The Transfer DealSheet 2025: Latest on Man Utd, Arsenal, Liverpool, Real Madrid and more

Welcome to a special Black Friday 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 for 2025 — across both the winter and summer windows. This includes the players who could arrive and the ones on their way out across the Premier League and beyond.

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

In this week’s edition, we have David Ornstein’s One To Watch on the Premier League striker attracting attention from the top end of the division, the latest on Viktor Gyokeres, and Arsenal, Chelsea, Manchester United, Manchester City, Newcastle United, Tottenham Hotspur and Real Madrid’s plans for 2025.

We also have 15 separate DealSheets today on clubs including Aston Villa, Brighton, Everton and Nottingham Forest.

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

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

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David Ornstein’s One To Watch — Liam Delap

Liam Delap only joined Ipswich Town from Manchester City in July, but he is already generating interest among bigger clubs over a potential move next summer.

The 21-year-old has been tracked by many Premier League clubs for a considerable time and, having recorded six goals and an assist from 13 games this season, he is only rising in their estimations.

Suitors across the division are watching Delap closely; some attended Ipswich’s draw against Manchester United on Sunday.

Delap attempting a shot against Manchester United (Stephen Pond/Getty Images)

If Delap continues to perform at or above recent levels, there is an expectation he will join one of the Premier League’s so-called ‘Big Six’. His admirers include Chelsea and Manchester United.

However, City could technically scupper any move elsewhere. They put matching rights or buy-back clauses in most sales.

Ipswich will want to keep hold of Delap but might struggle to do so, whether or not they stay in the top flight this season. However, that would have an impact on any potential fee for the striker.

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How does Delap differ to other strikers?

Delap’s rise has come at a time when old-school centre forwards have made their return to the forefront of tactical approaches, with their physicality and hold-up play offering an out against the high press. Delap has both attributes and has combined that with quality shooting and dribbling and productive involvement in build-up.

Among Premier League attackers to have played at least 10 matches, Delap’s six goals have come at a shot-to-goal conversion rate of 30 per cent, the third highest after Chris Wood (eight goals; 38 per cent) and Jamie Vardy (four goals; 33 per cent). His 52 per cent success in take-ons is the highest among centre-forwards, while his 2.4 take-ons attempted per 90 puts him ahead of Erling Haaland, Nicolas Jackson, and Ollie Watkins.

As the chart below shows, Delap is an integral part of Ipswich’s attacking sequences. His build-up involvement, while low compared to his team-mates, is still sizeable and he is among their chief creators in addition to finishing those chances off.

Delap’s physical prowess and 6ft 1in (186cm) frame made adapting to the Premier League simpler, but Ipswich have benefited just as much from his technical skill and explosiveness.

Anantaajith Raghuraman

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What else we’re hearing

• Viktor Gyokeres will likely be one of the most high-profile transfers in 2025 — most likely in the summer. A January move cannot be ruled out, but the expectation is he leaves Sporting CP at the end of the season. Gyokeres has a €100million release clause in his contract, but Sporting are likely to do business for around €70m. His close relationship with Ruben Amorim is no guarantee that he will favour a switch to Old Trafford. Gyokeres, 26, has a preference on who he wants to join, but the situation is open. His camp are considering options from across Europe, including the Premier League. David Ornstein
• Kevin De Bruyne’s contract at Manchester City expires at the end of the season. He has three main options at present — extend with City by a year, move to Saudi Arabia or join Major League Soccer. A fresh City deal would likely be for 12 months, prior to potentially sampling a different market. If he leaves the Premier League, realistically, he will not be returning. The door is open at City — he would basically need to inform them of his intentions and an agreement should be straightforward. If he moves to Saudi Arabia, it would almost certainly be a PIF-backed club; probably Al Nassr or Al Ahli. There have also been some conversations with MLS sides but mainly centrally via MLS itself. Most teams would jump at the chance to sign him, even if it means shifting designated players to make space. David Ornstein

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Arsenal

What positions will they be looking at in 2025?

