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

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

The Athletic UK Staff

Welcome to the fourth January edition of The Transfer DealSheet.

Our team of dedicated writers, including David Ornstein, will take you inside the market to explain the deals being worked on in the winter transfer window, which for many leagues closes on February 3. This includes the players who could arrive and the ones on their way out across the Premier League and beyond.

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

In last week’s edition, we looked at Marcus Rashford’s situation at Manchester United and their outlook on certain incoming. This week, we look at Jhon Duran, Joao Felix and provide updates on Arsenal, Chelsea, Manchester United, Manchester City, Newcastle United, Tottenham Hotspur, Barcelona and Real Madrid.

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

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


David Ornstein’s One To Watch

As the January transfer window draws towards a close, numerous teams are still attempting to strengthen their squads by recruiting a striker.

The demand for such players far outweighs the supply of them in the market, though, and that makes Aston Villa’s position relatively unusual.

Whereas most top clubs lay claim to one elite forward at best, Villa benefit from two in the form of Ollie Watkins and Jhon Duran. They have also added Donyell Malen to the group.

Given manager Unai Emery favours a lone front man and both Watkins and Duran want the starting berth to be their own, there is a growing sense that sooner or later something will have to give.

Last week Villa turned down a proposal worth £57million from West Ham United for Duran and with ongoing interest from sides in the Premier League, across Europe and Saudi Arabia, it is conceivable that Duran leaves before the market concludes on February 3.

A firm decision has yet to be made but should bids of around £80m arrive for the 21-year-old Colombia international — whose goals-to-minutes ratio is among the finest around — and it suits all parties, a switch is certainly possible.


Duran has been subject to interest (Michael Regan/Getty Images)

If Duran does not depart on this occasion, his age and quality mean it could well happen in the not-too-distant future and for a greater fee.

Watkins, by contrast, is 29 and therefore now is realistically the last chance to sell him at a high price. However, it appears Emery views him as his first choice and does not expect him to leave.

Villa’s dilemma is certainly a topic to keep a close eye before the deadline and the club are also worth observing in relation to Joao Felix.

The 25-year-old attacker was wanted by Emery before joining Chelsea last summer and his limited minutes put him back on the agenda.

It is currently anticipated that Chelsea will work to bring in a player for the final third of the pitch and let another go, which might become Felix.


What else we’re hearing

  • Brighton are open to considering a loan exit for Evan Ferguson if it suits all parties. There is interest from the likes of West Ham, Bournemouth and a host of other Premier League clubs around the situation. Everton are also keen, given the injuries to fellow strikers Dominic Calvert-Lewin (see below) and Armando Broja, but are not thought to be among the favourites. Ferguson himself is currently returning from injury. Clubs in Germany are also interested. A move within the Premier League is looking the most likely at this stage but is not set in stone, given the breadth of interest. David Ornstein
  • The interest in Ferguson is no surprise, given Everton manager David Moyes has admitted they may be forced to consider their striking options after Calvert-Lewin limped out of their 1-0 win over Brighton on Saturday. Everton are hoping to add to their attacking options before the close of the window and have Lyon’s Ernest Nuamah on their shortlist. Talks have been held with Chelsea over the potential cancellation of the injured Armando Broja’s season-long loan, but so far no agreement has been found. One possible solution would involve Everton taking somebody else from Chelsea in exchange, with midfielders Carney Chukwuemeka and Kiernan Dewsbury-Hall, and left-back Ben Chilwell three potential players of interest. Beto, meanwhile, has received interest from Italy this winter but is the only fit striker on the books and is currently expected to stay at Goodison Park. Patrick Boyland


