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

Your presents are open, but who really cares about socks or what was in your stocking when transfer season is nearly upon us?

Welcome to a special 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.

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 the Manchester United star whose future is the big question ahead of January, the latest on Paul Pogba, and Arsenal, Chelsea, Manchester United, Manchester City, Newcastle United, Tottenham Hotspur and Real Madrid’s plans for January.

We also have 15 separate DealSheets today on clubs from across the Premier League.

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.

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David Ornstein’s One To Watch — Marcus Rashford

Marcus Rashford’s situation at Manchester United is far from ideal. He has not made the last three matchday squads and gave an interview saying he is ready for a new challenge.

Only the 27-year-old knows what “a new challenge” means and whether that is away from United or under head coach Ruben Amorim at Old Trafford.

Amorim says he expects certain standards from all players on and off the pitch, which it would appear Rashford is not meeting at present. That opens the door to a possible winter departure, depending on various factors.

Most importantly, United and Rashford will need to want that. Indications are they would at least be willing to discuss it. Then, vitally, is there a market?

Considering he is currently not playing and earns an extremely high wage, it is hard to envisage a January sale; that would more likely materialise in the summer.

What might be more sensible is a loan. It would give him the chance to get back on track and rebuild his value before the issue is revisited post-season.

Taking Rashford on a temporary basis should also avoid whoever gets him having to cover the whole of his salary.

United have previously benefited from similar arrangements in the cases of Jadon Sancho and Mason Greenwood at Borussia Dortmund and Getafe respectively.

There is no indication they are pursuing such a route yet, but it is one to watch in the weeks ahead.

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Rashford’s drop in form and suitability for Amorim

Rashford’s struggles over the past two seasons since a 30-goal 2022-23 have been evident. Luke Shaw’s lengthy absences are a factor, as is Rashford’s history as a streaky player, but there are other aspects to consider.

Rashford excelled in transition situations in 2022-23, running at and beating opponents with pace and skill. Those opportunities were at a minimum last season due to injuries, a leaky defence and Erik ten Hag’s tactical inflexibility, which magnified Rashford’s glaring out-of-possession deficiencies.

Ruud van Nistelrooy’s interim stint and Ruben Amorim’s early games in charge saw Rashford score three times from the centre-forward position, but Rashford himself has stated he is best off the left. He also does not possess Rasmus Hojlund’s off-the-ball work or Joshua Zirkzee’s link-up abilities.

The left wing looks like a farfetched option, too. As The Athletic explained, Amorim’s 3-4-2-1 system requires No 10s who are patient, comfortable dribbling and passing out of tight pockets in half-spaces, and possess the positional awareness to know where to be without the ball.

As the pass receptions map below shows, Rashford (barring the 2022-23 season) prefers to occupy wider positions and use his pace to beat defenders on the outside, which Amorim wants less of.

Anantaajith Raghuraman

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What else we’re hearing

• Paul Pogba, 31, is currently training in Miami with coaches, working on both his football and physical fitness. He would like to join a club in the January transfer window, but it’s not clear if that will happen yet. Pogba wants to get to 100 per cent. That said, he can start training with a club from January after the successful appeal of his doping ban, but he cannot play until March as part of that appeal.  There are some interested clubs. A decision will be made soon over whether he joins a club now or waits until the summer, when there will be a bigger market. Pogba has not played since September 2023.

• Manchester City are expected to be active in the January market. Between the winter and summer windows, they intend to strengthen in defence, at No 6/No 8 and up front. It is premature to say who will be signed and in what order, but work is being done behind the scenes and conversations are now taking place with clubs and player representatives. Director of football Txiki Begiristain may be leaving City next summer, but he continues to lead the process, in conjunction with manager Pep Guardiola and other relevant personnel. City are in rude financial health and did not spend heavily last summer, so money is not an issue. That said, they will not want to spend for the sake of it and recruits of the level City would be seeking to bolster their first team are not easy to obtain mid-season. That means loans should not be discounted, although in an ideal world, they would likely favour younger players for the longer term ahead of older — potentially high-cost — stop-gap solutions. That will all depend on the options available to them and negotiations. Despite City’s recent slump, manager Pep Guardiola is not going to be sacked and there is no suggestion he might walk away. He has recently signed a two-year contract and will have known a rebuild was required before committing to that deal.
• Arsenal have decided against activating an option to extend Kieran Tierney’s contract by an extra year. This means Tierney will leave the Emirates Stadium by next summer at the latest — when his contract expires — but he could also depart next month. The 27-year-old can sign a pre-contract agreement with non-English sides from January 1, which would see him move for free next summer. There is interest from England, an emotional attachment to former team Celtic, plus he already has experience of playing abroad following a loan spell at Real Sociedad during the 2023-24 campaign.

David Ornstein

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Why Manchester City need reinforcements in January

One win in 12 and fresh issues with each passing game suggest City’s problems are not solely due to the Rodri-shaped hole in midfield. This is an ageing squad that requires rebuilding.

Without a holding midfielder to break up play, recycle possession and progress the ball, City’s system comes apart. They have conceded 7.5 chances per game in the Premier League this term, the second lowest behind Liverpool’s 7.4, but 3.0 of those have been big chances (sixth highest; the other five teams are in the bottom half of the table), often on the counter.

City’s injury-riddled defence has been exposed when their midfield is bypassed. Their fit defenders, including Kyle Walker and Josko Gvardiol, have struggled. Similar to the 2017 summer window when Walker arrived, City need new left- and right-backs. A central defender who can lift the team like Ruben Dias did upon arriving in 2020 might be required, too.