As in the summer of 2024, Arsenal would like to add to their attacking options. That includes the potential addition of a new centre-forward.

They are also open to adding a wide player, particularly someone who can provide competition and cover for Bukayo Saka on the right. If an obvious upgrade became available on the left wing, that too would be of interest. Raheem Sterling’s loan deal from Chelsea comes with no buy clause attached, so is not expected to be an encumbrance.

Arsenal are likely to have other business to attend to in 2025. There is an acknowledgement within the club that the midfield requires some rejuvenation. Recent signings like Jorginho and Mikel Merino have been at the more experienced end of the spectrum. Jorginho and Thomas Partey are both due to run out of contract next summer and Arsenal may look to freshen up their midfield with a more youthful addition.

The goalkeeping position is also likely to require some attention. Although David Raya is now under long-term contract, deputy Neto is only on loan from Bournemouth. Arsenal also hoped to sign an experienced third-choice goalkeeper last summer. If Neto does not join permanently, they may pick up that search again.

Are there any players they are already looking at?

In an ideal world, Alexander Isak is precisely the type of forward Arteta would love to add to his attack: athletic, intelligent, versatile and Premier League-ready. The obvious obstacle, however, is cost. With Newcastle desperate to hold onto their star striker, such a deal may not prove feasible.

Last summer, Arsenal were interested in RB Leipzig’s Benjamin Sesko and are likely to return to the table should he leave Germany next summer. There are other attacking targets in mind, with Arsenal prepared to move for a goalscoring wide player if a centre-forward proves elusive.

Having signed a number of experienced players such as Jorginho, Neto and Merino, there is a desire among the club’s leadership to return the focus to younger players who represent a better profile of investment.

Who will they be looking to sell?

A move for a new forward could see Arsenal part ways with Gabriel Jesus. The Brazilian, who joined the club in 2022, has struggled for form and fitness of late.

Oleksandr Zinchenko is another whose future could be in some doubt. His contract expires in the summer of 2026 and, as yet, there is no news on a potential extension. With Riccardo Calafiori having emerged as Arteta’s first-choice left-back and the emergence of academy player Myles Lewis-Skelly, Zinchenko could be deemed dispensable.

Polish international defender Jakub Kiwior is another who may look to move to play regular first-team football. The 24-year-old is yet to start a Premier League game this season.

Arsenal will also be looking for permanent takers for players currently out on loan, such as Albert Sambi Lokonga (Sevilla) and Reiss Nelson (Fulham). Nuno Tavares’ loan move to Lazio is also expected to convert to a permanent deal.

James McNicholas

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Chelsea

What positions will they be looking at in 2025?

Just like at the start of this year, do not expect too much, especially in terms of signings, to happen in January. Chelsea were very happy with the size and make-up of the squad when their business ended in the summer and the intention has always been to stick with what they have for the rest of the campaign.

This means anyone hoping Chelsea make another attempt to acquire Victor Osimhen, who is now on loan at Galatasaray, is going to be disappointed. As things stand, Chelsea are not going to acquire the Nigeria international or any other centre-forward in January and will look at the position with the close season in mind instead.

The only way that might change is if, for example, an extraordinary offer is made for someone like Christopher Nkunku and they have to replace him in the new year. But Chelsea do not want to sell him and it is hard to see how clubs can afford the minimum £52million valuation. Also, any major injuries to key players such as Nicolas Jackson could have an impact on short-term thinking.

But the primary aim is for the squad to be assessed over the coming months and then make important decisions from there. Midfield is currently regarded as an area that is well stocked, so up front and who they have defensively is where their main focus lies.

With so much work done on a complete restructure of the squad over the past few years — it is now the youngest in the Premier League — the strategy is geared towards identifying a smaller number of targets rather than another large spree. Obviously, transfer targets will also depend on who leaves.

Are there any players they are already looking at?