Nuamah is on Everton’s shortlist (Ahmad Mora/Getty Images)
  • Manchester United are weighing up whether to trigger their buyback clause for Alvaro Fernandez Carreras. The former United defender is enjoying an excellent campaign at Benfica. While they are prioritising a move for Patrick Dorgu of Lecce in their left-back hunt, United are considering bringing the 21-year-old back to Old Trafford if negotiations with the Italians stall. The required figure is believed to stand at €18million (£15.1m; $18.9m), with some small add-ons. Sources close to Carreras currently say they are not considering a move in this market. Carreras spent four seasons at United before being allowed to leave permanently last summer for €6m in a deal struck in the previous winter window. Laurie Whitwell
  • Wolves are targeting another central defender — Lens’ Austria international Kevin Danso is the most likely signing — in a move that represents a slight change of tack in recent weeks When they bought Ivory Coast international Emmanuel Agbadou from Reims earlier this month for £15million, it appeared that any further central defensive signing would either be a loan or a lower-priced option. But in the wake of further weak defensive displays, they are now in talks with Lens over previous target Danso with optimism that a deal can be agreed worth more than the figure paid for Agbadou. Wolves had an interest in Chelsea’s Axel Disasi as an alternative to Danso, who played previously in England on loan to Southampton in the 2019-20 season, but he is more likely to join Aston Villa. Steve Madeley
  • Liverpool’s Ben Doak is set to remain on loan at Middlesbrough for the rest of the season. The 19-year-old Scotland international’s future was uncertain earlier in the window with Premier League duo Crystal Palace and Ipswich Town both having bids rejected. However, offers of around £15million and £16m fell a long way short of Liverpool’s valuation. Liverpool could have recalled Doak earlier this month but allowed that cut-off date to pass as they are delighted with his development on Teesside. Doak has three goals and seven assists in 24 Championship games for Middlesbrough so far this season. Jordan Campbell and James Pearce
  • Liverpool academy striker Oakley Cannonier is spending this week on trial at Championship promotion chasers Leeds United. The 20-year-old played the final half-hour in Leeds Under-21s’ 2-1 defeat against their West Ham counterparts in Premier 2 on Monday. Cannonier was born in the Yorkshire city and played for Leeds at youth level before joining Liverpool in 2015. He made headlines in 2019 when he was the ball boy who enabled Trent Alexander-Arnold to send in a quickly-taken corner for Divock Origi to score the decisive goal in Liverpool’s stunning fightback from 3-0 down against Barcelona in the second leg of a Champions League semi-final. Cannonier has been a prolific goalscorer at youth level for Liverpool but in recent seasons his development has been hampered by injuries. James Pearce

What has happened this week?

Arsenal stepped up their transfer activity this week by officially joining the race to sign 18-year-old Rosenborg midfielder Sverre Nypan.

Nypan is a coveted talent, and there is interest in him from both the Premier League and La Liga. He has been watched by a host of clubs across the continent, but the ones that appear most interested in signing him this window are Aston Villa and Girona. Nypan has been in England this week, where he attended the Manchester City vs Chelsea match as a guest of Erling Haaland.


Arsenal have joined the race for Sverre Nypan (Ole Martin Wold/NTB/AFP via Getty Images)

With the Norwegian league currently in the off-season, Nypan is expected to decide on his future before the international transfer deadline of February 3. For now, the situation remains open. Arsenal’s proposal includes Nypan joining up with their first-team squad immediately.

With Nypan having returned to Norway, Arsenal await Nypan’s decision — having felt they were well-positioned to sign the teenager, they are now hoping they have not been beaten to the punch by another suitor.

Do Arsenal have the green light to sign a forward?

In his press conference on Friday, Mikel Arteta confirmed that the club are “actively looking” to strengthen their attack.

“My opinion is clear that we lost two very very important players, Bukayo Saka and Gabriel Jesus,” said the Arsenal manager. “So we lack goals, we lack people, we lack options in the frontline — it’s clear.”

Arsenal’s board are prepared to spend if they find a striker who they feel can raise the level of the squad.

What positions/players are they looking at?

At the moment the emphasis is more on a centre-forward than a wide player, with Kai Havertz urgently in need of competition and cover.

With long-term targets Benjamin Sesko and Alexander Isak appearing to be out of reach, Arsenal are exploring a number of different options. Arteta would like to add a player who is capable of making an immediate impact.

Which players could be leaving?

Arsenal have a surfeit of left-backs. As of now, it seems Oleksandr Zinchenko has moved ahead of Kieran Tierney as the likeliest to depart in January.

Tierney is in talks with Celtic about a pre-contract agreement that would become effective upon the expiration of his Arsenal deal this summer.

Zinchenko, however, would command a fee — which could be vital for Arsenal as they look to balance their books while strengthening their attack. For now, Borussia Dortmund remain the most interested party.


Heaven is close to leaving Arsenal (Matt McNulty/Getty Images)

The 18-year-old centre-half Ayden Heaven is also close to leaving the club. He travelled to Germany for talks with Eintracht Frankfurt, before attending Old Trafford to discuss terms with Manchester United and attend their game against Rangers.

Arsenal have offered Heaven a professional deal, but he is considering his options as he looks to take the next step in his development.

James McNicholas


Chelsea

What has happened this week?

The only significant development has been Chelsea finally agreeing a deal with Juventus to allow Renato Veiga to move to the Italian club on loan for the rest of the season. Early favourites Borussia Dortmund dropped out of the running due to Chelsea’s asking price. Juventus are paying a loan fee of €5million, with another €1m in potential add-ons.


Veiga has agreed to join Juventus on loan (Mike Hewitt/Getty Images)

There is no option or obligation to buy included and the 21-year-old is due to report back to Chelsea at the end of the domestic season so he can potentially feature for them in the Club World Cup, which starts in early June.

