Welcome to The Athletic’s 2026 Transfer DealSheet — covering the January and summer windows.
Our team of dedicated writers will take you inside the market to explain the deals being worked on. The transfer window will reopen on January 1, 2026 — at which point The Transfer DealSheet will return to its weekly in-window format.
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. Their responses, when they were given, have been included.
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.
In this edition of The Transfer DealSheet, we take a look at Manchester United’s pursuit of a midfielder, Arsenal’s move for Ecuadorian twins, and Real Madrid’s need for a new defender.
This article is long but detailed, so enjoy it all — or search for the club or player you want to read about.
Laurie Whitwell’s One To Watch
Manchester United’s pursuit of a new midfielder will be one of the key transfer stories in 2026.
The centre of the park is an area United have strived to fix for years, and several players with the potential to provide the remedy could be available.
Elliot Anderson, Adam Wharton and Carlos Baleba are among the names being considered at Old Trafford, although each of their clubs will have something to say about any approach, as will other suitors.
Jack Grealish, Declan Rice, Enzo Fernandez, Moises Caicedo and Florian Wirtz are all midfielders of different varieties to cost £100million or more over the last few seasons, and Nottingham Forest, Crystal Palace, and Brighton & Hove Albion will inevitably have those prices in mind for whoever comes calling.
Wharton is a player to keep an eye on in 2026 (Julian Finney/Getty Images)
United being able to negotiate a fee in their capacity will depend on many factors, and how they work through those talks promises to be intriguing.
Given Casemiro’s expected departure, the uncertainty around Kobbie Mainoo, a lack of minutes for Manuel Ugarte, and the possibility of a further interest in Bruno Fernandes after Al Hilal’s approach in May, it may even be that United look to sign two midfielders next summer.
What midfield profile best suits Manchester United?
Ruben Amorim’s commitment to a 3-4-2-1 places heavy demands on the central midfield pair, who are asked to cover huge distances whenever United lose the ball. And there is evidence they are struggling under that strain.
The map below shows the percentage of passes played into different zones against United compared to their six-season Premier League average, with their exposed central area standing out since Amorim took charge.
When recruiting their next midfielder, the physical presence to plug those gaps is essential, which is why Amorim has reservations about Mainoo, who he said was “struggling a lot defending as a midfielder”.
Tenacity alone won’t be enough, though. Ugarte has that in spades, but lacks guile on the ball. An all-action, technically gifted central midfielder is a rare commodity, but it is the profile Amorim desperately needs, and helps explain their interest in Brighton’s Baleba over the summer.
Conor O’Neill
What else we’re hearing
Arsenal are in the process of tying up a deal for Ecuadorian twins Edwin and Holger Quintero. The 16-year-olds both play in midfield. The hope is that they will join from Ecuador Serie A team Independiente del Valle when they turn 18 in August 2027. Independiente previously produced Chelsea’s Moises Caicedo and Arsenal’s on-loan defender Piero Hincapie. James McNicholas
Eintracht Frankfurt are still interested in Will Osula. The 22-year-old almost joined the Bundesliga club in the summer. Osula still appears likely to leave St James’ Park in 2026, although it will only happen in January if Newcastle can bring in an additional young forward. Frankfurt initially want to sign Osula on loan but are keen to bring him in permanently in the long term. Sebastian Stafford-Bloor and Chris Waugh
Aston Villa are keen to sign a centre-forward to provide depth. They also view signing a right-back as an option, while a winger is required to replace Leon Bailey, who left in the summer. Morgan Rogers remains of interest to the Premier League and Europe’s biggest clubs, while further conversations will be held with Emiliano Martinez, likely in the summer. Villa have targets to replace Martinez, all younger and on a lower salary than the Argentina international. Jacob Tanswell
Morgan Rogers is a wanted man (Aston Villa/Aston Villa FC via Getty Images)
Everton’s priority at present is strengthening at right-back. While up front, Ivan Toney has been tracked by David Moyes for an extended period of time, but a deal would be complicated. The Athletic’s David Ornstein wrote in last week’s Transfer Radar that Toney will not be on the move anytime soon. Iliman Ndiaye is being tracked by clubs in England and on the continent, but Everton want to keep hold of him. And they will have to weigh up whether to recall Harrison Armstrong from his loan at Preston North End due to a hole in midfield. Nathan Patterson could be made available for a switch away. Patrick Boyland
Despite reports, there has been no official enquiry from West Ham for Royale Union Saint-Gilloise’s Canadian forward Promise David. David signed a contract extension in June until 2029 and has no release clause in his new deal; the Belgian champions do not envisage a sale in January. Sebastian Stafford-Bloor
Could the Premier League’s new squad cost ratio impact club plans?
