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

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

Our team of dedicated writers, including David Ornstein, will take you inside the market to explain the deals being worked on in this season’s winter 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 last week’s edition, we looked at Liverpool’s plans around defensive recruitment. In this edition, we have Ornstein’s One To Watch on the future of Arsenal’s Ethan Nwaneri, and updates on Chelsea, Manchester City, Manchester United, 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 team or player you want to read about.

David Ornstein’s One To Watch

Marseille are working on a deal to sign Arsenal’s Ethan Nwaneri on loan for the rest of the season.

Nothing is agreed yet but any arrangement would include a fee that is changeable, depending on appearances, and no option to buy.

There remains other interest in the 18-year-old from the Premier League and elsewhere in Europe — though some suitors wanted a permanent mechanism, which Arsenal will not allow.

Marseille head coach Roberto De Zerbi has held positive talks with Arsenal manager Mikel Arteta and Nwaneri, with the Italian and his style of play a prominent factor in the Ligue 1 side being favoured by their Premier League counterparts.

A decision from the England Under-21 attacking midfielder is expected shortly, as all parties look to secure increased game time for him this season.

It is more than three years since Nwaneri made his Arsenal debut, coming on as a substitute against Brentford in September 2022 to take the record as the youngest player in Premier League history (15 years and 181 days).

It is easy to forget, therefore, that he is still only 18 and in the very early stages of his senior career.

In making 37 appearances in all competitions last season, it seemed the English forward had cemented himself as a part of Arteta’s first-team plans in the short and longer term.

But Nwaneri has found his opportunities much more limited this season following the summer arrivals of Eberechi Eze and Noni Madueke, as well as the return to fitness of Bukayo Saka. The teenager has yet to start a league game in 2025-26, making six substitute appearances, featuring 12 times in all competitions, scoring once.

How has Nwaneri been used by Arsenal?

Nwaneri enjoyed a breakout 2024-25, featuring in 37 matches across competitions, including 26 in the Premier League (11 starts).

The 18-year-old England Under-21 international benefited from injuries to Saka and Martin Odegaard, featuring both as a right-winger and on the right side of central midfield. He had a few memorable moments too, scoring off the bench in the 5-1 Premier League thrashing of Manchester City almost a year ago in between Champions League goals in wins away to Girona and PSV.

This season, with Odegaard and Saka largely fit and the presence of summer additions Eze and Madueke to back them up, Nwaneri’s playing time has decreased massively. He is on just 515 minutes in 12 appearances across the four competitions and has not featured in the Premier League since November 23, failing to make the matchday squad for the past four games after sitting unused on the bench for the previous six.

Nwaneri is a talented and versatile footballer, but 18-year-olds seldom get chances in title-contending teams with Arsenal’s levels of depth.

A loan until the end of the season would make sense for all parties.

Anantaajith Raghuraman

How does Premier League spending compare to other big leagues?

The Premier League’s market dominance is a recurrent theme during transfer windows, and this month shows little sign of that being bucked. England’s top 20 clubs lead the way in spending on both a gross (£232million) and net basis (£97m), and there’s little point in betting that will have changed by the time the window closes on February 2.

Look further afield, though, and spending trends halfway through January are less familiar, at least to the European observer.

The second-highest gross spending division so far this January is not one from the rest of Europe’s ‘Big Five’ leagues but instead from the other side of the world: clubs in Brazil’s Serie A have made that division the only one other than the Premier League to cough up more than £100million on new players so far this month.

On a net basis, Premier League clubs are trailed by others from afar: Major League Soccer (MLS) sides. Teams from North America have paid out a net £51million to date, 31 per cent more than the next-highest net spenders, in Italy’s Serie A.

MLS has 30 teams, a lot more than other leagues, so higher collective spending might naturally follow, but the list is perhaps more telling for where two of Europe’s biggest leagues land: both France’s Ligue 1 and Spain’s La Liga have generated net income this month, and have spent less than £30million combined on new players.

Both Brazil and MLS run their leagues on an annual basis rather than across two years as in Europe, so this transfer window is a pre-season one for them, which naturally lends itself to greater activity. Yet both have seen markedly more January activity in recent years.

Brazil’s uptick in transfer spending is particularly notable given it follows a 2021 law change which opened the country’s clubs up to outside investment.

In each of the past two seasons, and now in this one, Brazilian teams were the second-highest spenders in the January window on a gross basis, and the change in transfer activity in recent years is stark. Across the six early-year transfer windows from 2017 to 2022, according to Transfermarkt, Brazilian Serie A clubs booked net transfer income of £219million. That was followed by two of net income below £10m, before 2025 brought a £39m net spend.