A delay with the paperwork meant the deal was not concluded in time for him to make his debut at Napoli on Saturday. But after travelling to Turin on Sunday night, everything was finalised yesterday.

Should we expect Chelsea to push for someone this week?

Chelsea’s stance has been consistent since before the window opened: if the right player in the right deal becomes available, then they will consider it.

The club’s disappointing run of results — they have won just one of their past seven Premier League fixtures — has put them under more pressure from the fans to make changes. But regardless of recent form, Chelsea are looking for a left-sided winger and a striker either now or in the summer. Signing a midfielder on loan is also a possibility.

What positions/players are they looking at?

Let’s take two specific positions off the table right now: goalkeeper and centre-back. By signing Filip Jorgensen (from Villarreal for €24.5million) and Mike Penders (to join from Genk next season) in the summer, Chelsea believe they have already added two young keepers who can provide strong competition for current first-choice Robert Sanchez long-term. And by reaching a pre-agreement with Strasbourg for Mamadou Sarr for €14million (£11.9m; $14.4m) to join up with them in pre-season, they are not thinking about a defender as things stand.

So what about the three roles they do want, as mentioned above? Manchester United’s Alejandro Garnacho is one of a handful of wingers on their wishlist. This includes Borussia Dortmund’s Jamie Gittens and Nico Williams of Bilbao’s Athletic Club. Most noise in recent days has centred around signing Garnacho, but nothing has progressed beyond interest at this juncture.


Garnacho is on Chelsea’s wishlist (Oli Scarff/AFP via Getty Images)

Up front, Mathys Tel is also one of many on a list. Despite insisting he is not for sale earlier this month, Bayern Munich are not giving him any minutes. Chelsea have not made a decision whether Tel is someone they want to pursue. An attempt to acquire Ipswich Town striker Liam Delap is still being considered for the summer, but they are monitoring several other forwards too. One player Chelsea have ruled out, despite reports to the contrary, is Juventus front man Dusan Vlahovic.

Another Juventus player, Douglas Luiz, was on a list of possible loan signings to add to the midfield options but a return to England for the former Aston Villa man does not look likely now. Chelsea do like Manchester United’s Kobbie Mainoo but that is a very difficult deal to do right now and is one more for the close season, if an opportunity arises.

Which players could be leaving?

Villa want to sign centre-back Axel Disasi. Chelsea have also had permanent and loan offers for him from other Premier League teams and clubs in continental Europe. He will be allowed to go if the deal is right.

Wolves are one of the other Premier League clubs who like the 26-year-old France international but they are already looking at other options because they believe he is more likely to join Midlands neighbours Villa.

As reported by my colleague David Ornstein above, a move for a forward player from Chelsea could see Joao Felix move on.

A third Italian club — two have failed to agree a price up until now — has joined the race to take midfielder Cesare Casadei back to his homeland. A La Liga side, one near the top of the table, are keen too. Chelsea had revised their asking price for the 22-year-old to €15million, but want to include a sell-on clause of around 35 to 40 per cent.

Everton are interested in taking either Carney Chukwuemeka or Kiernan Dewsbury-Hall on loan. They also like Ben Chilwell. But for any loan to happen for one of them, Armando Broja’s season-long loan from Stamford Bridge to Goodison Park will have to be cancelled. Chelsea do not want that to happen. Chelsea are willing to let Chukwuemeka leave on loan, but Strasbourg is currently preferred over Borussia Dortmund, who do not have currently a permanent head coach after sacking Nuri Sahin last week.

There have been no fresh enquiries for Chilwell or Dewsbury-Hall, but Chelsea expect things to change, because they have had the impression many clubs are leaving decisions to the final week of the window.

Despite interest from Manchester United and Bayern Munich, Chelsea do not see forward Christopher Nkunku leaving before next Monday’s deadline. They value the France international at around £65million. Bayern and United are keen but nothing is close to happening.

At under-21 level, Chelsea are going to make a late decision whether to loan out or keep Sam Rak-Sakyi, who is wanted by Coventry City of the Championship (now managed by Frank Lampard) and clubs in Europe. What happens with Casadei, Chukwuemeka and Dewsbury-Hall is a factor here. Head coach Enzo Maresca also appreciates the teenager, who made his senior debut under him this season and would like him to stay.

The plan to loan Omari Kellyman out in this window has been shelved. The 19-year-old joined from Aston Villa in June for around £19million but has not played for the development squad since a hamstring injury in September.

Simon Johnson


Which positions in the squad do Chelsea need to improve?

Given the size of Chelsea’s squad, it is weird to think they have problems to solve. But a run of two wins in eight matches across all competitions — against bottom-of-League-Two Morecambe in the FA Cup and relegation-threatened Wolves in the Premier League — suggests there are issues.