Chelsea pursued and admired a number of strikers last summer and now there is a new name to add to the list of players they are keeping an eye on.

Ipswich striker Delap is being monitored and with good reason. He has scored an impressive six goals in his debut Premier League season, which is made all the more noteworthy because the England Under-21 international is playing for a newly promoted side that is competing at the bottom of the table.

He turns 22 in February, so he fits in with their mantra of mainly buying young players with potential.

Notably, head coach Enzo Maresca and co-director of recruitment and talent Joe Shields both know Delap well. They both worked with him when he was coming through the ranks at Manchester City’s academy.

Delap is one of five to 10 strikers they are monitoring ahead of 2025.

Who will they be looking to sell?

Trying to resolve Ben Chilwell’s situation will be a priority. The left-back was part of the ‘bomb squad’ in pre-season and only stayed because no loan or permanent transfer was agreed then. Both avenues, albeit preferably a sale, will be explored again.

It is a similar story for Carney Chukwuemeka, who has made just three substitute appearances under Maresca.

Another attempt to sell loanees such as Raheem Sterling (Arsenal), Trevoh Chalobah (Crystal Palace), Armando Broja (Everton) and David Datro Fofana (Goztepe S.K) for good will be made.

Talented academy youngsters Alex Matos and Harvey Vale are looking to leave in January, while Deivid Washington is the kind of youngster that needs a loan to develop.

What moves have they made already?

Chelsea have wingers Estevao Willian (Palmerias) and Kendry Paez (Independiente del Valle), defender Aaron Anselmino (Boca Juniors) as well as keeper Mike Penders (Genk) all able to join up with the squad for 2025-26. All four have already been bought but remained at their clubs to get more experience. A decision will be made closer to the time whether some will need to go out on loan for 2025-26, but Estevao is already expected to be part of the senior setup.

Chelsea’s loan agreement with Manchester United for Jadon Sancho this season also included an obligation to buy worth between £20million and £25m. The final sum depends on how well he and the club do.

Midfielder Andrey Santos, who is impressing on loan at Strasbourg for a second successive season, is being earmarked for a squad place, too.

Simon Johnson

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Liverpool

What positions will they be looking at in 2025?

Much depends on what happens with the unresolved contract situations involving Virgil van Dijk, Mohamed Salah and Trent Alexander-Arnold, whose current deals all expire at the end of this season.

Trying to replace any of those influential figures would be both difficult and expensive. Their futures will have a big knock-on effect in terms of what Liverpool do recruitment-wise in 2025.

Aside from potentially having to fill some gaping holes, Liverpool have already completed a £25million ($33m) deal — plus £4m in add-ons — for Valencia and Georgia goalkeeper Giorgi Mamardashvili. That transfer was secured in August, but he is spending the rest of this season with the Spanish club before moving to Merseyside next summer.

Liverpool will once again consider their options at centre-back. Last summer, they were interested in Leny Yoro, but the young French defender wanted guarantees about playing time and moved from Lille to Manchester United instead.

Liverpool would have to replace Joe Gomez if he decides to pursue a new challenge. The club’s longest-serving player opted to stay put last summer after seeing a move to Newcastle United fall through, but his game time has been limited since. His only starts so far this season have come in the Carabao Cup.

Signing a holding midfielder was Liverpool’s priority last summer, but their sole target, Real Sociedad’s Martin Zubimendi, turned down a move to Anfield. Ryan Gravenberch has excelled in the holding role so far this season, but another option in midfield would certainly be useful with Wataru Endo turning 32 in February. The Japan international is not ideally suited to Arne Slot’s brand of football.

Left-back is another area where Liverpool could potentially strengthen in 2025. Andy Robertson will be 31 in March and his current deal only runs until the summer of 2026. It remains to be seen whether the Scotland captain earns an extension. Kostas Tsimikas, 28, has impressed at times this season but isn’t a long-term successor.

Are there any players they are already looking at?