With net outgoings of £25million so far this window, the shift in the Brazilian transfer market is increasingly clear.

Chris Weatherspoon

What Else We’re Hearing

After a busy period of incomings at Manchester City, with Marc Guehi following Antoine Semenyo in moving to the Etihad Stadium, one player who could be leaving the club is Oscar Bobb. The 22-year-old Norway international forward is expected to be sold before this transfer window closes on February 2, with the possibility of developments this week. There is interest from the Premier League, Germany and Portugal, with City open to letting him leave if the conditions are right. It is likely to take an offer of around £30million ($40.3m) for a deal to be done. Bobb joined City from Valerenga in his homeland in summer 2019 but has found regular playing time difficult to come by and moved further down the pecking order following the signing of Semenyo from Bournemouth. David Ornstein

Juventus have moved on from Crystal Palace’s Jean-Philippe Mateta as they pursue a new striker. The Italian club are not prepared to pay the €40milllion (£34.7m, $46.6m) Palace are thought to want for the France international and are instead considering making an offer for Turkish side Fenerbahce’s 28-year-old Morocco forward Youssef En-Nesyri. Mateta was open to the potential opportunity and personal terms would not have been an issue. But Juventus have not made a bid because they consider that asking price to be unrealistic, with Mateta turning 29 this June and on course to be out of contract 12 months later. Another factor is that some of the costs associated with any potential deal, including a high agent’s fee, are viewed as prohibitive by the Serie A side. The departure of Guehi and confirmation by manager Oliver Glasner that he will leave too in the summer have added to a turbulent period for Palace. The sale of their captain and the impending loss of the man who led them to FA Cup glory last May mean they do not want to part with Mateta for below what they consider to be his value. David Ornstein

RB Leipzig winger Yan Diomande has attracted interest from Manchester United and Tottenham Hotspur, among other clubs in Europe (as reported by The Athletic). However, his asking price would be €100million or more and the Red Bull empire’s managing director Oliver Mintzlaff is adamant the 19-year-old Ivorian will remain in Germany. Speaking to Sky, Mintzlaff said of Diomande: “With such a young player that we just signed (from Spain’s Leganes last July), you can’t give him away after just one year. In recent years, RB Leipzig has worked out that even top players can certainly stay longer. As chairman of the supervisory board, I would say that he will still be there next season, even if an offer of €80million or €90m comes.” Seb Stafford-Bloor

Bournemouth have agreed a deal to sign Hungarian midfielder Alex Toth from Ferencvaros in his homeland. Toth, who is 20 and has played nine times for Hungary, completed a medical on Monday, with the clubs having reached an agreement in principle over the weekend. Seb Stafford-Bloor

Brighton & Hove Albion have had two bids rejected and are considering a third for Micah Mbick, the 19-year-old Charlton Athletic forward who is on loan at fourth-tier Colchester United. Brighton’s second bid was around £3.5million (including a fixed fee in the region of £2.5m) but it is thought that falls a bit short of the figure Charlton would consider acceptable, particularly since the Championship club view him as capable of leading their forward line in the years to come. David Ornstein

Middlesbrough are heading a queue of Championship clubs interested in signing Brighton winger Jeremy Sarmiento. The 23-year-old Ecuador international has been limited to seven substitute appearances in Italy’s Serie A this season loan to Cremonese. Sarmiento has helped Ipswich and Burnley to promotion from the second tier in previous loan spells. Middlesbrough are currently second in the table. Andy Naylor

Arsenal

What has happened this week?

Arsenal may be involved in facilitating a move to Dutch side Ajax for Oleksandr Zinchenko. The Ukraine international midfielder is no longer wanted at Nottingham Forest, where he went last summer on what was meant to be a season-long loan, so his representatives have been looking for another club where he can spend the second half of the campaign.

“We have spoken to the player, made it clear in his situation. He is aware of that, so we will see what happens,” Forest head coach Sean Dyche said in the build-up to Saturday’s game against Arsenal.

What would Nwaneri leaving on loan mean for his long-term Arsenal future?

A loan could be the best thing for Nwaneri’s future at Arsenal. He signed a new long-term contract last August. At that time, the club were not expecting to proceed with a deal for Eze. The decision to sign the Crystal Palace attacker late in the summer window — sparked by the opening-game injury to Kai Havertz that he has only just returned from— has had a direct impact on Nwaneri’s playing time.