While the lack of a proficient goalscorer has been deemed an issue, as The Athletic pointed out, Chelsea’s bigger problem seems to be a lack of end product from the rest of the team. Nicolas Jackson and Cole Palmer have scored 23 of their 45 league goals. Apart from Noni Madueke, none of Chelsea’s wide players have scored more than two.

One of the problems Maresca has faced is the lack of consistency in chance creation also outside of Palmer, Jackson, and Madueke. Pedro Neto and Jadon Sancho have six assists from 37 combined league appearances despite enjoying bright starts to the season.

Maresca has not placed enough trust in 19-year-old backup striker Marc Guiu either amid Jackson’s seven-match goal drought in the league. Nkunku has repeatedly been called upon, with the France international not impacting games from an unnatural position. The goals from midfield have dried up too after Enzo Fernandez’s promising run towards the end of 2024 came to a halt.

Despite all the investment over the last few windows, Chelsea still need a winger who offers a goal threat and a midfielder capable of arriving late in the box to finish chances.

Anantaajith Raghuraman


Liverpool

What has happened this week?

It continues to be a quiet window for Liverpool. No incomings and the only outgoings involve young players looking to secure more regular game time. Academy midfielder Tom Hill completed a permanent move to League Two outfit Harrogate Town — following on from goalkeeper Marcelo Pitaluga’s return to Brazil to rejoin Fluminense.


Hill (right) joined Harrogate Town (Pakawich Damrongkiattisak/Getty Images)

There continues to be strong interest from the Championship in possible loan deals for Jayden Danns and James McConnell. However, Liverpool won’t make a decision on whether to sanction temporary moves for them until later this week.

Liverpool look like likely title winners — will that impact plans for the summer?

Success would certainly boost revenues which are then reinvested into the club. But the biggest factor in terms of shaping summer recruitment plans surrounds the futures of Mohamed Salah, Trent Alexander-Arnold and Virgil van Dijk. There’s still no clarity in terms of who stays and who goes with their contracts due to expire at the end of June.

Replacing one or more of those mainstays of the side with players of similar quality would be both difficult and expensive. It would also have an impact on what other business they do.

Salah remains Liverpool’s most potent attacking threat and Van Dijk is their leader and defensive rock. Conor Bradley is an able deputy at right-back, but if Alexander-Arnold decides to join Real Madrid then the club would need to recruit in that department too.

What positions/players are they looking at?

Liverpool’s stance throughout the January window has been that they are happy with the current options in Arne Slot’s squad, but are ready and waiting to react if there’s a deal to be done that makes sense for the long-term.

Slot is adamant that the Premier League leaders have sufficient depth to last the pace with Saturday’s comfortable win over Ipswich Town highlighting the options he’s got on the bench. The injury situation is certainly a lot brighter than this time a year ago.


Jones left the pitch with injury against Lille (Carl Recine/Getty Images)

Curtis Jones, who limped off against Lille, has joined Diogo Jota and Joe Gomez on the sidelines, but they aren’t long-term issues.

Left-back has been an area of concern with Slot rotating between Andy Robertson and Kostas Tsimikas. However, strengthening in that department is more likely to happen in the summer.

Which players could be leaving?

Kaide Gordon, who was recalled from Norwich City earlier this month, is set to go back out on loan again. The young winger has been training with Barry Lewtas’ under-21s squad in recent weeks.

Full-back Luke Chambers, whose loan at Wigan Athletic was halted by a back injury in October, is also expected to depart Kirkby in search of more senior experience.

Danns and McConnell are waiting to learn whether they will be loaned out. Stoke City, Blackburn Rovers and Preston North End are among a host of Championship clubs keen to sign Danns, who was a late substitute against Ipswich on Saturday.

James Pearce


Manchester City

What has happened this week?

City tied up the first three signings of the January window — Omar Marmoush was announced last Thursday and made his debut against Chelsea on Sunday. That was alongside Abdukodir Khusanov, while Vitor Reis was on the bench.


Walker has joined AC Milan (Carl Recine/Getty Images)

Kyle Walker clinched his loan move to AC Milan

City have spent big this window — does that mean they won’t in the summer?

Not really. Pep Guardiola has said on a couple of occasions recently that City are 11th on the net spend table over the past five years, which helps explain why they have got plenty of leeway in the PSR stakes.

City also know that they probably pushed their luck too far in terms of not strengthening the squad as much as they could have in recent years. The sudden need for an overhaul combined with the finances to bring in new faces means they have been far more active than normal in January but also intend to make some major additions in the summer.

On Friday, Guardiola suggested that City will look to bring in two or three players in the summer. They may also strike again this month.