City also look blunt in attack. The defeat to Aston Villa, where they repeatedly launched passes to Jack Grealish with no return, underlined their struggles. Erling Haaland, despite scoring 13 goals, has had limited opportunities and virtually no support. City’s 2.7 big chances created per game is only the ninth-best figure in the league, due to Kevin De Bruyne’s fitness issues and Phil Foden’s drop-off, so their shopping list should perhaps include a creative midfielder and backup striker.

The most alarming aspect of this is that it cannot all be resolved in one transfer window, so Guardiola will need to find in-house solutions along with any mooted signings.

Anantaajith Raghuraman

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Arsenal

What positions will they be looking at in January?

Arsenal are once again open to improving their options at No 9. They are conscious, however, that buying a striker in January could mean significantly overpaying.

They are also scouring the market for a wide forward to cover for Saka or compete with Gabriel Martinelli.

Furthermore, the club’s decision-makers know they will probably need to refresh Arteta’s midfield options in 2025, with Jorginho and Thomas Partey out of contract in the summer.

Whether those requirements are attended to in January is another matter.

Squad needs often inform any January business. If injuries continue to strike in defence, Arsenal may be forced to look at a sticking-plaster solution to ensure they have sufficient depth until the end of the season. The emergence of Myles Lewis-Skelly as a serious option at left-back has somewhat assuaged that need.

One factor complicating January recruitment is that as Arsenal have already loaned Bournemouth’s Neto and Chelsea’s Sterling, they cannot sign another Premier League player on loan. They can, however, make loan signing from outside the Premier League.

Arsenal are expected to continue their attempts to add top emerging UK and global talent to the academy and the fringes of the first team — deals like the signing of 18-year-old goalkeeper Tommy Setford from Ajax.

It is fundamental to Arsenal’s model that if they want to continue to invest and improve the squad, they need to make sales. Arsenal brought in considerable cash in the summer, with Emile Smith Rowe, Aaron Ramsdale, Eddie Nketiah and others departing permanently. However, with those deals now done, Arsenal do not have too many more players with the criteria Premier League buyers are typically looking for — the right age, international credentials and experience in domestic football. Arsenal have now sold most of the obvious saleable assets in the squad.

Ensuring that production line continues is vital to remaining competitive in the long term. Arsenal will be recruiting players as potential future stars, but also sensible investments who can add value to the squad.

Which players do they want?

Long-term targets such as Benjamin Sesko and Nico Williams remain of interest but are not expected to be attainable in mid-season.

Although he is not currently among their primary targets, Arsenal are long-term admirers of Wolverhampton Wanderers’ Matheus Cunha. They have been impressed by his performances this season and are monitoring his situation. That said, it is difficult to imagine Wolves parting with him midway through a season that appears destined to end in a relegation battle. Were Wolves to go down, however, a market opportunity could present itself.

Who will they be looking to sell?

One player who could leave Arsenal permanently is Tierney. Arsenal have declined to take up the optional year in his contract, so his deal will expire in the summer of 2025. The January window therefore represents the last opportunity to recoup some cash for his services, but with such a chequered injury record, interested clubs are likely to drive a hard bargain.

Arsenal may once again field interest in Leandro Trossard. The 30-year-old was the subject of a deadline-day bid from Saudi Arabian side Al Ittihad in the summer, which they dismissed out of hand. Trossard’s suitors are likely to receive a similar response this time: for the remainder of the season at least, the Belgian remains an important part of Arteta’s plans.

Will anyone move out on loan?

In the summer, it seemed reasonable to suggest that either Lewis-Skelly or Ethan Nwaneri could be allowed to leave on loan at the season’s halfway point. Since then, however, both have demonstrated their value to Arteta and they are needed at Arsenal.

Even if such a clause were to exist, Sterling has no intention of terminating his deal with Arsenal early and is fully focused on making an impact in the second half of the campaign.

Some academy players may leave on loan. Sam Hayball, Arsenal’s pathway and loans manager, has been working on identifying appropriate moves for developing players. Dutch winger Ismeal Kabia, 19, is one of the prime candidates for a loan. Centre-back Maldini Kacurri, who made his debut in the 5-1 Carabao Cup win over Bolton Wanderers, is another 19-year-old Arsenal feel would benefit from regular senior football — although finding the appropriate level for a young centre-half’s first loan is always challenging.

There is loan interest in former Ajax goalkeeper Setford. With Setford the third choice in the senior squad, Arsenal would only contemplate letting him go if they signed an experienced replacement. January is a notoriously difficult market for goalkeepers, so the strong likelihood is that Setford will continue his development at London Colney.

What moves have they made already?

The only real work Arsenal have undertaken on the January transfer window is the same work that is ongoing year-round: building relationships with players, agents and clubs to ensure they are in a strong position when that player decides to move.

With young players, this is particularly important. Arsenal are putting in groundwork with several teenage prospects, ensuring that when they are old enough to join, they are in pole position.

James McNicholas

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Chelsea

What positions will they be looking at in January?

Chelsea do not intend to be busy. The main priority is thinking about what they will do in the summer of 2025 and 2026. Anyone surprised by this should look at what transpired in the 2024 January window. The only addition to the senior squad back then was Cesare Casadei and that was simply recalling him from a season-long loan at Leicester City prematurely.

The club are very happy with the first-team group they have built and the main recruitment drive under this ownership was always planned to start in January 2023 and end in the summer of 2024. Chelsea sources with knowledge of the situation, kept anonymous to protect relationships, say they will continue to assess possibilities in the market, but the thinking is the main core are now together and that they are under no pressure to make any rash decisions. The theory that Chelsea are a centre-back and a goalkeeper away from being able to win the Premier League this season is not a view taken by the hierarchy.

That does not mean Chelsea have ruled out doing anything altogether in January, although that includes the possibility of doing a deal in advance with the following summer in mind. It is a practice they are comfortable with having done so before (see below). Signing a striker is part of their long-term ambitions, but unless a replacement is needed because someone is sold, the idea is to add to this department next summer.