Arsenal have made a strategic choice to deploy the teenager as a No 8 this season. But in terms of seniority, he finds himself behind the likes of Eze, Martin Odegaard, Declan Rice and Mikel Merino.

Manager Arteta remains a huge believer in Nwaneri’s talent. The issue is one of opportunity. A loan would give Nwaneri, who turns 19 in March, a chance to develop and play regular first-team football. Arteta has enough depth and quality in his squad to go without him for the rest of the season.

Ideally, Nwaneri develops and returns to them as a player ready to challenge for a Premier League place. That is currently the goal of all involved.

James McNicholas

What positions/players are they looking at?

Arsenal are not currently aggressively pursuing anything in this window. The squad is in a strong position after a huge recruitment drive in the summer. That relaxed stance is reflected in the fact long-term defensive targets Marc Guehi has gone to Manchester City and Jeremy Jacquet looks set to join Chelsea, both effectively unopposed.

They are in the process of drawing up plans for the summer, and one player who may feature on their radar is Real Madrid’s Victor Valdepenas.

The left-sided defender made his La Liga debut last month and Arsenal are among the clubs considering trying to tempt him away from Bernabeu this summer. That would be no easy task, as 19-year-old Valdepenas is highly thought of at Madrid.

Which players could be leaving?

Aside from the possibility of Nwaneri heading to Marseille, there are currently no plans to allow any first-teamers to leave.

James McNicholas

Chelsea

What has happened this week?

As The Athletic reported on Sunday, Chelsea are in talks with Rennes over the signing of 20-year-old centre-back Jeremy Jacquet. Negotiations between the clubs are ongoing and Chelsea hope they can finalise a deal this week.

However, Rennes head coach Habib Beye does not want to lose the player, especially with his team having a chance to qualify for the Champions League. Rennes are sixth in Ligue 1, four points behind Marseille in third.

He said: “I believe Jeremy is very important to our objectives, and if he were to leave, we would have to lower those objectives, because he’s a key player for us, one of the best on our team. We have to be able to resist this kind of approach. There are several factors beyond my control in this matter.”

Facundo Buonanotte’s season-long loan from Brighton has been cut short and Leeds have now borrowed him instead for the rest of the campaign. The Argentina international made just eight appearances this season for Chelsea, only one in the Premier League.

Chelsea have also recalled striker David Datro Fofana early from his loan at Turkish club Fatih Karagumruk with an eye on a permanent transfer.

Why are they looking to buy a defender?

Chelsea wanted to sign a centre-back last summer… and that was before Levi Colwill suffered an anterior cruciate ligament (ACL) knee injury in pre-season.

The club tried for Dean Huijsen of Bournemouth but lost out to Real Madrid. They looked at different options after that but did not think there was an upgrade available or attainable over what they already had at the time.

Chelsea deliberately left a Champions League List A slot open to leave them some flexibility for a possible new arrival in January to then be added for the competition’s knockout phase, assuming they qualified for it.

Re-signing academy graduate Marc Guehi, who has now joined Manchester City from Crystal Palace, was not a possibility. Even though the transfer fee taking him to Manchester is just £20million, there are other costs involved which make this deal a lot more expensive than that. It was not just a financial decision, though. As much as Guehi is respected as a player, Chelsea are looking for a centre-back with different attributes than those he provides.

Should terms for Jacquet be agreed, he will become part of Liam Rosenior’s first-team squad immediately. It is not a case of being loaned out elsewhere to be developed first, as has happened with some other purchases of young talents made by the club in recent years.

What other positions are they looking at?

As explained in the Transfer DealSheet last week, Chelsea want to add a midfielder and an attacking player this year. They have a list of 10 names for these positions and while business in the summer is more likely, if there is an opportunity to get them in now, Chelsea will try to do so.

In terms of a creative forward player, Chelsea have had this slot free since last summer, too. They looked at Xavi Simons but decided he was not the right one, and he joined Tottenham from RB Leipzig instead.

Sources speaking anonymously to The Athletic to protect relationships say not finding anyone suitable is also why Buonanotte was signed on loan. But the 21-year-old Argentina international was always intended to only be at Stamford Bridge for the first half of this season, despite the deal being for all of it, as cover while Cole Palmer’s injury issues were being managed.

Which players could be leaving?

Centre-back Axel Disasi has interest from clubs in England, Italy and France. One of these teams want to sign him permanently now, the others have made loan enquiries. Chelsea would prefer a permanent move.