What positions/players are they looking at?

City are hoping to bring in a holding midfielder in January and Juventus’ Douglas Luiz is one of the options available to them.

He could be available on a loan, which would offer City some flexibility in terms of strengthening the midfield — an absolute must this month — but not necessarily committing to a player when there might be better options available in the summer.


There is interest in Juventus full-back Cambiaso (Maurizio Lagana/Getty Images)

Andrea Cambiaso, the versatile Juventus full-back, is also of interest although negotiations are not expected to be easy as a City source believes the Italian side would want a big fee.

Which players could be leaving?

James McAtee looks to be the most likely to head out of the current squad, if anybody, because he has plenty of interest from the Bundesliga, although City do not want to let him leave.

McAtee has struggled for minutes this season even while many of his midfield colleagues have underperformed, and with Marmoush on board and possibly another midfielder, it would be understandable if he wanted to go elsewhere to play his football.

Bayer Leverkusen made an approach last week but City reiterated their stance that they want McAtee to stay, which led to Emiliano Buendia’s move to the BayArena. Other clubs may test City’s resolve before the window closes, however.

Sam Lee


Manchester United

What has happened this week?

United made their opening bid for Patrick Dorgu, the 20-year-old full-back from Lecce. The offer was €25million (£21m; $26.2m) guaranteed plus €5m in performance-related add-ons, but the Italian club dismissed it and are said to be holding out for €40m. There is optimism the Serie A strugglers would ultimately accept a lower fee, however, and talks are progressing. On Sunday, Dorgu played the 90 minutes as Lecce were beaten at home 4-0 by Inter.


Dorgu was the subject of an opening bid (Gabriele Maltinti/Getty Images)

Antony’s loan to Real Betis was confirmed. Betis will pay a minimum of 84 per cent of the winger’s salary, which equates to around £1.5million. There is no loan fee or option to buy in the deal, but potential performance-related payments have been included.

Ayden Heaven, an 18-year-old defender, attended Old Trafford for the Rangers game ahead of a proposed move to United’s academy that is progressing well. United are close to an agreement with Arsenal for a modest fee, due to his scholarship terms expiring in the summer.

Does Manchester United’s squad still need major surgery?

That reality becomes clearer as the weeks go by. Not only to suit new head coach Ruben Amorim’s 3-4-2-1 system but also to simply raise the standard of quality in the squad, which looks so far off Champions League level.

Finding a reliable goalscorer is essential. Rasmus Hojlund toiling against Fulham on Sunday continued his difficult season, which is a blend of his own displays and issues with team understanding, while Amorim has already said he does not think summer signing Joshua Zirkzee is a centre-forward.

Adding wing-backs of the type Amorim wants is vital, too, with a particular focus on left-footers.

What positions/players are they looking at?

The move for Dorgu shows United’s current priority, but it remains to be seen if a deal can be struck. United are also weighing up triggering their buyback clause for Alvaro Fernandez Carreras, who is enjoying an excellent campaign at Benfica. United have watched his games this season and made contact with his camp.

The required figure is believed to stand at €18million, with some small add-ons, and gives United an option should the Dorgu negotiations stall. Carreras spent four seasons at United before being allowed to leave permanently last summer for €6m in a deal struck in the January window. Sources close to Carreras currently say they are not considering a move in this market.

United could consider a proposal to sign Christopher Nkunku on loan. Chelsea are said to have made the 27-year-old France international forward available, but Nkunku arriving at Old Trafford on loan appears the only realistic prospect, if United do decide to pursue.

Which players could be leaving?

Marcus Rashford’s situation is fascinating, with Amorim delivering the brutal feedback that he would rather put Jorge Vital, his 63-year-old goalkeeping coach, on the bench than any player not giving the maximum every day. Rashford’s absence from the side for 11 games in a row — including 10 matchday squads — gives a clear indication of Amorim’s views on his efforts.

Whether Barcelona, Rashford’s preferred destination, harden their loan interest with a formal offer remains to be seen. Barcelona beat Valencia 7-1 on Sunday so don’t appear short on quality up front, and while they can now afford to make signings, their financial picture remains very tight.


Rashford has not played in any of United’s past 11 games (Ash Donelon/Manchester United via Getty Images)

Milan, another club to have held talks over Rashford, completed the loan signing of Manchester City’s Kyle Walker, so have no spaces left for British recruits. Borussia Dortmund sacking head coach Nuri Sahin last week complicated that potential exit route. Alejandro Garnacho remains the subject of interest from Chelsea and Napoli, but his presence in the starting line-ups against Rangers and Fulham over the last week, with Amorim giving praise, is notable.

United would like to remove Casemiro’s salary from the wage bill, and his place behind 21-year-old Toby Collyer in the midfield pecking order is now established, but any inquiries for him are not thought to be meaningful at this stage.