Chelsea have had the added complication of Mykhailo Mudryk failing a drugs test and the head coach has suggested the club will discuss whether they will look to sign a replacement after the club’s final Premier League game of 2024 at Ipswich Town. That conversation will take place, but Chelsea currently feel they have the depth in the squad to cope with Jadon Sancho, Pedro Neto, Noni Madueke, Joao Felix and Nkunku. Talented academy graduate Tyrique George has also been promoted to the senior squad. The possibility of Raheem Sterling being recalled from his season-long loan at Arsenal early has been ruled out.

Which players do they want?

Among the list of five to 10 forward players Chelsea are observing and/or sent scouts to watch their matches, Ipswich Town forward Liam Delap has emerged as a new target in recent months. However, Ipswich will be very reluctant to listen to any offers for the 21-year-old in mid-season because they need him in their battle to avoid relegation.

Another attempt to acquire Victor Osimhen, a player they tried to get on loan at the end of the summer window, is not expected in January.

Who will they be looking to sell?

Chelsea would ideally like to keep the squad together but are realistic to know some players may look to leave due to a lack of game time.

Trying to get Ben Chilwell off the books is the priority. The left-back is one of the highest earners at Stamford Bridge and has played just 45 minutes this season.

Should a suitable bid be made for Carney Chukwuemeka, who has made just five appearances under Maresca, Chelsea will consider it. However, he has a release clause worth £40million.

Maresca has suggested that Kiernan Dewsbury-Hall, who joined Chelsea from Leicester for £30m in July, could ask to leave after not starting a single Premier League game. Defender Axel Disasi’s situation is one to watch, too, although his involvement has increased due to injuries to Wesley Fofana and Benoit Badiashile.

Casadei is wanted by clubs in Italy. Former academy player of the year Harvey Vale, who rejected a move to Al Ettifaq four months ago, is looking to leave on a permanent basis.

Another fine youngster, Alex Matos, came close to leaving for Getafe last time around and is also expected to be available.

Will anyone move out on loan?

This category also applies to the names mentioned above, particularly if teams look to do ‘loan with an option/obligation to buy’ deals. Should any go merely on loan, which is still a possibility for Chukwuemeka, for example, clubs will have to make a meaningful commitment to play them.

Maresca has made it clear he wants to keep striker Marc Guiu — the 18-year-old scored six goals in the Conference League group phase — but with Chelsea’s involvement in the competition not resuming until March and his participation in the knockout stages bound to be minimal, Guiu may want to pursue a temporary switch elsewhere.

Omari Kellyman, who joined from Aston Villa for £19million in July, has been earmarked for a loan for the rest of the season, although he has been slow to recover from a hamstring injury sustained in September. Forward Deivid Washington is another that Chelsea want to get first-team experience elsewhere.

Some players already out on loan, such as Lesley Ugochukwu at Southampton and Leo Castledine at Shrewsbury, may be recalled in order for them to get another loan elsewhere instead.

What moves have they made already?

Another reason Chelsea do not need to add to their squad is because they have four new signings officially completing their moves to Stamford Bridge in the summer.

Deals for goalkeeper Mike Penders (Genk), defender Aaron Anselmino (Boca Juniors), winger Kendry Paez (Independiente del Valle) and exciting Brazilian attacker Estevao Willian (Palmeiras) have already been finalised. Highly rated midfielder Andrey Santos, who has been on loan at sister club Strasbourg throughout 2024, is also being considered for a squad role for the 2025-26 campaign.

Chelsea also have an obligation to buy Jadon Sancho as part of the loan agreement with Manchester United.

Simon Johnson

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Liverpool

What positions will they be looking at in January?

There is not one specific position Liverpool are definitely looking to strengthen in January because there are no guarantees they will enter the market unless the right player and deal becomes available.

Liverpool targeted Real Sociedad midfielder Martin Zubimendi in the summer before the 25-year-old turned them down. Signing a No 6 was the priority then and strengthening in midfield remains on the agenda, but the form of Ryan Gravenberch in the No 6 role has reduced the urgency. An extra body would help ease the burden on the 22-year-old, with Wataru Endo, 31, not suited to Slot’s style of play. 

Left-back has become a talking point in recent months due to the inconsistent form of Andy Robertson. The 30-year-old, who has 18 months remaining on his contract, was sent off against Fulham and has made some uncharacteristic errors. Kostas Tsimikas’ return to fitness allows Slot to rotate as he did earlier in the season, and it is unlikely a third senior left-back would arrive next month without an outgoing.

That position is more likely to be assessed come the summer when Liverpool will also consider their options at centre-back. 

What needs to be done in the transfer market in 2025 will be heavily influenced by the futures of Virgil van Dijk, Mohamed Salah and Trent Alexander-Arnold, whose current deals all expire at the end of this season. All three have received contract offers from the club, but who stays and who goes remains unclear.

Why could they be unlikely to do business?

It is often difficult to find good value in the January window, but recent history has shown that if the right player becomes available at the right price, Liverpool will pounce. 

Cody Gakpo was on Liverpool’s list of targets for the summer of 2023, but when it emerged that PSV were willing to sell for £44million midway through the season, the club felt it was an opportunity they could not afford to miss. Injuries to Luis Diaz and Diogo Jota also contributed to that decision.

It was a similar story in January 2022 when Porto needed to generate cash urgently and Liverpool knew they either had to move fast to land Diaz for £50million or miss out to Tottenham.

Slot has repeatedly spoken about how happy he is with the depth of talent in the squad he inherited from Jurgen Klopp and Liverpool are not in the habit of signing players for the sake of it. They will wait for their carefully selected targets to become available. 

Defensive injuries have given Slot a selection headache in recent weeks due to the absences of Ibrahima Konate, Conor Bradley and Tsimikas. However, with that situation clearing, there is no desperate need to bring in reinforcements.