England Under-21 international Tyrique George is expected to be sold. He has not played for Chelsea for over a month, despite being fully fit. Clubs in the Premier League and in continental Europe are keen.

The plan is for winger Raheem Sterling, who has been left out of the senior squad since the start of the season, to leave for good in this window. His contract, which is worth in excess of £300,000 a week, expires in summer 2027 and he does not want another loan after spending 2024-25 with Arsenal.

Champions League and Europa League teams and other sides in England like Chelsea’s backup goalkeeper Filip Jorgensen. The club will not sanction a loan and do not want to sell a goalkeeper at this stage because they would then have to find a replacement mid-season. It will take a significant bid to change their minds on this.

As highlighted above, Datro Fofana, who has made just four appearances for Chelsea since joining from Molde in 2023 (while being loaned out four times), is going to be sold after his loan in Turkey ended. The 23-year-old striker has admirers in the Premier League and in Europe.

Nicolas Jackson at Bayern Munich aside, Chelsea are looking at their other loanees and whether they need a change. One of these is Kendry Paez. The 18-year-old forward is increasingly likely to leave France’s Strasbourg to be farmed out elsewhere.

Simon Johnson

Liverpool

What has happened this week?

Marc Guehi’s move to Manchester City on Monday reopened the wound that cut so deep during the summer. Liverpool missed out on the Crystal Palace and England centre-back late into that transfer window and have since been hit by injuries across their back line.

Supporters have reacted angrily to the news that he is now joining a direct rival, and are concerned that the lack of reinforcements could prove costly. Further frustration followed the 1-1 draw with Burnley at Anfield on Saturday, where Liverpool were booed off after failing to beat the team second-bottom of the Premier League table.

Unlike in previous weeks, there were no fresh injury concerns afterwards, which is a modest mercy in an otherwise testing time as the squad is already short following season-ending injuries to Conor Bradley and Giovanni Leoni in defence, while the summer’s club-record signing Alexander Isak continues recovering from surgery on a broken leg.

Why did Liverpool not challenge City for Guehi?

Although Guehi was on the brink of signing for them for £35million on September 1, Liverpool felt the situation changed considerably over recent months.

In the summer, the England international was recognised as a brilliant market opportunity. He was not so appealing now, given the overall investment required to get him and the fact he would have been available on a free transfer in five months if he stayed at Palace until his contract expired this summer.

Attempting to buy a player with such a short period left to run on their deal is complex and requires a significant financial outlay when factoring in the transfer fee, high wages and agent fees. Ultimately, the total package was considered too much for Liverpool.

What positions/players are they looking at?

The changes in the Guehi situation won’t affect Liverpool’s planning as the approach to this window remains the same. Generally, their owners at Fenway Sports Group only sanction big deals in January if top-quality players who fit the long-term plan are available.

Although their central defensive options will become limited if Virgil van Dijk or Ibrahima Konate are out, they still have cover for Bradley at right-back with Jeremie Frimpong, Joe Gomez and Calvin Ramsay.

The rest of the winter window is expected to be quiet, unless a suitable market opportunity comes up.

Which players could be leaving?

Liverpool are not at risk of losing any key players and are reluctant to weaken their squad by granting moves away for those on the fringes. This means Trey Nyoni may be needed as cover in midfield, despite interest in the 18-year-old from clubs across England and in continental Europe. There’s also no appetite to offload Juventus target Federico Chiesa on loan.

The only departures are expected to involve youngsters heading out on loan. A number of clubs continue to watch forward Trent Kone-Doherty, and centre-back Amara Nallo is another who could be on the move. Left-back Luke Chambers, now back to fitness, may also be considered for a temporary exit. Rhys Williams, a centre-back who is set to be out of contract in the summer, is keen to move on loan.

The uncertainty over Harvey Elliott remains as Liverpool are unlikely to receive the previously-expected £35million from a permanent sale to Aston Villa. The on-loan midfielder would need to reach certain appearance conditions to trigger that purchase but has not been in the first-team picture under Unai Emery.

Gregg Evans

Manchester City

What has happened this week?

City confirmed the signing of Guehi on Monday, having made a major breakthrough in talks at the end of last week.

Guehi had initially been prepared to stay at Palace until the summer, when he would have been out of contract and with his pick of clubs in the Premier League and around Europe, but City’s injury problems at the back and the expected exits of some senior defenders in the near future meant they accelerated their efforts to get him.

What are the knock-on effects of signing Guehi?