Liverpool felt that Zubimendi had the perfect profile in terms of what Slot is looking for in a No 6 and they didn’t pursue an alternative in August because they felt no one else could offer the same skill set. Their admiration for the Spain international remains strong.

The Anfield hierarchy believed he came under pressure from Real Sociedad to stay put at his boyhood club when he U-turned, having initially indicated that he was keen on completing the switch to Merseyside. Real Sociedad and the player dispute that version of events.

Liverpool have also been strongly linked with Egyptian attacker Omar Marmoush, but senior club sources, who asked to remain anonymous to protect relationships, have dismissed suggestions that they have made contact with Eintracht Frankfurt about a possible move. The Bundesliga outfit’s sporting director, Timmo Hardung, has also denied that any discussions have taken place.

Who will they be looking to sell?

Caoimhin Kelleher is probably the most likely to be sold given he will be down to the final year of his contract come the summer.

The Republic of Ireland international is desperate to become a No 1 after serving a long apprenticeship as Alisson’s deputy and, despite his outstanding form during Alisson’s absence due to injury, Kelleher knows that’s unlikely to happen at Anfield with Mamardashvili arriving as well.

Kelleher has wanted to leave for the past two summers but stayed put as Liverpool didn’t receive any offers that came close to recognising his value. In August, they turned down a bid of £7m plus goalkeeper Matt Turner from Nottingham Forest.

Alisson has said that he intends to stay put beyond this season — despite the signing of Mamardashvili. However, it remains to be seen whether that stance changes if he’s presented with another lucrative contract offer from the Saudi Pro League. The Brazilian, whose current deal runs until 2026 with the option of an extra 12 months, has turned down strong interest from Saudi Arabia in recent years.

What moves have they made already?

It was about succession planning when Liverpool agreed a deal with Mamardashvili to join ahead of the 2025-26 season. The scouting reports and the data analysis backed up their belief that the 24-year-old was available at a reasonable fee. Liverpool also knew that if they waited they would miss out on his signature, with plenty of interest in him following his eye-catching performances at the European Championship.

A number of youngsters are progressing nicely at the club, too, including 17-year-old Trey Nyoni, who was signed from Leicester City’s academy last year.

James Pearce

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Manchester City

What positions will they be looking at in 2025?

City had planned, perhaps incorrectly in hindsight, to rebuild the squad in 2025, rather than 2024, and the midfield seems like an obvious place to start given their current issues.

They may also need to enter the market for a goalkeeper and a backup to Erling Haaland might be needed. That depends on who comes in in midfield — part of the reason they did not sign a replacement for Julian Alvarez was because Guardiola felt they had enough options in midfield to draft somebody in and play false 9.

A right-back may be needed, too, while other areas, like the wings and centre-back, would probably only be touched if existing players were to leave.

Who will they be looking to sell?

Kyle Walker could be moved on, having been close to an exit in 2023, linked with one this summer, and struggling on the pitch. Ederson wanted to leave in the summer for various reasons, but none of his Saudi Arabian suitors would pay City’s asking price.

Kevin De Bruyne is out of contract. Bernardo Silva is always involved in a will-he, won’t-he scenario, although City might not want to let too many experienced players go at once (which has been the case in recent years).

There are some doubts about Jack Grealish’s future and John Stones, while an excellent player, often struggles to stay fit.

Who will make the key decisions over the two windows?

Txiki Begiristain remains in his role as football director until the summer and, therefore, will make the decisions, but there is expected to be a period after the winter window where his replacement, Hugo Viana, will get used to the role by working alongside the former Barcelona winger.

From the summer, it will be Viana who takes the reins, but it is likely that between the winter window and the summer one, the two will work together, to some extent, to get deals lined up.

Which players’ contracts are expiring? Who is expected to renew?

Scott Carson is on a one-year rolling basis, while Ilkay Gundogan re-signed for City in the summer on a one-year deal with the option for another. It could be considered in the balance whether that option is triggered, but he does have his eye on joining Guardiola’s coaching staff once he retires from football, most likely as an assistant, so that is something to keep an eye on.