Laurie Whitwell


What has happened this week?

Newcastle’s recruitment team are continuing to work diligently — attending matches across Europe, watching videos of players and conducting background checks — even though the message remains the same that significant incomings are unlikely. Regardless, Newcastle know they must be ready in case an opportunity arises and so they are primed ahead of the summer.

Khusanov and Reis, who joined Manchester City this month from Lens and Palmeiras respectively, were two defenders Newcastle had heavily tracked but profit and sustainability (PSR) limitations prevented the club from moving for either this month. Newcastle’s recruitment department, led by Paul Mitchell, the sporting director, had put significant effort into positioning the club at the front of the queue for both players, though PSR meant summer deals were more realistic.

Khusanov’s agent, Gairat Khasbiullin, confirmed how concrete Newcastle’s interest had been. “Newcastle were very close to the deal,” Khasbiullin told Championat. “They even remained one of the favourites and then was the last to leave the race with City.”


Newcastle were interested in Khusanov (Oli Scarff/AFP via Getty Images)

This month was always set to be about outgoings for Newcastle, however, given that sales will improve their PSR position moving forward.

Miguel Almiron is set to make an emotional return to Atlanta United, with the MLS side tabling a bid of around £11m ($13.7m). Although discussions around his personal terms and the agent fee have been ongoing, Newcastle expect a deal to be concluded this week and Almiron received an emotional send-off from travelling fans after the 3-1 win at Southampton.

Meanwhile, at least two Premier League clubs are monitoring Lloyd Kelly’s situation, but Newcastle are yet to receive an approach from any English sides.

Head coach Eddie Howe insisted on Friday that Kelly is “integral” to Newcastle and stressed no bid has come “anywhere close to making the club make a decision”, following interest from Fenerbahce and a loan enquiry from Juventus. Newcastle are not actively looking to sell Kelly, who joined on a free transfer from Bournemouth during the summer, but will have to consider any significant permanent offers (or loans with obligations to buy) for PSR reasons.

While Newcastle are not likely to be active during the final week of January, they will monitor other clubs’ PSR situations in case opportunities present themselves to sign bargains before the June 30 deadline.

Would keeping key men this window go down as an achievement?

Not an achievement, so much as a reflection of the increased strength Newcastle now hold in terms of being able to put off potential suitors and also to rebuff offers (though none have arrived).

Isak’s future continues to dominate the headlines, given his prolific form, but the Sweden international still has more than three years remaining on his deal. Newcastle do not believe that anyone can pay a fee well above £100m (€119m; 124.7$m) — which is what it would require to make the club even contemplate the thought of selling the 25-year-old.

Despite reports linking Bruno Guimaraes with Manchester City, there has been no contact yet, while Anthony Gordon signed a contract extension in October and Sandro Tonali is going nowhere, either.

Howe admitted last week that, ideally, he would like to sign at least one player in each window to “freshen” the squad dynamic but, if the head coach cannot bolster his group, he certainly cannot afford to lose key men. For Newcastle to continue to compete, they need to build around their core players.

The reluctant sales of Elliot Anderson and Yankuba Minteh last summer meant that only fringe players like Almiron needed to be moved on this month for PSR reasons. With the club attempting to get on top of the financial situation to ensure they never leave themselves as vulnerable as they found themselves last June, that should mean they have a better chance of retaining Isak et al for longer — and especially so if they return to the Champions League next season.

What positions/players are they looking at?

Beyond Marc Guehi, who Newcastle spent August attempting to prise from Crystal Palace, Juma Bah, was watched. He has instead joined Manchester City and headed straight to Lens on loan.

At right wing, the club enquired about Nottingham Forest’s Anthony Elanga during the previous window. Bournemouth’s Antoine Semenyo is admired and Brentford’s Bryan Mbeumo is also liked but deals for either would be expensive and complicated. Moves for PSV’s Johan Bakayoko and Monaco’s Maghnes Akliouche appear unlikely this January.

Newcastle have watched Tyler Dibling, Southampton’s 18-year-old attacking midfielder, but he is not deemed a priority for January and is merely one of a number of young wingers being tracked. Reports linking Manchester City’s James McAtee have been played down, as have left-field links to Jack Grealish.


Newcastle have watched Dibling but he’s not a priority in January (Warren Little/Getty Images)

Jonathan David, the Lille 25-year-old forward who is out of contract this summer, continues to be watched, although Newcastle have also been keeping tabs on some of his team-mates at the Ligue 1 club, too.

Burnley’s James Trafford, the 22-year-old Newcastle offered £16m for in June, fits the profile of goalkeeper Howe wants. Any potential deal for Trafford is more likely to be revisited come the summer.