Pep Guardiola was asked about John Stones’ future recently and admitted that “what has happened in the last two years” will have a bearing, meaning the England international centre-back is likely to leave the club when his contract expires this summer, when he will be 32, given he has missed much of the past 18 months with injury.

City are unsure when Stones will be back in action, Ruben Dias is out for around three weeks and their fellow defender Josko Gvardiol will miss most of the remainder of this season. That means Guehi is likely to go straight into the team at home against Wolves on Saturday, and that the immediate knock-on effect could be for Max Alleyne, the 20-year-old who has started the past four matches amid City’s defensive injuries having been recalled from loan to Championship side Watford.

Alleyne has impressed Guardiola so much he is now considered a part of the first-team squad, and he could be the man to replace Nathan Ake if he also leaves in the summer, but opportunities are likely to be harder for the youngster to come by in the interim, as Abdukodir Khusanov has also done very well in recent weeks.

It means that, if everybody is fit, City have Dias, Gvardiol, Guehi, Stones, Ake, Khusanov and Alleyne as options, but as the club know, they can rarely rely on having all players at a position available. While there is going to be an overlap for the next five months, Guehi is effectively replacing Stones.

What positions/players are they looking at?

Now Guehi and Antoine Semenyo have signed, no other first-team business is expected.

Which players could be leaving?

City were always likely to sell a winger given the arrival of Semenyo and that appears to be Oscar Bobb, whose situation has unravelled quickly, to the point where the 22-year-old Norwegian is keen to leave, and a permanent deal could be sealed this week.

Sam Lee

Manchester United

What has happened this week?

Michael Carrick was named head coach until the end of the season after the sacking of Ruben Amorim, and a new coaching staff was put in place with Steve Holland and Jonathan Woodgate coming in. The new-look setup kicked off in fine style with a derby victory against Manchester City at Old Trafford on Saturday.

While there are no major transfer discussions planned for this week, work continues in the background on young players at the club who need spells out on loan that suit their development.

How much input will Carrick have on transfer plans?

United are not planning to make moves in this window, so there won’t be much need for him to have a say on immediate business. However, director of football Jason Wilcox would be foolish if he did not speak to someone of Carrick’s reputation and standing in the game, as a player as well as a coach, to discuss what the squad needs going forward.

If a long-term target becomes available or a rival makes a play for them, then United will need to act, and Carrick would be consulted and asked for his views.

The relationship will be similar to the one Amorim had with Wilcox and the rest of the board in that they will discuss transfers together and work on targets. Yet as Amorim found out in the previous window when he wanted Aston Villa striker Ollie Watkins, there will be other names the club feel are better suited to the long-term plans — as it was with the eventual summer signing of striker Benjamin Sesko.

What positions/players are they looking at?

United tried to sign Antoine Semenyo from Bournemouth before he went to City but he was a long-term target and they have priorities in other positions, such as midfield.

The Athletic reported this week that Casemiro can trigger a one-year extension in his contract if he starts 35 games this season.

The 33-year-old Brazilian’s current deal expires this summer but his man-of-the-match display against City at the weekend was his 19th start of the campaign and United have 16 games left. It is still a possibility he triggers that extension but as he would need to start every remaining game, it is not guaranteed. There remains a chance they could re-negotiate on new terms but no talks have taken place yet.

Should Casemiro leave, it will put further pressure on regarding the need to sign more than one midfielder.

As reported by The Athletic previously, Elliot Anderson is a first-choice target, but Nottingham Forest have no intention of selling him, and there would be competition from Premier League rivals if they changed their minds. Adam Wharton has also got admirers at Old Trafford but, like Anderson, has plenty of clubs monitoring and ready to pounce should Crystal Palace entertain offers. United held talks, via intermediaries, with Brighton last summer over Carlos Baleba but, at this stage, there is no progress on a move there either.

Which players could be leaving?

Ajax have made an inquiry over Manuel Ugarte — but at this stage, a deal is considered unlikely. The Dutch giants want a new No 6, and have the Uruguay international on their list. They have been looking at a loan, with no long-term decisions expected this month due to Jordi Cruyff only starting as sporting director on February 1. But United have so far declined Ajax’s proposal.

United have also so far not entertained any negotiations with Roma over Joshua Zirkzee. The Netherlands forward was absent from Saturday’s win over City due to a knock, which did increase speculation about his future, but the Serie A side do not believe United will allow him to leave this month.

Tyler Fredricson is expected to be the subject of loan proposals by clubs in the EFL and Europe’s top divisions.