De Bruyne’s deal also expires and he will most likely have to get through the season without any further injury setbacks to get an extension.

Sam Lee

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Manchester United

What positions will they be looking at in 2025?

Manchester United’s squad was built with 4-2-3-1 in mind and so while some of the players are adaptable, with Ruben Amorim backing his abilities as a coach to aid individual development, much work will be needed in the transfer market to map completely onto the 3-4-2-1.

United’s options at wing-back are the clearest area in need of adjustment. Luke Shaw was excellent in that role for England at Euro 2020, but his injury record means the club cannot rely on him as a regular starter and there is internal acknowledgement he may have to tailor his appearances even when fit. He might even be better suited to the left centre-back spot given his ability to carry the ball from deep. Tyrell Malacia is only just returning after more than 16 months out and there are no guarantees about how he will fare.

Diogo Dalot can operate on either side but, having been last season’s player of the year, his form has perhaps suffered from switching so often. Noussair Mazraoui has been an excellent buy but possibly lacks the attacking flair Amorim would want in that role and may be better suited to the back three.

Amorim has also shown a preference for picking a left-footed player at right wing-back, with Geovany Quenda and Geny Catamo operating there for Sporting. Amorim tried Antony in that role during training sessions in his first week. Amorim likes to have a balance of left and right footers in his squad generally, part of the reason why Godwill Kukonki, a 16-year-old left-footed defender, was included in the travelling squad at Ipswich. Even though Lisandro Martinez was missing and Kukonki didn’t make the bench, United had five left-footed players in the squad.

One of those was Rasmus Hojlund, who United hope Amorim can help guide to become as prolific as Viktor Gyokeres at Sporting. But another centre-forward is expected to be on the agenda also.

United are also likely to want to add a mobile creative player to operate in one of the deeper midfield roles.

Are there any players they are already looking at?

Gyokeres will inevitably come up in discussions given his importance in Amorim’s system at Sporting and long-standing interest in Benjamin Sesko, who United tried to sign at the start of last summer, remains. United have also noted Liam Delap’s impact in the Premier League at Ipswich.

There are several possibilities in the wing-back role, but Quenda’s emergence this season makes him a very attractive proposition, aged just 17. United may decide to go for a more established player, however, and have been keeping track of Jeremie Frimpong at Bayer Leverkusen for several seasons.

Who will they be looking to sell?

Antony is the most obvious player United could sell to raise funds. Amorim may try to remould the Brazilian as a wing-back and he started in that position against Bodo/Glimt, but unless he sparks a turnaround, an exit appears the most likely outcome if United can find a buyer willing to pay enough money.

However, his value is drastically reduced from the hugely inflated £86million United paid to Ajax in summer 2022.

United looked at offloading Casemiro in the summer and are likely to explore interest again. Casemiro turns 33 in February and has a contract until 2026 with the option of an extra year.

Quenda is an attractive proposition (Filipe Amorim/AFP via Getty Images)

Joshua Zirkzee’s arrival to England has not gone as hoped and depending how he performs under Amorim, United might even look to get their money back next summer. United paid a fairly modest £36.5m to Bologna due to his release clause.

What moves have they made already?

United are building connections in Saudi Arabia to see if that market will be an option for them, but they appear to have missed the boat after the spending of summer 2023.

Clubs in Turkey provide another possibility for sales. Galatasaray, for example, were interested in a loan move for Casemiro, but the player turned the offer down.

Laurie Whitwell

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Newcastle United

What positions will they be looking at in 2025?

Newcastle have been tracking players in every position, with scouting trips across Europe and beyond. They will be nimble, aiming to swiftly strengthen areas which require reinforcing, while also responding to opportunities to bring in long-term targets elsewhere.

The key areas Newcastle hope to bolster — and have been attempting to for several windows — are right-wing, centre-back and goalkeeper.