Will they be looking to sell anyone?

It’s unlikely. Slot is happy with his squad and recent months have shown how a couple of injuries in the same area of the pitch can cause a headache. The head coach will not want to lose any players ahead of a busy second half of the season. 

Liverpool were unwilling to let Tyler Morton go out on loan in the summer and none of his suitors were willing to meet the club’s £20million asking price. While there is set to be interest in the 22-year-old again next month, unless a midfielder is added, that stance is likely to remain unchanged.

It has been a tough first half of the season for the academy graduate, but his attitude and application in training have been second to none.

Caoimhin Kelleher once again showed his importance to Liverpool during Alisson’s two-month absence due to a hamstring injury. The Republic of Ireland international goalkeeper wants to become a No 1, but that situation won’t be addressed until the summer.

Will anyone move out on loan?

Liverpool already have players out on loan: Stefan Bajcetic, Ben Doak, Owen Beck, Lewis Koumas, Kaide Gordon, Calvin Ramsay, Luca Stephenson, Rhys Williams, Nathaniel Phillips and Marcelo Pitaluga. 

Discussions are taking place about who might be recalled in January due to a lack of game time. There’s a decision to be made about Gordon, who has only started one Championship game for Norwich City in the first half of the season. The same goes for Ramsay, who has only made three starts in League One for Wigan Athletic.

Bajcetic has had a difficult time at Red Bull Salzburg and it remains to be seen how the sacking of manager Pep Lijnders will impact his situation. However, the Austrian club paid a hefty loan fee to secure his services for the full season.

Two of the big success stories have been Doak (Middlesbrough) and Beck (Blackburn Rovers) and they are expected to stay put.

Jayden Danns and James McConnell were both expected to leave on loan in the summer before injuries ruled out moves for them. They have both since returned to action for the under-21s and regular senior football would be beneficial for their development if the right club can be found. 

Luke Chambers (Wigan Athletic) and Calum Scanlon (Millwall) saw their loan stints halted by back injuries earlier in the season and their rehab programmes are continuing at Liverpool. 

What moves have they made already?

Liverpool’s long-term future-proofing began in the summer when they agreed a deal to sign 24-year-old goalkeeper Giorgi Mamardashvili from Valencia for £25million, plus £4m in add-ons.

Given Alisson’s injury issues and Caoimhin Kelleher’s desire to become a No 1, Liverpool embarked on some succession planning and felt they secured a deal for one of Europe’s top young goalkeeping prospects for a reasonable fee. The Georgian international will join up with his new team-mates next summer.

Youngsters out on loan are developing and building senior-level experience. They will be given a chance during pre-season to prove they should be part of Slot’s future first-team plans, which may also impact the club’s transfer strategy.

James Pearce and Andy Jones

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Manchester City

What positions will they be looking at in January?

As reported above by my colleague David Ornstein, City will be active in January. They are looking at a number of positions — defence, at No 6/No 8 and up front.

While it is unclear who will join and in what order, work is being done — led by director of football Txiki Begiristain. City are in good financial health. They will not spend for the sake of it and will recruit only those who would bolster their first team, which could mean loans, or younger players for the longer term rather than older — potentially high-cost — stop-gap solutions.

It will all depend on the options and how any negotiations go.

Which players do they want?

City had decided last summer they would wait until 2025 for a squad overhaul, partly because many of the players who were attracting interest last summer — Ederson, De Bruyne, Walker, Bernardo Silva — did not leave. Guardiola also felt the squad did not need an extra player to replace Alvarez following the surprise return of Ilkay Gundogan, which is why he did not sanction a move for Celtic’s Kyogo Furuhashi. The Japan international does not appear to be a target for January.

Because of the club’s woes this season, caused largely by fitness problems and the psychological impact of so many setbacks, City have decided to start the refresh earlier than normal. They know the winter window is traditionally a difficult one and they might have problems getting the players they want, but rather than wait until summer, they are ready to move now.

Who will they be looking to sell?

Even if City were to bring new faces in, with Guardiola having said they need more bodies to deal with the demands of the football calendar, they are unlikely to ship a few out at the same time.

There could be significant movement at the end of the season, with Ederson, Walker, De Bruyne and Gundogan among a few senior players who might leave as part of a squad overhaul, but major outgoings do not seem to be on the agenda this winter.

Will anyone move out on loan?

It is possible some young players could go out on loan, but any other departures from a depleted squad, even in the short term, would be a surprise.

What moves have they made already?

Claudio Echeverri will arrive in January, having been signed for £12.5million from River Plate 12 months ago. The 18-year-old Argentinian arrives with a lofty reputation, having broken into the River first team. But while he will join Guardiola’s squad for the second half of this season, he is expected to be on the fringes of the team for the time being and could be loaned out in the summer.

His situation could be similar to that of Perrone, who is highly rated by City coaches. He spent the second half of the 2022-23 season with the team — and even made two appearances from the bench — but has been out on loan since.

Sam Lee

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Manchester United

What positions will they be looking at in January?

Amorim’s introduction of a 3-4-3 system has placed an emphasis on recruiting wing-backs, with a lack of options on the left in particular.

Tyrell Malacia has returned from an 18-month injury lay-off, but Luke Shaw’s struggles for fitness means Amorim is still short of options down that flank.

Although Diogo Dalot has deputised on the left, he is arguably United’s most natural fit for the right wing-back role. Amad has also played there but has excelled further up the pitch under Amorim, while Noussair Mazraoui has impressed as a right-sided centre-back.

United could also look to reinforce in midfield over the course of the next year, although the key focus for the moment is helping the existing squad adapt to Amorim’s methods.

Which players do they want?