Which players could be leaving?

There is an outside chance Sean Longstaff could still leave, although an exit is more likely this summer. Selling an academy graduate would represent ‘pure profit’ from a PSR perspective, so Newcastle would have to consider offers. With a 12-month extension prolonging his deal to 2026, Newcastle could command a reasonable fee for the 27-year-old, who has only come on twice in the last six league games.

Everton hold a long-standing interest in Longstaff and they do need midfielders ahead of next season, with Abdoulaye Doucoure and Idrissa Gueye out of contract and Orel Mangala only at the club on loan from Lyon. Multiple Premier League clubs have contacted Newcastle over Longstaff, but no firm offers have been received.

Bids would also be considered for Matt Targett, given Lewis Hall is the established left-back, and Leeds United have enquired about the 29-year-old’s availability.

Lewis Miley, the 18-year-old midfielder, will not be allowed to depart on loan, but his brother, Jamie, is likely to head out again. The 20-year-old was recalled from a spell at Newport County but is attracting interest from EFL clubs.

Newcastle will allow Garang Kuol to go out on loan, but only if a club comes in that can really aid the 20-year-old Australia international forward’s development. Otherwise, he will spend the remainder of the campaign with Newcastle’s under-21s.

Chris Waugh


What has happened this week?

Nothing in the transfer market certainly. It has been another bad week for Tottenham on the pitch. They went to Germany and beat Hoffenheim in the Europa League on Thursday night, but then in the Premier League, they hosted Leicester City on Sunday. And they lost 2-1.

Every time this season you feel that Spurs have reached their lowest point, they find a way to outdo it next time.


Postecoglou’s side lost 2-1 against Leicester at the weekend (Julian Finney/Getty Images)

The public pressure on Ange Postecoglou and Daniel Levy is higher than ever, and the stadium has never been more critical than it was on Sunday. But so far they have still just signed one player this window, Czech goalkeeper Antonin Kinsky.

Kolo Muani is off the table — do Spurs have alternative options?

Ange Postecoglou has spoken at almost every single press conference recently about how hard the club is working to bring in players this window.

The need for new players in forward positions is obvious. Even with Richarlison and Mikey Moore back fit again, the team are short of numbers with no Dominic Solanke, Brennan Johnson or Timo Werner. Dejan Kulusevski and Son Heung-min are clearly exhausted having played nearly every game this season. They clearly need someone to come in and help.

What positions/players are they looking at?

There is still a need for defensive reinforcements even as players come back. Micky van de Ven and Cristian Romero are both making progress and should be available soon, but Radu Dragusin looks exhausted and Ben Davies is not back up to speed yet.

At full-back, Pedro Porro has done more than anyone could have expected while Destiny Udogie remains injured.

Even in midfield, the situation is so dire right now that Pape Matar Sarr had to play against Leicester even though Posotecoglou conceded afterwards that he was not fit to do so. But the clock is ticking and if Tottenham have to prioritise, most people would say they should do so in the frontline.

Which players could be leaving?

Tottenham are so short on players it feels ridiculous to suggest they could afford to let anybody go.


Spurs cannot afford to lose the likes of Lankshear on loan (James Fearn/Getty Images)

Postecoglou had spoken about a loan for Will Lankshear but he came on at the end of the Hoffenheim and Leicester games, and he will surely be needed again against Elfsborg this Thursday. Spurs’ bench routinely only has two or three senior players on now, with the rest all teenagers.

No one who can help the first team can be allowed to leave.

Jack Pitt-Brooke


Barcelona

What has happened this week?

Barcelona qualified for the Champions League round of 16 after beating Benfica in an incredible game that ended 5-4 and then thrashed Valencia 7-1 for their first La Liga win since December 3.

Off the pitch, it was the week of the renewals. Boardroom sources told The Athletic in December that no player with only one year left on their contract was going to start the 2025-26 season. This list included players such as Ronald Araujo, Pedri, Gavi, Frenkie De Jong, Andreas Christensen and Eric Garcia.


Araujo has agreed a new deal (Ricardo Larreina/Europa Press via Getty Images)

The club began working on renewals of some of them and closed discussions with others. Araujo reached a renewal agreement until 2031 while Gerard Martin also renewed until 2028. Pedri’s renewal is advanced and a verbal agreement has been reached pending the finalisation of a few details, according to sources close to the player and club.

Are Barcelona looking to do any business or are they more focused on the summer?

Head coach Hansi Flick has not requested any new signings but has convinced Garcia to stay.

Although the squad is still short, Flick is happy but does not want it to get any smaller. However, the club is keeping an eye out for market opportunities that may arise that would benefit the club’s interests, as is the case with Manchester United forward Marcus Rashford. If they could sign him at a low cost, it is an option they could consider.