The 20-year-old centre-back has made two senior appearances for United this season, starting the Carabao Cup defeat by fourth-tier Grimsby and coming on for the final minutes of the Premier League win against Newcastle last month, while also being named in nine other top-flight matchday squads. But his opportunities are set to be limited by the change in head coach, with Carrick preferring a back four to Amorim’s three central defenders. Several clubs have registered their interest in a loan, and United feel that as a highly-regarded prospect, Fredricson would benefit from getting regular minutes.

Midfielder Toby Collyer is expected to join Hull City of the Championship for the remainder of the campaign.

Hull are under a transfer embargo so they cannot pay a loan fee but that won’t block the mooted move. Collyer, 22, opted to move to fellow second-tier side West Bromwich Albion last summer amid rival interest from Hull but his time there was cut short due to a calf injury and opportunities were limited. The deal is not signed off yet, but Hull boss Sergej Jakirovic was confident of getting it done at the weekend and it is expected to go through.

“With Toby Collyer we are waiting, but I think we have a green light from Man United and I think he will join us on Monday,” he told BBC Radio Humberside on Saturday. “We have agreed everything with Man United. He will have a medical this weekend. He is now ready for training.”

Forward Ethan Wheatley, 19, is closing in on a loan move to Bradford City for the remainder of the campaign. Wheatley scored three goals in 25 appearances for League One strugglers Northampton Town in the first half of the season, but he returned to his parent club and will now move back out to Bradford, who are chasing promotion in that same division.

There is still no decision has yet to be made on left-back Harry Amass, 18, who is having some time off after his loan spell at Sheffield Wednesday came to an end. The player could still return to Hillsborough but other Championship clubs, including Stoke City, are keen. He will definitely go out on loan again.

Chris McKenna and Laurie Whitwell

Newcastle United

What has happened this week?

Head coach Eddie Howe discussed how considerations around profitability and sustainability rules (PSR) continue to govern Newcastle’s business, but insists there is room for manoeuvre this month. “All I can assure everybody is that there is money to spend, (and) the club are willing to spend it, it is not a case of holding anything back,“ Howe said at a press conference on Friday.

Acquiring a defender has become the priority, after the recent injuries to Fabian Schar and Tino Livramento, but Newcastle are yet to bring in any senior January additions.

Following the dour 0-0 draw at bottom-of-the-table Wolverhampton Wanderers on Sunday, Howe was asked if Newcastle had the capacity to sign an attacking player as well as a defender in this window, to which he responded: “I don’t think we have the financial ability to do that.”

Newcastle have been boosted by centre-back Sven Botman signing a contract extension until 2030.

Cathal Heffernan, the 20-year-old defender, has joined League Two Harrogate Town permanently, while Joe White, the 23-year-old attacking midfielder, and Harrison Ashby, the 24-year-old right-back, have both moved to third-tier Bradford City on loan.

What are the chances of Newcastle making a signing this month?

A coin-flip at this stage. There is a desire to bring in a defender, but not at any cost, and not just anyone, with Newcastle yet to progress with any prospective deal. Were they to act this month, it would have to be seen as part of a longer-term strategy.

Significant work is being done behind the scenes, with the recruitment team identifying left-backs and centre-halves, with versatility preferred. French club Toulouse’s Dayann Methalie, a versatile left-back-cum-centre-half, is among several players across Europe being tracked but the 19-year-old has undergone knee surgery that will keep him out for a month, and Newcastle have not formalised any interest yet.

Club Brugge left-back Joaquin Seys is another who Newcastle have been watching. The 20-year-old has admirers across Europe following his performances in the Champions League, and he has been discussed as a potential option.

Matt Targett, on loan at Championship neighbours Middlesbrough, has had a recall clause which was due to expire last week extended, and Newcastle must decide whether they will bring the 30-year-old defender back or allow him to finish the season on Teesside.

However, with Dan Burn due to be back in action before the end of the month, and Emil Krafth set to return in February, Newcastle’s present shortage of defenders may yet ease. Further defensive injuries this week against PSV in the Champions League and Aston Villa in the Premier League would surely force the club to act yet, for now, Howe describes the situation as “fluid”.

What positions/players are they looking at?

Left-back is the priority, though someone with the ability to also operate at centre-half would be preferred, with the aforementioned players among their targets.