United’s need for wing-backs and Alphonso Davies’ expiring contract has led to the Bayern Munich left-back being linked with Old Trafford in recent months, but even if joining as a free agent in the summer, his level of salary would likely be an obstacle. The 24-year-old is not considered a priority target at present.

United inserted a buy-back option when selling left-back Alvaro Fernandez to Benfica in a €9million deal at the end of last season and the 21-year-old has quickly established himself as a regular at the Estadio da Luz, starting all six of Benfica’s Champions League outings this season.

Returning so quickly to a talent who failed to make a senior appearance during his time at Old Trafford would be something of a climbdown, however, particularly as he would cost more than the fee they received during the summer.

Jarrad Branthwaite was the subject of two formal bids by United during the summer, of up to £45million plus £5m in add-ons, but both were rejected by Everton.

With Amorim’s system requiring one extra centre-back and given Lisandro Martinez’s patchy injury record and indifferent form, a revival of the interest in Branthwaite cannot be discounted in future. But after consistently bidding well below Branthwaite’s asking price even earlier this year, United are not in a position to meet Everton’s demands.

In midfield, Atalanta’s Ederson has been monitored after the 25-year-old’s impressive displays in Serie A.

Who will they be looking to sell?

Outgoings are likely necessary before any incomings, with the most intense speculation surrounding Marcus Rashford. The 27-year-old’s future appears to lie away from Old Trafford after his admission that he is considering a “new challenge” and wants to take the “next steps” in his career.

United have been open to offers for Rashford since earlier this year, as previously reported by The Athletic, but are not rushing into a January sale and his status as one of United’s highest-paid players with three-and-a-half years remaining on his contract makes any departure complicated.

Paris Saint-Germain have often been touted as a potential destination for Rashford but are not thought to be interested at this time, nor is there much appetite around Europe’s five major leagues at present.

Rashford’s salary of more than £325,000 a week would not be a barrier to Saudi Pro League clubs, but sources in the Gulf state have played down links for the time being.

As my colleague David Ornstein reports above, a loan might be more sensible for him.

Napoli are keeping tabs on Harry Maguire’s situation as he enters the final six months of his Old Trafford contract, although United have the option to extend. The 31-year-old will be able to sign a pre-contract agreement with clubs abroad from January 1, which could cause complications for United’s ability to trigger the one-year option.

While talks over new deals continue with Maguire and Amad, Christian Eriksen and Victor Lindelof are both entering the final six months of their contract without a one-year renewal clause to trigger. Jonny Evans and Tom Heaton are also on expiring deals.

Those on the fringes of Amorim’s squad could depart if United receive suitable offers. Antony has acquitted himself well in cameos under Amorim but is playing only a bit-part role and attracted interest from Real Betis during the final days of the summer window.

Will anyone move out on loan?

United typically allow several academy players to leave on loan in the January window in order to gain experience of playing competitive first-team football.

Toby Collyer made three senior appearances earlier this season under Ten Hag, two as a substitute against Manchester City and Liverpool as well as starting in the 7-0 win against Barnsley in the Carabao Cup, until injury curtailed his progress.

After that taste of first-team minutes, Collyer is now attracting interest from Championship clubs on loan in the January market, but it is currently more likely the 20-year-old stays to provide midfield cover.

Like Collyer, Harry Amass caught the eye in pre-season, but despite being included in first-team matchday squads in the campaign and United’s paucity of options at left-back, the 17-year-old is yet to make his senior debut.

Amass could be allowed to move out on loan to earn the first senior minutes of his career, although a permanent move is deemed unlikely at this stage.

Dan Gore made two senior appearances last season but has struggled for regular minutes at under-21 level this season due to injury. A loan to the Championship or League One has been mooted for the second half of the season.

Ethan Ennis, the 20-year-old winger, is also subject of interest from League One and League Two clubs. Habeeb Ogunneye and Ethan Williams are two other names who could be sent out next month.

What moves have they made already?

A deal for teenage left-back Diego Leon from Paraguayan club Cerro Porteno is nearing completion.

Leon is viewed as a signing in the same vein as those for Sekou Kone and Chido Obi Martin during the summer, as an academy-first player with the potential to develop into first-team level talent.

It is also the type of relatively inexpensive deal that United feel they have to explore given their limited budget and perhaps sets a marker for the type of incoming business to expect, if any.

Once complete, Leon will only join United in the summer due to post-Brexit regulations preventing Premier League clubs from signing under-18s from abroad.

Another new face at academy level is Emmanuel Ziro, a 16-year-old winger who has joined from the Cre8tive Football Academy, a grassroots programme based in west London.

United also welcomed Charlotte FC’s Nimfasha Berchimas to Carrington on trial recently. The United States under-20 international is only 16 but has already made three Major League Soccer appearances this season.

Mark Critchley

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What positions will they be looking at in January?

The same as previous windows: right-sided forward, centre-back (and possibly) goalkeeper.

Newcastle have not pivoted focus, which might deflate those supporters who believe a striker should be the priority following Callum Wilson’s latest injury. Anthony Gordon and William Osula are deemed sufficient backups to Alexander Isak. There is an acceptance that it is less than ideal, but Newcastle do not have the PSR capacity to bring in a proven striker.

Instead, right-winger and centre-back are the positions Newcastle feel can be strengthened.

On the right flank, Miguel Almiron is available for transfer, Jacob Murphy has never cemented his place, while none of Gordon, Harvey Barnes or Joelinton is the long-term answer.

In central defence, lowering the age profile is necessary and, while Sven Botman’s first-team return is imminent and Dan Burn has performed well, a long-term successor to Fabian Schar is required.

Howe wants a genuine challenger to Nick Pope in goal, but at least one exit would be necessary to facilitate an incoming given Newcastle have five senior shot-stoppers. However, despite Howe desiring another goalkeeper, the soundings are that is highly unlikely, even if Martin Dubravka departs.

