previously made clear he wants to fight for his place in the team, even if Garcia remains ahead of him in the pecking order.

One club that have shown an interest in him are Girona. It might sound like an impossible deal given those aforementioned high wages, but there is a small window of possibility.

“He is a top player, and everybody would love to have a world-class goalkeeper like him,” Girona manager Michel said last week, when asked about the prospect of signing Ter Stegen at an event set up by the Catalan FA.

Barcelona would need to take care of the vast majority of Ter Stegen’s salary for that deal to happen. They could be open to doing that, but only up to a point.

Girona, who are actively looking for a new goalkeeper after the exit of Dominik Livakovic, as well as Paulo Gazzaniga’s poor form this season, would offer Ter Stegen regular first-team football. In the best-case scenario, it would give him the chance to force his way back into Julian Nagelsmann’s plans for the World Cup.

Another of the key reasons Girona and Barca see the deal as a possibility is that Ter Stegen would favour staying in Catalonia for family reasons.

Pol Ballus

Real Madrid

What has happened this week?

It has been a successful week on the pitch for Real Madrid after they beat Real Betis 5-1. Academy graduate Gonzalo Garcia scored a perfect hat-trick and was the standout player, taking advantage of Kylian Mbappe’s absence with a knee injury.

Teams from England, Germany and Spain have shown interest in the 21-year-old striker in recent months, but the idea is for him to stay at least until the end of the season.

His main competitor for the role of Madrid’s backup No 9, Endrick, arrived at Lyon last week, where he will be on loan until the summer. The exit of the 19-year-old Brazilian striker, who arrived in summer 2024 for around €60million, has been big news at the Bernabeu.

Apart from that move, there are no plans for further changes to the first team during this winter transfer window. Xabi Alonso’s side face city rivals Atletico on Thursday in the Supercopa de Espana semi-final in Saudi Arabia. The winner of that game will face Barcelona or Athletic Club in the final on Sunday.

Endrick has joined Lyon on loan (Olivier Chassignole / AFP via Getty Images)

Does Alonso have the players he needs?

No. That’s why, as my colleague Mario Cortegana reported in the summer, Alonso wanted more reinforcements in midfield.

Last week, Alonso was asked at a press conference if he was open to signing new players and whether he needed a playmaker.

“I work with the foundation we have, with the squad we have, and it is my duty to get the most out of them,” he said. “We are still in the process, with good moments and not-so-good moments. And we are always looking to improve, without naming names.”

Alonso requested more signings in the summer after Madrid had spent around €180million on four new players, but the club did not make any more moves after the Club World Cup. One coaching-staff source told The Athletic they believe the club will not make any signings this January.

A senior voice at Madrid defended the board’s squad planning to The Athletic, pointing out that the club have one of the youngest squads in recent years and arguing that it remains very valuable. The same source suggested that Alonso could make better use of the resources he has.

What positions/players are they looking at?

The club are looking at the market for defenders and midfielders, but for now, they say no decisions have been made about whether they will sign anyone in the coming months.

The Athletic has previously reported two midfielders being among those under discussion — Crystal Palace’s Adam Wharton and Kees Smit of AZ.

Another option being considered by Madrid sources is the return in the summer of Nico Paz, who is shining at Como and whose intention is to return to the Bernabeu, but only if he can play an important role. It remains to be seen whether the 21-year-old Madrid academy graduate would rejoin for the clubs’ initially agreed repurchase option of around €9million or a higher amount.

Other former academy players who are being monitored and could return due to their performances and Madrid’s buy-back options are centre-back Jacobo Ramon (at Como) and defensive midfielder Chema Andres (Stuttgart).

Since Toni Kroos’ retirement in 2024, Madrid have suffered from the lack of a top-level playmaker. The situation seems to have worsened since Luka Modric’s exit last summer. But voices within the club insist experience has taught them you cannot live on nostalgia and that the game is constantly changing.

Madrid like Wharton (Ryan Pierse/Getty Images)

Which players could be leaving?

The club do not foresee any more departures in the winter transfer window.

There could be some movement with players Madrid have loaned out, and who could be sold. That includes midfielder Mario Martin at Getafe, who has attracted interest from teams in Germany in recent weeks.

Three experienced defenders’ contracts are set to expire in the summer: Antonio Rudiger, Dani Carvajal and David Alaba.

The only clear case at the moment is Alaba, 33, who is not expected to be offered a renewal but has yet to be informed of anything to do with his future by the club. In Carvajal (33 years old) and Rudiger’s (32) case, it remains to be seen whether talks are held to keep them at the club.

Guillermo Rai