January’s transfer window tends to be less noisy than its summer brother, though recent events will provide a new steer on activity. Even though the Premier League’s decision to introduce new financial rules last month won’t see them enforced until next season, decisions made now will impact clubs’ future compliance.
A new squad cost ratio (SCR) puts the focus directly on player expenditure and, unlike under the current profit and sustainability rules (PSR), there will be little recourse to offset transfer spending and wages through non-football transactions.
SCR limits club spending on player and head coach wages, transfer fee amortisation and agent fees to a percentage of relevant income, with the latter including a proportion of recent player sale profits. SCR is already in operation for UEFA competition, where clubs are limited to spending 70 per cent of their income on squad costs.
In the Premier League, the limit will be set at 85 per cent, a limit known as the Green Threshold. Clubs who exceed the Green Threshold but not the Red Threshold — set at 115 per cent in 2026-27 — will incur a monetary fine and a reduction of their future Red Threshold, but no sporting sanction. By contrast, Red Threshold breaches will see a minimum six-point deduction meted out to offenders.
One key element of the new rule is, when it comes to determining spending limits, player sale profits will be averaged over the past three seasons. That reduces the efficiency of a quick sale to improve compliance, as only a third of the profit made will be included in the current year calculation.
The flip side is that clubs that made big past sales will enjoy some benefit beyond the single-season SCR otherwise covered. That’s of particular relevance to Bournemouth, who shed a wealth of first-teamers for around £200million in the summer.
Predicting future compliance from here is worthless, but using the most recent figures (2023-24) does highlight some who might need to adjust business models. Bournemouth were one, until summer sales helped their PSR position and, due to that averaging, will help in future too.
Others might need to be warier. Fulham’s total wages (i.e. not just the player and head coach salaries assessed under SCR) and transfer amortisation costs comprised 117 per cent of revenue two seasons ago. Everton’s figure was 118 per cent; Nottingham Forest were at 120 per cent.
That omits plenty since — including new stands and stadia for Everton and Fulham and a European place for Forest — meaning they needed to work towards getting squad bills down anyway to comply with UEFA’s stricter SCR limit.
Based on The Athletic’s estimates of clubs’ previous (and hypothetical) Premier League SCR positions, one thing becomes clear: most of the league’s biggest spenders will still have room to be active, if they choose to. Chelsea’s return to the Champions League and Club World Cup win has eased their position after they breached UEFA SCR in 2024.
Instead, the member of the ‘Big Six’ likely to be most wary now is Arsenal. In a summer where they were expected to make some sales, they made pretty much none, with an expectation that they will be close to the UEFA limit for 2025. It has left them with arguably the league’s deepest squad, but also a need to carefully manage finances.
Chris Weatherspoon
ArsenalWhat positions will they be looking at in 2026?
It’s difficult to identify where Arsenal will look to strengthen, given they have such a complete squad. In all likelihood, the positions they ultimately target will be informed by departures. Sustaining such a big squad is difficult, even with success, and it is inevitable that there will be an element of natural churn next summer.
It is perhaps easier to speculate on the profile of players Arsenal will target. Having already got an expensively assembled squad of mature players, the next phase of Arsenal’s recruitment may have more of an emphasis on development opportunities. This would mean targeting younger players with great potential who can support the first team.
Are there any players they are already looking at?
Aligning with that strategy, Arsenal are in the process of tying up a deal for 16-year-old Ecuadorian twins Edwin and Holger Quintero. The midfield pair will join from the Ecuador Serie A team Independiente del Valle when they turn 18 in August 2027.
Another Ecuadorian is already earmarked for a transfer next summer: Piero Hincapie. The 24-year-old joined from Bayer Leverkusen on deadline day. Having committed to around £250million in expenditure last summer, Arsenal were keen to avoid paying out another €52million (£45m) for Hincapie in the same accounting period.
All parties expect Hincapie’s move to become permanent next summer (Julian Finney/Getty Images)
They arrived at an inventive solution: a loan in which both Arsenal and Leverkusen hold the option to trigger a permanent deal next summer. If Arsenal fail to activate the clause, Leverkusen can do so, forcing a compulsory purchase. All parties’ expectation is that a permanent transfer will take place — so that’s £45m of next summer’s budget already accounted for.
This will be offset in part by the sale of Jakub Kiwior to Porto. A similar arrangement is in place for a transfer worth in excess of €27m.
Who will they be looking to sell?
As far as January goes, Arsenal are not actively seeking to sell any first-team players. They are competing on multiple fronts and are desperate to end their long wait for a Premier League title. Their depth has been one of their great strengths this season, and they hope to maintain that.