Newcastle have been tracking players in every position, with scouting trips across Europe and beyond. They will be nimble and might respond to opportunities to bring in long-term targets in other positions.

Which players do they want?

The Marc Guehi saga dominated August and Newcastle remain keen admirers. The feeling on Tyneside is that a January transfer would be difficult — though it is not being ruled out entirely, even if Botman’s return lessens the immediate need.

Paul Mitchell, the sporting director, is aiming to widen the geographical landscape from which Newcastle recruit and fresh centre-back targets across Europe have been identified. Juma Bah, the 18-year-old defender who is on loan at Real Valladolid from AIK Freetong, is among them, although he is seen as one for the future rather than a first-team-ready recruit. AC Milan’s Malick Thiaw has been watched long-term, while contact was made with Bayer Leverkusen over Edmond Tapsoba in August.

At right wing, the club enquired about Nottingham Forest’s Anthony Elanga during the previous window. Brentford’s Bryan Mbeumo has been linked but, while there is some admiration, it would be expensive and complicated. Moves for PSV’s Johan Bakayoko and Monaco’s Maghnes Akliouche appear unlikely this January.

Burnley’s James Trafford, the 22-year-old Newcastle offered £16million ($20.2m) for in June, fits the profile of goalkeeper Howe wants. That deal is more likely to be revisited come the summer, though.

Most names currently being linked are viewed internally as unrealistic when it comes to January. Newcastle admire the players mentioned above, but the expectation inside the club is that unless a significant exit occurs, any mid-season arrival is likely to be a younger profile of player, with a lower salary, rather than a marquee name.

Who will they be looking to sell?

Almiron is available and Newcastle are looking for around £10million to £12m for the Paraguayan. Clubs in the Saudi Pro League and MLS have shown interest over the past two windows, but there is a reluctance to match the 30-year-old’s salary. River Plate are interested and other South American clubs are monitoring his situation. Newcastle are not looking to loan Almiron out, despite Premier League clubs being linked, and would want a permanent transfer. An exit is probable, but not yet certain.

Dubravka is wanted by Saudi side Al Shabab and, given his contract expires in June, Newcastle would be willing to listen to bids. The decision will rest between Dubravka and Howe. Pope’s knee injury complicates matters — Howe might want a replacement before allowing Dubravka to leave.

Selling an academy graduate would represent ‘pure profit’ from a PSR perspective, so Newcastle would have to consider offers for Sean Longstaff. With a 12-month extension prolonging his deal to 2026, Newcastle could command a reasonable fee for the 27-year-old, even if Howe is loath to lose him.

Crucially, Newcastle must reduce their wage budget, so significant earners Kieran Trippier and Wilson might be moved on. The former was keen to leave during the summer and still desires a new challenge. The latter’s injury makes a mid-season exit unlikely. Isaac Hayden, who does not train with the first-team squad, is still available for a transfer.

Selling a fringe player will make incomings more likely, but it does not guarantee arrivals. Newcastle’s delicate PSR position means it might be prudent to free up space in the wage budget, regardless of signings. Newcastle will bring in long-term targets if they can, however.

Despite reports linking Bruno Guimaraes with Manchester City, Newcastle have had no contact yet and are determined to keep hold of the Brazilian and their other star men, Gordon and Isak. That said, it seems inevitable that Newcastle will have to sell one of their elite players at some point.

Will anyone move out on loan?

Lewis Miley, the 18-year-old midfielder, will not be leaving Newcastle temporarily because Howe considers him a first-team player.

Alex Murphy, the 20-year-old defender, might head out to the EFL, while Garang Kuol, the 20-year-old Australia forward, also needs a loan move.

What moves have they made already?

In October, Newcastle announced the signing of Vakhtang Salia from Dinamo Tbilisi. The 17-year-old Georgia Under-21 forward will officially join in August 2025, when he is expected to head out on loan.

Chris Waugh

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What positions will they be looking at in January?

Perhaps unsurprisingly, Tottenham’s plans for the January transfer window are linked to their injury crisis. Over the past few weeks, Postecoglou has had to cope without his first-choice goalkeeper Guglielmo Vicario and centre-backs Micky van de Ven, Cristian Romero and Ben Davies. Richarlison and Wilson Odobert are both recovering from hamstring injuries, while Mikey Moore is slowly returning to full fitness following a virus. 

Their thin squad forced Postecoglou to name five teenagers on the bench for the 5-0 victory at Southampton along with Brandon Austin. The 25-year-old goalkeeper came through Spurs’ academy but has never made a senior appearance.

“A lot will depend on what happens in the next three weeks, who we get back in that time, where we sit with the health of the squad at the beginning of January,” Postecoglou said on December 6. “January is a tricky one. I wouldn’t expect us to do too many significant things in January, but if on January 1 we’re in exactly the same position we are now with nine players out, I reckon we’d be doing something.”

The latest update is that Van de Ven and Romero will be available in January, with Vicario hopeful of returning the following month. Even so, Postecoglou said on Tuesday that they need to reinforce in January — even if that might be difficult in reality.

However, they will look out for opportunities to improve their attacking options. They are over-reliant on Dominic Solanke, Son Heung-min and Brennan Johnson to start every game, while Postecoglou has made his feelings about Timo Werner’s effectiveness clear.

“There’s no doubt we need some bolstering in that front third over the next couple of transfer windows,” Postecoglou said before the 1-0 defeat to Bournemouth. “(Solanke) coming in has been great, but again we can’t overload him either because, ultimately, you know, even if he stays fit and nothing happens, performance will invariably drop if his energy levels drop. So it’s something we’re aware of and need to plan for.”

Which players do they want?

Tottenham need more firepower and Postecoglou was asked about the possibility of signing Marcus Rashford from Manchester United following the forward’s comments that he was “ready for a new challenge”.