The club insists that to sign a player, another one has to leave.

What positions/players are they looking at?

In defence they are overstaffed with the centre-backs, in midfield they have the positions covered and the emergence of Marc Casado — and Marc Bernal, although he is injured — means that the search for a holding midfielder has come to a standstill.

A centre-forward remains of interest to give Robert Lewandowski a rest and to build up a replacement when the 36-year-old can no longer play at this level. A left winger is also wanted to give support to Raphinha.

Which players could be leaving?

Araujo along with Garcia and Ansu Fati, were the most likely to leave. Inigo Martinez’s thigh injury has given Garcia a chance to become a first-team regular.

Garcia had the option of going to Girona at the end of the season, but a conversation with Flick convinced him to stay, at least until the summer. In the last week, he has been in the starting line-up against Valencia and was decisive with a goal against Benfica.


Ansu Fati was one of the players most likely to leave (Juan Manuel Serrano Arce/Getty Images)

Christensen is another the club would not mind selling. The centre-back was out from mid-August to mid-January with a tendon injury. He is coming back gradually, but the match against Valencia seemed the perfect scenario for him to get some minutes. He did not. Fati warmed up against Valencia but also did not get to play. However, neither has any intention of leaving.

De Jong is keen to stay, at least until the summer. His performances have improved recently despite having lost his status as a starter.

Unai Hernandez, one of the captains of Barca Atletic, is looking to join Al Ittihad of Saudi Arabia. He is one of the best players in Albert Sanchez’s team but was not even called up for the last game against Ourense at the weekend. “Unai’s head is not here, he is not focused on the team,” Sanchez said at a press conference after the game.

The player wanted to make the leap to the first team but he is not favoured by Flick and his departure seems imminent. However, this would not help to reduce the wage bill to incorporate a new signing, such as Rashford, because he is not registered with the first team.

Laia Cervello Herrero


Real Madrid

What has happened this week?

It has been another quiet week, beyond the rumours doing the rounds.

Carlo Ancelotti confirmed during a press conference what The Athletic reported last week — and in contrast to a report in Spain — that he had not decided to leave.

He said: “I want to be very clear: the date of departure from this club is never going to be decided by me. (President) Florentino Perez will stay for four more years and my objective is to be here with him. We can say goodbye together.”


Ancelotti has clarified he wants to stay with Madrid (Denis Doyle/Getty Images)

Nico Paz has also been in the spotlight after reports in Italy suggested that Como want to remove the buy-back clauses that Real Madrid hold for him. Como bought 50 per cent of the Argentine international’s economic rights for €6m in the summer, with Madrid retaining a right of first refusal and buy-back clauses of around €8m, €9m and €10m in 2025, 2026 and 2027 respectively.

Como are very happy with Paz (nine goal contributions — five goals and four assists — in 20 games) and want to explore ways to secure his future, but Real Madrid have no interest in removing those clauses. They put them in place to keep a strong power over the future of their academy product, who was trusted to develop his potential under coach Cesc Fabregas.

Madrid are being linked with other free agents — is there any truth in any of them?

Even though players coming to the end of their contract have been one of Real Madrid’s major routes to transfers in recent years, in the offices there is great unease about the continuous news linking them with so many players.

Sources at Madrid have explained that there have been many offers from agents but that they have been rejected. They add that, despite this, representatives have used these preliminary talks to link their players’ names with the club to attract more interest and better offers.

One of the latest cases has been that of Joshua Kimmich, whose contract with Bayern Munich ends in June.

What positions/players are they looking at?

A right-back. Alexander-Arnold has been their chosen one since October.

They are totally confident about signing him, although from the perspective that a January deal is highly unlikely because Liverpool have shown no willingness to sell.

Which players could be leaving?

It does not look like there will be any departures.

Defender Jesus Vallejo officially did not travel to Valladolid due to severe discomfort in his right shoulder. Real Madrid are not relying on him, like Ancelotti, but there is a certain resignation that the centre-back will sit out his contract and will only leave in July when his current deal expires. By then, he will have been with Madrid for 10 years.


Vallejo is likely to stay at Madrid until the summer (Angel Martinez/Getty Images)

No offers have come in for him.

Madrid want to keep the rest of the squad and no player has asked to leave. This includes Endrick, despite rumours.

Leila Pereira, president of Palmeiras, told The Athletic: “We foresaw that (his lack of minutes). He will be patient because he is very determined and focused. He will shine a lot at Real Madrid.”

Have Palmeiras tried to bring him back? “No, it was never discussed,” Pereira said. “It is not possible.”

Mario Cortegana

(Top image — design: Eamonn Dalton, photos: Getty Images)



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