In the course of 2026, however, there will inevitably be departures. After last summer’s ambitious spending, sales will at some point be necessary, and driving interest and optimal prices will be part of sporting director Andrea Berta’s remit in the coming months.
Arsenal are blessed with some gifted players who are not playing a great deal of Premier League minutes. The likes of Ben White and Gabriel Jesus could attract suitors in 2026.
A World Cup summer can sometimes be a catalyst for transfer activity. With Myles Lewis-Skelly having a potential England place at stake, and Thomas Tuchel stating he needs more game-time, it would be no great surprise if other Premier League clubs tested Arsenal with enquiries.
That said, Lewis-Skelly committed to a long-term contract in the summer, and as yet, there is no indication that Arsenal are preparing for a sale. He played significant roles against both Bayern Munich and Chelsea in November, suggesting that he remains very much part of Arteta’s plans.
What moves have they made already?
In October, Arsenal confirmed the signing of 16-year-old Shamrock Rovers midfielder Victor Ozhianvuna. The Ireland Under-17 international, who has already played first-team football with Rovers, will join when he turns 18 in January 2027.
The signings of Ozhianvuna and the Quintero twins show that Arsenal are determined to recruit the world’s top talent to strengthen their academy, and hopefully provide future stars for the first team.
Even if these players don’t make it at Arsenal, they represent sensible investments that can drive revenue for the club in future.
James McNicholas
ChelseaWhat positions will they be looking at in 2026?
Chelsea are not planning to add to the first team squad in January, with the focus being more on the summer. The club could still put a deal in place for a young player in the new year (or the summer), in view of them joining in future seasons as they have done in the past.
The onus is on adding to the squad depth, and the possibilities (in terms of what areas of the pitch) will continue to be assessed. It obviously also depends on who goes.
One of the areas Chelsea readers regularly ask about is the goalkeeper position. Chelsea are happy with their current options in Robert Sanchez, Filip Jorgensen and Mike Penders (who is currently on loan at Strasbourg). That means a move for Milan’s Mike Maignan, to give just one example, will not be revisited, having held negotiations with the Serie A club in June.
Chelsea are also content for the time being with their centre-back options, especially with Levi Colwill returning from a knee injury next year and the prospect of Mamadou Sarr coming back from a season-long loan at Strasbourg.
Are there any players they are already looking at?
Chelsea’s strategy is geared towards finding a rising talent rather than a finished article.
This means that their long-standing interest in Aston Villa’s Morgan Rogers has cooled, and he has signed a new long-term deal at Villa Park in any case.
Chelsea continue to be linked with Real Madrid’s Rodrygo, but he does not fit the profile of what they are looking for either. Besides, they are well stocked in wide areas.
The club have held a long-standing interest in Nottingham Forest defender Murillo, but he is considered at the starter level, so again is not on their radar. The focus is more on succession planning and players for the future.
Who will they be looking to sell?
In terms of January, defender Axel Disasi is one of the exits they will be looking to get done. The France international has not played for Chelsea this season and has not even been named in a matchday squad.
Disasi has begun training again with the first team recently and also played for the Under-21s against Reading in November. This is all to ensure he is fully fit to make a move.
Raheem Sterling is in a similar situation, and both parties are keen to part ways if the deal suits both sides.
Tyrique George had a transfer to Fulham collapse on deadline day (September 1). There are more teams showing an interest in the academy graduate now than in the summer due to how he has responded (three goals and one assist for Chelsea in 10 appearances, plus his first two goals for England Under-21s). Chelsea have not made a decision on whether to sell him, but clubs may try to lure him away with the promise of more first-team minutes. The attacker’s contract situation is another factor — it expires in 2027, although there is an option in place to extend for another 12 months.
As for the summer, striker Nicolas Jackson will be one they try to sell, even if Bayern Munich decide against buying him permanently after his loan there.
What moves have they made already?
Chelsea have two first-team players already lined up to join the squad next season. They bought winger Geovany Quenda from Sporting CP for £40m in March, and he is part of their plans for 2026-27.
The same goes for striker Emanuel Emegha, who agreed to join Chelsea from Strasbourg for an undisclosed fee in September. Both players have remained at their respective clubs for the current campaigns.
Forward Dastan Satpayev (FC Kairat) and left-back Denner Evangelista (Corinthians) will be able to complete their moves in the summer as they are both turning 18. Defender Deinner Ordonez will do likewise from Independiente del Valle in January 2028.
Others currently away on loan, like Aaron Anselmino (Borussia Dortmund) and Penders (Strasbourg), will continue to be monitored. A decision on whether they are going to be involved will be taken next summer.