“If I looked at everyone we were linked to, I would have no time to do anything else, to be honest,” Postecoglou said. “I have got other people to do that part of the process. For us, we’ve been pretty disciplined in what we’re trying to build here and we’ll continue to be so.”

It is an easy link to make but, reading between the lines, any potential move for Rashford feels unlikely. He turned 27 in October and Spurs have focused on signing players under the age of 23 since Postecoglou was appointed. Rashford prefers to play on the left wing, which is where captain Son, Werner and Wilson Odobert operate. The England international’s £325,000 a week wages would be a stumbling block, too. The smarter option would be to sign a backup to Solanke — Richarlison’s struggles for form and fitness show he cannot be relied upon to the extent Postecoglou needs and would like. 

After Vicario fractured his ankle during the 4-0 victory over Manchester City, Spurs were linked with high-profile free agents including Keylor Navas and Loris Karius. Despite a couple of horrible mistakes in the Carabao Cup quarter-final against Manchester United, Forster has been solid while deputising for Vicario, so the wisest move might be to sign a younger backup goalkeeper for the long term. There is interest in Burnley’s James Trafford but, with Vicario hopefully back in a couple of months, any move is more likely to happen in the summer. Trafford is an appealing prospect because he is a 22-year-old homegrown player with Championship and Premier League experience. 

It has been widely reported that as part of the negotiations with Real Betis over selling Giovani Lo Celso, Spurs included a clause relating to Johnny Cardoso. Tottenham have a first refusal option on the 23-year-old midfielder but this only becomes active in the summer. Cardoso joined Betis in January after spending the beginning of his career with Brazilian side Internacional. He plays as a holding midfielder and has made 11 appearances in La Liga this season.

Who will they be looking to sell?

Tottenham’s most valuable asset who is not playing regularly is Richarlison. The Brazilian forward arrived from Everton for an initial £50million in July 2022 but has just 12 league goals since. It is no secret that he was on the market last summer and there was interest from Saudi Arabia that would have allowed Tottenham to make their money back on him — which they would have struggled to do if they sold him to a European club. Richarlison did not want to move to Saudi Arabia and remained in north London. It has been another frustrating campaign for the 27-year-old, which has been disrupted by calf and hamstring issues. He has been restricted to five appearances in the league for a total of 88 minutes but is expected to return from injury at the beginning of January. 

The other player to watch out for is Sergio Reguilon. The 28-year-old is not part of Postecoglou’s long-term plans and he enters the final six months of his contract in January. The full-back will be allowed to negotiate with foreign clubs and sign a pre-contract agreement with a view to leaving for nothing in the summer. He made his first appearance for Spurs since April 2022 in the 4-3 victory over Manchester United on December 19 and that was only due to injuries to key players. 

Son and Davies will also enter the final six months of their contracts, but Spurs plan to trigger one-year options on both.

Will anyone move out on loan?

Spurs have a small squad and they are using everybody right now, so the only players who might leave on loan will be from the academy. Talented youngsters Alfie Devine (Westerlo), Ashley Phillips (Stoke City), Alejo Veliz (Espanyol), Dane Scarlett (Oxford United), Josh Keeley (Leyton Orient), Jamie Donley (Leyton Orient) and George Abbott (Notts County) moved on loan in the summer and are benefiting from regular game time. 

What moves have they made already?

Tottenham completed a deal in July for Yang Min-hyeok from South Korean side Gangwon FC. The 18-year-old winger has arrived in London and met a few of his new team-mates but does not officially join Spurs, and therefore cannot train with them, until January 1. Yang is currently focused on settling into life in a new country and having English lessons. 

Depending on how he adapts, Yang could even add to Postecoglou’s wide options in the first-team squad, although the expectation is that he will be closer to the level of Spurs’ academy teenagers rather than players like Archie Gray and Lucas Bergvall.

Last year, Tottenham agreed a deal to sign Luka Vuskovic from Hajduk Split and the Croatian centre-back is currently on loan at Westerlo in Belgium. He is still 17 but has a reputation as one of the best young defenders in European football. Vuskovic cannot join Spurs until he is 18 and his birthday is in February so supporters will have to wait until next season to get a glimpse of him. Along with Yang, Vuskovic represents the next stage in Spurs’ policy of rejuvenating their squad for the future.

Jay Harris

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What positions will they be looking at in January?

It is difficult to see Barcelona making any new signings in January given their situation, but they are looking to strengthen in various positions in the summer and beyond.

They would like a No 9 who can succeed Robert Lewandowski in the medium term. The 36-year-old is expected to stay at the club in the summer, with a one-year extension on his current deal set to be triggered once he plays more than 55 per cent of available minutes this season. But his involvement in the team is expected to gradually decrease and coach Hansi Flick has regularly replaced him in games over the last month.

There is also the full-back role. Barca need better coverage on both flanks, as they do not have reliable backups for Alejandro Balde and Jules Kounde. The 21-year-old Gerard Martin has struggled to keep up with the pace of La Liga when playing at left-back, while 18-year-old Hector Fort is a promising talent but far from the finished product and can be erratic at times.

The club will have to assess their options in goal, too. Marc-Andre ter Stegen’s season-ending knee injury suffered in September raises doubts as to how the 32-year-old German will recover. Backup option Inaki Pena has taken over and performed at a decent level so far.

Senior figures are also keeping an eye on centre-backs given the contract situation of several of Barca’s players in that position. Inigo Martinez’s deal is set to expire in the summer as things stand while Ronald Araujo, Andreas Christensen and Eric Garcia will enter the final 18 months of their contracts in January.

Which players do they want?

Barcelona have other short-term priorities.