Beyond full-back, midfield is the area Newcastle would be most keen to strengthen should a long-term target prove attainable for a reasonable price — though it would also require Joe Willock to leave for anything to happen. Kees Smit, of Dutch side AZ, is well-liked, though a move for the 19-year-old in this window is highly unlikely, and there are other young, creative midfielders that the club have been tracking.

It seems that at most one signing will arrive, and if there is to be an incoming, it will be in defence.

Which players could be leaving?

None of Newcastle’s star players are available and, having sold striker Alexander Isak at the end of the summer, the club is determined to keep their best assets. There have not been serious offers for any of their key players either, which is unsurprising, given few big-money deals are usually completed in January.

Jamaal Lascelles, the club captain, is available, and has had interest from English and Turkish clubs. The 32-year-old defender has only made two substitute appearances this season, the most recent of which came against Arsenal on September 28, and he has not featured in a matchday squad since November 9. Willock has entered the final 18 months of his contract and has similarly attracted Premier League interest, though Newcastle have not received a bid, and it seems likely he will stay until the summer.

Sean Neave, the 18-year-old forward, and Leo Shahar, a right-back of the same age, continue to feature in senior matchday squads (without playing), given Newcastle’s present injury problems, but may still go out on loan to gain first-team experience. Alfie Harrison, the 20-year-old midfielder, is another who may depart, while Alex Murphy, 21, is now unlikely go, given Howe’s lack of fit senior defenders.

Chris Waugh

Tottenham Hotspur

What has happened this week?

The big transfer story this week was the signing of Conor Gallagher from Atletico Madrid, bolstering Tottenham’s midfield options.

The other developments came away from the winter window.

Spurs announced a new assistant coach (Jonny Heitinga), a new director of football operations (Rafi Moersen), and the imminent departure of co-sporting director Fabio Paratici. But for all the changes that have happened behind the scenes, the biggest question of all concerns the future of head coach Thomas Frank, who is under more pressure than ever before following the 2-1 home loss to West Ham United on Saturday.

How much is the Frank uncertainty affecting their January plans?

Frank remains in the job, and he continues to be given plenty of say in Spurs’ activity in the market.

He pushed for the signing of Gallagher, even speaking to the England midfielder by phone before he joined. Clearly, the main focus of the past few days has been on the future of the head coach. But whoever ends January running things in the dugout, Tottenham could do with some more reinforcements in the final days of the window.

The team needs strengthening. And that means that work must continue from sporting director Johan Lange and his team.

What positions/players are they looking at?

Chief executive Vinai Venkatesham has written a detailed letter to fans, which was published in the programme on Saturday. “We are fully focused on strengthening the squad in January where the right opportunities exist,” Venkatesham insists in it, “while recognising that the most significant player trading activity typically comes in summer windows.”

They are expected to complete a move for 19-year-old left-back Souza of Brazilian club Santos, who was in the stands for the West Ham game. The squad clearly still needs more goals, especially now that leading scorer Richarlison is out with a muscle injury. But it remains to be seen who they can find in the final weeks of the window.

Which players could be leaving?

Tottenham do not have a lot of spare players they can afford to let go. Many of the younger fringe players have already been sent out on loan.

The one first-team name who could be on his way is Radu Dragusin, the Romania centre-back who missed almost all of 2025 with a knee injury. There is plenty of interest in the 23-year-old, largely from leading Italian clubs in terms of a loan deal, but nothing has been agreed yet. It might be that he stays for the second half of the season before another decision is made on his future in the summer.

Jack Pitt-Brooke

Barcelona

What happened this week?

Barcelona qualified for the Copa del Rey quarter-finals with a 2-0 win away to second-division Racing Santander, then lost a surreal league game 2-1 at Real Sociedad — with two goals disallowed for offside, a penalty ruled out for offside and Hansi Flick’s team hitting the post five times.

Off the pitch, Joao Cancelo was presented after he re-joined the club, this time on loan from Saudi Pro League side Al Hilal until the end of the season. He is the only signing expected to be made this January, with Barcelona taking advantage of Andreas Christensen’s long-term knee injury to sign the 31-year-old Portugal full-back under La Liga rules regarding sidelined players. Cancelo spent the 2023-24 season on loan at the Camp Nou from Manchester City before the club opted not to sign him permanently.

La Masia-developed Pedro ‘Dro’ Fernandez has told the club he intends to leave, having been made aware there are clubs interested in paying his €6million release clause. It was a sporting decision from the 18-year-old attacking midfielder, but one that took many around the club by surprise, with The Athletic having reported that Paris Saint-Germain and Chelsea are two of the teams interested in him.