Simon Johnson
LiverpoolWhat positions will they be looking at in 2026?
Sorting out the defence is key, especially with the future of Ibrahima Konate still up in the air. Liverpool would like to extend his contract but so far have been unable to agree on terms. The 26-year-old can speak with foreign teams and reach a pre-contract agreement from January 1 as his current deal is scheduled to expire in June.
As The Athletic’s David Ornstein reported in the Transfer Radar, Real Madrid have told Liverpool they now have no interest in recruiting him.
What happens with Konate will largely shape how active Liverpool are in their search for another centre-back. They’ve already placed huge faith in Giovanni Leoni, the 18-year-old signed from Italian club Parma, but will be without him for the remainder of this season following a serious knee injury. The need for another centre-back is crucial and was reflected in the failed pursuit of Marc Guehi over the summer.
Konate’s future is up in the air (Molly Darlington/Getty Images)
Are there any players they are already looking at?
Liverpool would still like to sign Guehi, but the chance of that happening in January is slim. The England defender’s contract expires in the summer, so negotiating a move next month will be complex and difficult for a number of reasons.
How much is he valued at now, for example, or more importantly, how much would Liverpool be prepared to pay to convince Crystal Palace to sell? And what benefit would it be for Guehi to leave early? As a free agent in the summer, he would be in a much stronger position to negotiate a more lucrative contract, and by staying at Crystal Palace and playing regularly, that may also set him up better for the World Cup this summer.
Elsewhere, a tried and trusted pacy winger would add another dimension to Liverpool’s attack and several players are admired. Bournemouth’s Antoine Semenyo is one of those, but after a huge outlay on attacking players in the last window, there’s no rush to bring in any more.
Liverpool are also mindful of blocking Rio Ngumoha’s pathway, and Slot would also like to see how Jeremie Frimpong performs on the right side of attack when he returns from injury and offers cover for Mohamed Salah during AFCON.
Only a standout market opportunity would alert that thinking in January.
Who will they be looking to sell?
After moving on ten players (seven permanent) from last season’s first-team setup, there’s no urgency to offload any of the current crop.
Liverpool will be keeping a close eye on Harvey Elliott’s situation at Aston Villa, as he’s currently out of the picture there and not guaranteed to make the 10 appearances that will trigger a £35million move. While there are no plans to recall him from his initial loan move, Liverpool may have to consider what to do next if he returns by default at the end of the season.
If the decision is made to sign another centre-half, that may also free up Joe Gomez for a future move, most likely in the summer, at which point he will be entering into the final year of his contract.
Federico Chiesa has a number of admirers, but letting him go would be a risk. The forward has also said that he is hoping to make more of an impact at Anfield this season, so the second half of the campaign could give him that opportunity.
Trey Nyoni, the 18-year-old midfielder, may be granted a loan move if there are no injuries to other senior midfielders, as several clubs in the country and across Europe keep an eye on him. Liverpool will also consider sending players in the Under-21 setup out on loan once the window opens.
Which players’ contracts are expiring? Who will they renew?
Konate and Andy Robertson are the two senior players who will leave as free agents in the summer unless renewals are agreed. Liverpool value both players highly and see the pair as integral members of the current squad.
Plans to gradually phase out Robertson, who turns 32 in March, may have already started by signing Milos Kerkez. But the long-serving Scotland international continues to step up and show his qualities when required.
Robertson’s contract expires in the summer (Carl Recine/Getty Images)
Decisions over his future will depend on whether Liverpool prefer to recruit a new left-back to compete with Kerkez from next season onwards. Kostas Tsimikas is also scheduled to return from a loan spell at AS Roma, but the club will listen to offers for a permanent exit.
Alisson’s contract also expires at the end of the year, but Liverpool are expected to take up the one-year option they have to extend it into 2027. The Brazilian goalkeeper spoke about it while he was on international duty earlier this year, as reported by beIN Sports: “I have one year left on my contract and another year of club option, which they will probably exercise.”
Early talks over extending Dominik Szoboszlai’s contract have started, and similar discussions are likely to follow with Ryan Gravenberch.
Gregg Evans
Manchester City
What positions will they be looking at in 2026?
City have a deep squad with no positions undermanned, but the right-back role remains one that has been patched over rather than solved.
Matheus Nunes and Abdukodir Khusanov have played there this season, but they are makeshift options, and Rico Lewis seems to no longer be under consideration there.
It is unlikely a right-back will be signed in January, but it looks likely to be a primary focus next summer.
Another area that could be upgraded is the right-wing position. Oscar Bobb and Savinho are the two main options there but neither are producing the end product Pep Guardiola expects, which is leaving City too reliant on Erling Haaland.