The club face a race against time to register €60million ($62m; £49m at current exchange rates) summer signing Dani Olmo and fellow recent arrival Pau Victor under La Liga rules before the end of the month. That is their main concern because Olmo could leave for free if they fail to meet the December 31 deadline. Barca have taken La Liga to court over the issue, with a final resolution expected tomorrow, December 27.

Aside from the Olmo situation, other names are doing the rounds. Jonathan Tah is one of them. The 28-year-old Bayer Leverkusen centre-back is in the final year of his contract and expects to join another club on a free transfer next summer. It would fit Barca’s signing policy in recent years, bringing in Christensen, Franck Kessie and Ilkay Gundogan on free transfers to get around their difficult financial situation.

Germany defender Tah is also represented by Pini Zahavi, the same agent as Flick and Lewandowski and one of the industry figures closest to club president Joan Laporta.

Barca tried to convince Athletic Club and Spain winger Nico Williams to join last summer, but the player eventually decided to stay at his boyhood club in Bilbao. Local reports have linked the club with Milan’s Rafael Leao, but a wide forward is not among the club’s top priorities for now — and it is unlikely they would be able to make a signing like that given their finances.

Who will they be looking to sell?

Realistically, the club do not expect to offload lots of players, as there are no guarantees they can replace departing players with new signings.

If there is a candidate to leave Barca next month, it might be Eric Garcia. The 23-year-old centre-back was very close to leaving last summer after a successful loan spell at Girona, but a last-minute injury crisis in defence made Barca reconsider their planning.

Now Araujo and Christensen are close to returning to action after injuries, the centre-back spot is overloaded. Girona have shown interest in re-signing Garcia and might be willing to put in a decent offer to bring him in permanently. Barca are not expected to stand in Garcia’s way if he decides to leave.

In the summer, the range of names on the transfer list is sure to be longer. Frenkie de Jong, Christensen and even Araujo could find themselves up for sale. The club’s senior figures do not want any player with a year left on their contract to stay beyond the summer and all those players find themselves in that situation.

Will anyone move out on loan?

Again, it is very unlikely as Barcelona would not be able to replace any player loaned out with a signing.

What moves have they made already?

Wojciech Szczesny came in when the season had already started, with Barca convincing the 34-year-old goalkeeper out of retirement after Ter Stegen’s injury — but he has yet to play for them.

Barca have signed Mali’s promising teenager star Ibrahim Diarra, but the 18-year-old will stay with the club’s second team, Barcelona Atletic, for the rest of the season and is not expected to feature under Flick yet.

Pol Ballus

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What positions will they be looking at in January?

There is a general consensus within the club about the need for a centre-back and a right-back to be signed in the coming transfer windows.

Since October, chief executive Jose Angel Sanchez, chief scout Juni Calafat, director of football Santiago Solari and Ancelotti have been thinking along the same line. This depends on whether any good options can be found in the always difficult January market and in anticipation of the green light to bring in new players from president Florentino Perez.

The prevailing view at the club now is not to make signings, as Carlo Ancelotti and his staff have long feared from talks with the board and information in the media. The Italian has suggested there could be new arrivals in several press conferences, having previously ruled out that option to publicly side with the club.

Madrid have historically been wary of making new additions in January — their last first-team signing in that window was Brahim Diaz in 2019. They signed the winger from Manchester City because the deal was a market opportunity, with his City contract set to expire in June of that year.

They still think that it would take too much time for a new player to arrive, adapt, perform immediately and, moreover, not be a mere stopgap and be a financially beneficial move.

Which players do they want?

There is no standout player Madrid are targeting in central defence, but a few names have been mentioned behind the scenes.

These include Al Nassr’s Aymeric Laporte or 18-year-old Palmeiras centre-back Vitor Reis. Some even saw Napoli’s Rafa Marin as an interesting option. The Madrid academy graduate, who left the club in the summer for an initial €11million ($11.5m; £9.1m at current exchange rates) with an option for the Italian club to pay an additional €10m during the 2024-2025 season to confirm their long-term ownership of the player, is not getting much game time in Italy.

The club argue the better solution is to keep counting on academy player Raul Asencio, who has made nine appearances since being elevated to the first team as an emergency measure last month, or the returning David Alaba. The Austrian centre-back underwent surgery on an anterior cruciate ligament (ACL) injury in December last year and sources at Madrid’s Valdebebas training ground see him returning to the bench and playing little by little from mid-January.

The management points out how in recent years the results have been very good following their ideas and disregarding opposing views from inside and outside the club.

Liverpool’s Trent Alexander-Arnold is Madrid’s preferred signing at right-back. There is some optimism among those connected to the Spanish club about his arrival, which would lessen the potential for more serious moves in January — although multiple sources have told The Athletic that the Englishman moving from Liverpool next month seems unfeasible.

Alphonso Davies is another player worth paying attention to from a Madrid perspective. The Canada left-back finishes his contract with Bayern Munich in June and will be allowed to negotiate and sign a deal with any of his suitors — including Real Madrid, Barcelona, and clubs in the Premier League — from January 1.

Bayern have made good progress in their goal of renewing his deal and are optimistic, but Madrid could still make a move. They reached an understanding with Davies’ agency in February on what the terms would be if he were to sign for them in 2024 or 2025, as a free agent with a signing-on bonus.

Who will they be looking to sell?

There is no expectation Madrid will sell anyone.

Dani Ceballos asked to leave in the summer, but the club are counting on the 28-year-old midfielder and his increased involvement in recent weeks means he will continue at the Bernabeu until the end of the season.

Players who are not featuring as much as they would like — such as youngsters Arda Guler and Endrick — are not thinking of leaving and the club are not planning on letting them leave on loan or permanently at this point.

Will anyone move out on loan?

No, as explained above.

What moves have they made already?

None.

Mario Cortegana

(Top photo: Getty Images; design: Eamonn Dalton)