What’s going on with Marc-Andre ter Stegen?

Barcelona appeared to send a clear message to Ter Stegen in starting Joan Garcia ahead of him for that Copa del Rey fixture — a game against a second-division opponent the German goalkeeper might have expected to be involved in. He is now set to leave for Girona on loan.

The 33-year-old wants to play at this summer’s World Cup and needs to be in regular action at club level to do that. He would be given that playing time at Girona, and the move would suit him for family reasons too, given they are a fellow Catalan side so the travel is doable.

Barcelona are not counting on him and will facilitate his exit, with Girona willing to sign him — but first, they need to offload Croatia goalkeeper Dominik Livakovic and ensure they can afford any deal. Sources with knowledge have told The Athletic that they can only pay €1million towards Ter Stegen’s salary.

What positions/players are they looking for?

None for this window — no further signings are expected after Cancelo’s arrival. In the summer, they plan to go for a centre-forward who can replace Robert Lewandowski and also a new centre-back.

Which players could leave?

Fernandez and Ter Stegen. The teenager is looking for a way out, as he realises there are many young players on the club’s books at his position, which could make it difficult for him to progress into first-team football, and he believes he can be offered more guarantees to that end elsewhere.

This has not sat well with Flick, according to club sources. The German chose him for his pre-season squad last summer at a time when he had not even made it to Barca Atletic, the club’s ‘B’ team who play in Spain’s lower divisions. Just last week, the player was celebrating his 18th birthday on the plane returning from the club’s Supercopa de Espana triumph in Saudi Arabia.

Ter Stegen and Barcelona want to work together to find a solution for his future, with the club aiming to offload a former captain who is no longer playing for them but still has one of the team’s highest salaries and the German keen to put himself in contention for World Cup selection.

Another player who was considering a loan move was Marc Bernal. The 18-year-old midfielder returned this season from an anterior cruciate ligament (ACL) knee injury which had kept him out since September 2024.

Bernal was open to offers, given his lack of game time this campaign, with just 12 appearances and three starts so far, and only one of the latter in La Liga. But Flick has been very clear with Bernal in saying he believes he is a future first-choice defensive midfielder for Barcelona and that he is a project for the future. He does not want to let the youngster leave on loan.

He has played more since the start of December and now intends to stay put this month, so long as he continues to get minutes.

Real Madrid

What has happened this week?

We are only 20 days into 2026 and have already experienced what may prove the most eventful week all year at Real Madrid.

Head coach Xabi Alonso was sacked after a 3-2 loss to Barcelona in the Supercopa final and was replaced by former Madrid player turned manager of Castilla (Madrid’s ‘B’ team, who play in Spain’s third division), Alvaro Arbeloa, who began his tenure with elimination from the Copa del Rey against second-division side Albacete, 3-2.

The atmosphere is so heated due to Madrid’s poor results that several of the team’s stars were booed by their own fans at the Bernabeu against Levante on Saturday, especially Vinicius Junior. Despite this, Arbeloa secured his first win in charge, 2-0.

Will Alonso’s sacking change their transfer plans this January?

Club sources consulted after the change of head coach insist that no new signings or departures are expected in this window.

Madrid sources, to justify the absence of signings, claim the current squad has the highest market value in the world game, despite the recent turmoil. “I have an extraordinary squad, I am extremely lucky. In the short term, they are better than I thought,” said Arbeloa when asked at a press conference if he needed an attacking midfielder.

The only confirmed move is Endrick’s loan to Lyon of France until the end of the season. According to my colleague Mario Cortegana, Madrid had a clause to bring him back to the club earlier than planned and could have communicated it until today (January 20), but the Brazilian striker is expected to stay at Lyon.

Endrick played his second Ligue 1 match against Brest last weekend, and once again stood out with an assist.

What positions/players are they looking at?

Madrid continue to scout the market in search of defenders and midfielders, although senior voices at the club insist no moves are planned.

Reports in Spain have linked Vitinha with Madrid, but the 25-year-old Portugal midfielder’s camp think it is impossible for Paris Saint-Germain to let him leave after his great year at the French and European champions.

Which players could be leaving?

It has been reported there is interest from elsewhere in Europe in centre-back David Alaba, whose contract expires in June. However, the 33-year-old’s camp insist he will not leave Madrid in this window. For the first time this season, following lengthy injury issues in recent years, Alaba has played in three consecutive matches (against Barcelona, Albacete and Levante, albeit all as a second-half substitute).

Guillermo Rai

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