Given that two or three senior players are being left out of matchday squads, a major addition would likely require someone leaving to create space, but the summer certainly looks like the time that a marquee signing could be made for that position.
Are there any players they are already looking at?
Tino Livramento is a name to look out for next summer. The Newcastle right-back has developed into one of the best players in his position in the Premier League and is highly appreciated at City.
They decided not to pursue a right-back specialist in the summer because Livramento, who had emerged as the primary option, was deemed to be out of reach.
Tino Livramento has developed into one of the league’s most talented right-backs at Newcastle United (Matt McNulty/Getty Images)
It does not mean they will not return for him. In fact, it would be a surprise if he does not remain at the top of their list. The 23-year-old has a contract until 2028 but, barring an unexpected extension, it is expected that in the current market it would take a fee of around £100 million to tempt a sale.
Who will they be looking to sell?
There are a number of fringe players who are struggling for game time but could raise sizeable fees.
Manuel Akanji’s loan at Inter has an option to be made permanent for €15 million (£13.2m), and Nathan Ake, Mateo Kovacic, Kalvin Phillips and Jack Grealish are all players who could leave permanently in 2026.
Grealish has been re-energised by his loan move to Everton, who have an option to buy for £50million. As The Athletic’s David Ornstein and Patrick Boyland reported in The Transfer Radar, it is unlikely the clause will be activated, but it is plausible a fresh negotiation could take place.
Jordan Campbell
Manchester UnitedWhat positions will they be looking at in 2026?
Midfield is the priority area. United want a dynamic presence in the centre of the pitch, a player capable of winning possession and getting the ball moving forwards. United may even look to add two midfielders, a No 6 and No 8, depending on what happens with outgoings.
Adding a central defender could come on the agenda, while Amorim also mentioned his desire to be able to select a right-footed attacking wing-back for the left side.
Are there any players they are already looking at?
United held talks, via intermediaries, on Carlos Baleba in July, and agreed personal terms, but ultimately declined to make a bid after coming to understand Brighton & Hove Albion would insist on the type of money Chelsea paid for Moises Caicedo, around £115million.
Baleba’s form has fallen this season, he has been taken off at half-time in four Premier League games, but the 21-year-old remains prominent on United’s list.
Elliot Anderson, 23, has emerged as a primary focus of attention after a series of impressive displays for Nottingham Forest and England. Anderson’s athleticism, ball-carrying, and passing range are of particular appeal, and he played superbly against United at the City Ground.
Adam Wharton, 21, is also under consideration. He is an elegant midfielder capable of imagining and executing the hardest of through balls, as shown by his pass to Jean-Philippe Mateta for Crystal Palace’s penalty in United’s visit to Selhurst Park.
United might look to do something in January, but the expectation is that any such deal would be seizing a low-cost opportunity, rather than attempting any long-term signing. That being said, conversations will take place in case circumstances change. United are not anticipated to enter talks for Joao Gomes at Wolves.
Who will they be looking to sell?
Kobbie Mainoo’s future will come under discussion again, as soon as January, although the player and the club would be considering a loan move in that instance.
Mainoo ideally wants regular football to make a late push for World Cup selection, while United would get a higher value for a potential summer sale if the 20-year-old puts a string a good performances together.
As an academy graduate who has contributed to memorable moments for United, Mainoo’s status at the club is highly emotive, however. It remains to be seen whether club executives would allow him to leave, whatever the situation is around his current game time.
Manuel Ugarte is also struggling for opportunities, and his position may be looked at next summer. Joshua Zirkzee has attracted interest from Serie A.
Ugarte has struggled for minutes this season (Peter Joneleit/Icon Sportswire via Getty Images)
What moves have they made already?
As well as the Baleba talks, United are aware of the picture when it comes to other targets. Checking in on potential prices, liaising to gauge a player’s mindset, and adding to scouting reports is an ongoing process.
Laurie Whitwell
Newcastle UnitedWhat positions will they be looking at in 2026?
Full-back, midfield and goalkeeper are the priority positions — but in reality, Newcastle are considering options across the pitch as they aim to take the next step in their evolution.
In January, Newcastle are focusing upon full-back cover and strengthening in midfield though, as ever, injuries could alter plans. The message is that if reinforcements are to arrive mid-season, it will be because long-term targets have become available at a competitive price and future business is being expedited, as happened with Anthony Gordon in January 2023.
Come the summer, restructuring the goalkeeper department is a critical concern.
Aaron Ramsdale is currently on a season-long loan from Southampton, which Newcastle have the option to make permanent, but the club may look to bring in stiffer competition for Nick Pope. A goalkeeper who is more comfortable distributing with his feet would represent organic growth in their playing style.
The expectation is that at least one young forward will arrive across the course of next year, there will be incomings and outgoings in midfield, a youthful centre-back or two will be sought, while replacing one of the wingers is not out of the question.
Newcastle may want to bring in stiffer competition for Pope (Alexander Hassenstein/Getty Images)
Are there any players they are already looking at?
Kees Smit, the AZ midfielder, is greatly admired. Newcastle enquired about the 19-year-old over the summer, but AZ were adamant he was not for sale. The Dutch Under-21 international is being watched by Europe’s top clubs, however, and Newcastle recognise they face a challenge to lure him to Tyneside, though an aggressive mid-season bid is believed to represent their best chance of pulling off a coup.
Monaco’s Lamine Camara, Valencia’s Javi Guerra and Leicester City’s Bilal El Khannouss (on loan at Stuttgart) have also previously featured during internal conversations.
At goalkeeper, James Trafford was the subject of an 18-month pursuit before Manchester City enacted their buy-back option in July. While reports claiming Newcastle have re-engaged with the 23-year-old’s camp are premature following the manner of the summer rejection, the England international was identified as Pope’s long-term successor and is still rated. Borussia Dortmund’s Gregor Kobel is also liked.
Porto’s Samu Aghehowa, the 21-year-old striker, is viewed as an exciting prospect, though his likely asking price may prove prohibitive. Wolverhampton Wanderers’ Jorgen Strand Larsen was the subject of two Newcastle bids over the summer, though Yoane Wissa‘s eventual purchase makes a return for the Norwegian less likely.
At centre-half, Newcastle want younger players to challenge their present starters. Atalanta’s Giorgio Scalvini is among those watched long term.
Who will they be looking to sell?
Newcastle are keen to avoid becoming seen as a ‘selling club’ and will fight to keep hold of key players such as Sandro Tonali and Tino Livramento, though a significant outgoing cannot be ruled out given the potential PSR benefits and the desire to refresh.
Joe Willock is the most likely to depart, given at least one midfielder is being sought, and the 26-year-old has essentially fallen to sixth choice. Willock’s contract expires in 2027, and Jacob Ramsey appears a natural successor as a dynamic ball-carrier.
Willock is the most likely to depart (Alexander Hassenstein/Getty Images)
Will Osula, the 22-year-old striker who almost joined Eintracht Frankfurt, still appears destined to leave in 2026. Frankfurt are still interested in the striker. That will only happen in January if Newcastle can sign a young forward, which is far from certain.
If a new contract cannot be negotiated with Sven Botman, which Newcastle are hopeful it can, then the Dutchman may be sold, rather than be allowed to enter his final 12 months.
Emil Krafth, the 31-year-old defender who is in the last year of his deal, is likely to depart, possibly as soon as January, with Copenhagen interested.
Which players’ contracts are expiring? Who will they renew?
Newcastle have six senior players whose deals are due to expire next summer, most notably those of club captain Jamaal Lascelles, vice-captain Kieran Trippier and Fabian Schar.
Lascelles appears likely to leave, given he has made only two appearances this season and was left out of the Champions League squad. Trippier, meanwhile, is 35, and it seems like his Newcastle career is coming to a natural conclusion. A decision over Schar is yet to be made. He has been usurped by Malick Thiaw and is 33, but it may depend on whether Newcastle are confident of signing a younger replacement next summer.
The respective futures of John Ruddy, the 39-year-old goalkeeper, and Mark Gillespie, a shot-stopper who has never appeared under Eddie Howe, may depend on incomings. Krafth’s contract is also up.
Chris Waugh
Why is Kees Smit on everyone’s radar?
In an era of relentless man-to-man pressing, a midfielder who can stay composed and glide out of pressure is invaluable. This is where Kees Smit shines, with his sharp changes of direction, nimble footwork and line-breaking passing.
It’s common to see Smit receive in tight areas, slip an incisive pass forward, and then burst into the space behind to get it back. The map below charts his ‘give-and-gos’ — SkillCorner’s term for an attacking run made within two seconds of releasing the ball — highlighting his eagerness to receive again on the edge of the box.
Comparisons to Barcelona midfielder Pedri made by Dutch manager Ronald Koeman are clearly premature, but Smit’s game intelligence and creativity already mark him out as one of Europe’s brightest young prospects.
Conor O’Neill
Tottenham HotspurWhat positions will they be looking at in 2026?
The evidence of this season so far suggests that Spurs are short in midfield and in attacking positions, so it would only be natural for them to look for upgrades there.
Much will depend on the return from injuries of Dominic Solanke and Dejan Kulusevski, with James Maddison likely to be out for longer. If Solanke and Kulusevski can hit the ground running, then there might be less need for another centre-forward or a creative midfielder in the market.
But right now, the Tottenham squad looks weaker than most of its competitors. And fans will be hoping for a statement of intent from the Lewis family in their first window since Daniel Levy’s dismissal.
Are there any players they are already looking at?
Perhaps the most intriguing case concerns Antoine Semenyo.
Tottenham were interested in the Bournemouth winger in the summer, making an enquiry for him, and were told by Bournemouth that he would cost £70m. Semenyo then signed a new contract, but The Athletic’s David Ornstein revealed last month that he has a £65m release clause active this January.
There are currently no indications that Spurs will move for him again in the window, but he would certainly be an exciting buy for supporters.
Tottenham were interested in Semenyo in the summer (Stu Forster/Getty Images)
Who will they be looking to sell?
Yves Bissouma has not played a single minute for Thomas Frank yet this season, although part of that is down to an ankle injury.
But he nearly left Spurs over the summer, and it would be a surprise if he is not back on the market in January, even though he is coming into the final six months of his contract.
What moves have they made already?
January will see the arrival of Mason Melia, the 18-year-old Irish striker. Spurs agreed a £2million deal with St Patrick’s Athletic in February for the teenage forward, who then played the whole League of Ireland season with St Pat’s.
Melia finished the season as the second-top scorer in the league, with 13 goals, as St Pat’s finished fifth, just outside the European places. Melia has also shone for the Republic of Ireland Under-21s.
The fascinating question for the second half of this season is whether Melia will come straight into the first team group, competing with Dane Scarlett, whether he will play with the Under-21s or whether he might be considered for a loan move away.
Jack Pitt-Brooke
BarcelonaWhat positions will Barca be looking at in 2026?
While the January window looks set to be quiet, this does not mean Barcelona are not ready to do business next year — because they really need to. There are several positions the club will need to bolster, most likely in summer.
The most urgent one will be the No 9 spot. Robert Lewandowski’s contract runs out in June, and Barca sources — speaking anonymously, like all those cited here, as they did not have permission to comment — say the most likely scenario is the 37-year-old not signing an extension.
Then, if Marcus Rashford ends up leaving after his loan, which is the most probable scenario by the looks of things now, Barca could be after a replacement for him, too.
They will also take a look at the centre-backs available. Barca’s defensive performances this season, as well as their radical high line, has been put in the spotlight on multiple occasions.
Rashford has impressed at Barca, but is not a guaranteed starter (Mike Hewitt/Getty Images)
In the summer, Hansi Flick lost his most-trusted defender in Inigo Martinez, who was allowed to leave on a free transfer to join Saudi Arabian club Al Nassr, just as Barca were about to start the new season. No replacement came in, and that is seen inside the club as a reason behind the drop in defensive performances this term.
Andreas Christensen will reach the end of his contract next summer too — and there has been no sign of a potential extension. The Denmark international, 29, has struggled to find consistency, having spent long spells of the past two seasons injured. Christensen is on a significant wage right now, figures that Barca could not afford for a rotation player in their squad.
If he leaves, there might be a case to make that Barca won’t only need one centre-back, but maybe two. We will see.
Are they looking at any players already?
This is all with next summer in mind, rather than January, but the standout candidate as Barcelona’s next striker is Julian Alvarez. This is Laporta’s dream signing for the position. However, the Catalan club see it as being very difficult to pull off.
Alvarez is considered a perfect fit for Flick’s high-pressing system, but he has a contract until 2030 with Atletico Madrid, who have no intention of selling their best player. Given Barca’s financial situation, it is not easy to see how they can afford the Argentina forward.
There have also been reports in local media about Harry Kane. Barca sources told The Athletic there has been no progress or move made by them regarding his signing, and insist it is too early to be speaking about that given there will be presidential elections at the club before next summer.
For the centre-back role, no strong candidates have emerged yet. Barcelona’s sporting direction would ideally look for a left-footed player in order to give Flick different profiles to choose from. They had been monitoring Sporting CP’s Portugal international Goncalo Inacio, who will be entering the last 18 months of his deal with the club next year. But again, no significant move has been made so far.
Who will they be looking to sell?
The situation will be assessed closer to the summer, but there are some potential departures.
One of them is Ronald Araujo. The centre-back signed a long-term deal with the club in January 2025, but the Uruguay international has struggled on the pitch. Once tipped as the backbone of Barca’s future, he’s been heavily criticised in the club for bad performances in big European nights, which president Joan Laporta said was unfair. On Monday, Barcelona granted Araujo a leave of absence.
Araujo was sent off at Chelsea last week (Robin Jones/Getty Images)
Another name is Marc Casado. He broke through to the first team last season in spectacular form, shining as Barca’s holding midfielder in big games such as the 4-1 win against Bayern Munich and the 4-0 victory against Real Madrid at the Santiago Bernabeu. However, he now seems to have lost a big share of the trust Flick had in him.
Frenkie de Jong is the number one choice in the position, but even Eric Garcia has played ahead of Casado in key games so far this season. In the long-term, Barca see 18-year-old La Masia graduate Marc Bernal as a better talent for the role.
What moves have they made already?
In terms of signings, not many. But they have secured a key piece in Flick’s plan for the foreseeable future with De Jong signing a contract extension.
The Netherlands international agreed a new three-year deal up until 2029, but most importantly it put an end to all the uncertainty around his place in the team.
De Jong has always been a player under the spotlight at Barcelona, but after Flick gave him the keys to midfield, alongside Pedri, he seems to have found his place at the club.
Pol Ballus
Real MadridWhat positions will they be looking at in 2026?
Madrid are combing the market in search of centre-backs and midfielders.
Antonio Rudiger, 32, and David Alaba, 33, are out of contract in June, with the former’s future still undecided and the latter expected to bid farewell to the Bernabeu.
Alaba has made four appearances for Madrid this term (Alberto Gardin/NurPhoto via Getty Images)
With Huijsen, Eder Militao and academy product Raul Asencio the only fixed options, the club is considering different possibilities to reinforce the back line.
As for the midfield, there is a growing consensus on the need to sign a player capable of dictating the tempo of the game, something Madrid have been lacking since the departures of Toni Kroos in 2024 and Luka Modric in the summer.
Are Madrid looking at any players already?
There have been reports about many players.
In terms of the defence, Real Madrid told Liverpool they would not be pursuing Ibrahima Konate, as reported in The Athletic’s Transfer Radar. Crystal Palace’s Marc Guehi is not a priority at this point. There have also been rumours about Bayern Munich’s Dayot Upamecano. All of them are out of contract in June, a circumstance that always appeals to Madrid.
The option of promoting one of the defenders from Real Madrid Castilla, the reserve team, is not a likely one, but the route is always there in case of emergency. Joan Martinez, 18, is the most prominent name, with other promising prospects including 18-year-old Diego Aguado, who also plays as a full-back, and 19-year-old Victor Valdepenas.
Madrid also have buy-back options for several former academy players. Their progress is always monitored after they are sold.
Examples include Como’s Jacobo Ramon (although Madrid tend to wait at least two seasons before bringing back players who left to develop, and the 20-year-old left in the summer) or 23-year-old Rafa Marin, who is on loan at Villarreal from Napoli. Villarreal have an option to buy him within that loan deal, while Madrid still have a buyback clause of around €25million.
As for midfielders, several players were already discussed last summer, when a successful sale of Dani Ceballos might have opened the door to a new arrival. That did not happen, but among the names mentioned were AZ’s Kees Smit and Crystal Palace’s Adam Wharton.
We should also keep a close eye on Nico Paz. After leaving the club in 2024 and developing his potential during a season and a half at Como in Serie A, there is a strong possibility that he will return in 2026. Madrid, who already considered bringing him back in June, when Alonso did not give the final go-ahead, can activate an exclusive buy-back clause this coming June for around €9million.
Who will they be looking to sell?
Offers will be considered for Rodrygo. The Brazilian lost his untransferable status last summer, although his desire to stay meant that none of the interest from Premier League suitors materialised into anything more. Rodrygo is now 30 games without a goal — a run that equals the worst record for an attacker at Madrid, matching Mariano Diaz.
Other names to pay attention to are those of Ceballos and Fran Garcia.
Ceballos explored a departure in the summer windows of 2024 and 2025, but there were no offers that satisfied both Madrid’s demands and his salary of around €4.5million after tax. His contract expires in 2027, so Madrid might be tempted to lower their asking price.
Despite his great performance in the Club World Cup, left-back Garcia seems to have been relegated to third choice in the position behind Carreras and Ferland Mendy. This lack of playing time could see him rethink his future.
And we can also imagine some movement in the centre-forward position.
There were talks in the summer about how difficult it could be for at least one of Endrick and Gonzalo Garcia to get opportunities, with Kylian Mbappe as the main star up front. The Frenchman has scored 23 of Madrid’s 41 goals in all competitions so far this season.
As early as mid-November, Endrick’s loan move to Lyon was set up. It is expected to be sealed in December.
Gonzalo Garcia has only played 135 minutes in 11 appearances and, while he is expected to stay for the remainder of the season, a host of clubs are asking about his availability in January and from next summer.
Mario Cortegana