At right-wing, Miguel Almiron and Jacob Murphy have failed to impress this season, while none of Anthony Gordon, Harvey Barnes or Joelinton are the long-term answer.

In defence, Sven Botman and Jamaal Lascelles’ absences have been compensated for by Dan Burn and Fabian Schar’s form, yet Lloyd Kelly has struggled and Emil Krafth is not a natural centre-half. Lowering the age profile of the centre-back cohort is a priority.

Ironically, Newcastle did sign two shot-stoppers, John Ruddy and Odysseas Vlachodimos, in the summer, but neither is considered a genuine challenger to Nick Pope.

Restructuring the midfield department is also a possibility given the uncertainty over Sean Longstaff’s future, while another forward is desired due to Callum Wilson’s age, fitness problems and contract status.

Are there any players they are already looking at?

The Marc Guehi saga dominated August and the 24-year-old remains of keen interest. As things stand, the feeling on Tyneside is that a January transfer would be difficult — it is not being ruled out, however, even if Botman’s scheduled return next month lessens the immediate need — but Newcastle may make a fresh approach next summer. By then, Guehi will be into the final year of his Crystal Palace contract and there are likely to be rival suitors.

AC Milan’s Malick Thiaw has been watched long-term, though Newcastle opted against moving for him last summer, while Benfica’s Antonio Silva has also been tracked, and contact was made with Bayer Leverkusen over Edmond Tapsoba in August. Mitchell is aiming to widen the geographical landscape from which Newcastle recruit and so fresh centre-back targets are expected.

At right-wing, the club enquired about Nottingham Forest’s Anthony Elanga during the last window and he is still liked. Brentford’s Bryan Mbeumo continues to be linked but, while there is some admiration, there is a recognition it would be expensive and complicated. Newcastle have followed right-sided forwards from across Europe, too.

Goalkeeper-wise, Burnley’s James Trafford, for whom Newcastle offered £16million ($20.2m) in June, fits the profile Howe wants. At 22, he is a younger alternative to Pope and a potential successor.

Elsewhere, Middlesbrough’s 22-year-old midfielder Hayden Hackney has been watched, while long-term interest in Everton’s Dominic Calvert-Lewin means a free transfer next summer cannot be entirely dismissed should Wilson leave, even if it is unlikely.

Who will they be looking to sell?

Miguel Almiron has been available for two windows and has played only 103 league minutes this season, but clubs in the Saudi Pro League and MLS have been reluctant to match the 30-year-old’s salary. River Plate are interested, but a deal may not be straightforward.

Longstaff, meanwhile, would represent pure profit as a sale and, with a 12-month extension set to be activated in his contract before the end of 2024, the 27-year-old could command a reasonable fee. Howe is loath to lose him, however.

There is a need to reduce the wage budget, so significant earners like Kieran Trippier and Wilson may also be moved on, while they may listen to offers for Martin Dubravka. Isaac Hayden, who does not train with the first-team squad, is still available.

The sale of a fringe player in January will not necessarily facilitate an incoming.

An exit may become necessary for a signing to be brought in, but Newcastle’s PSR position — Darren Eales, the CEO, said they were “walking on a tightrope” this month — means club sources believe it may be prudent to free up space in the wage budget regardless. Newcastle will sign long-term targets if they can mid-season, but they will not bring someone in unless they are what insiders describe as the “right players”.

But Newcastle will not entertain bids for their star players in January. While they are keen to keep hold of Anthony Gordon, Alexander Isak and Bruno Guimaraes, should a huge bid arrive next summer and the club fail to qualify for Europe, then a lucrative sale cannot be ruled out given their PSR position. At some stage soon, Newcastle may have to reluctantly sell one of their elite players for that reason.

What moves have they already made?

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

Chris Waugh

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Tottenham Hotspur

What positions will they be looking at in 2025?

The injury to Guglielmo Vicario, who had ankle surgery earlier this week, could force a change in Spurs’ plans in the January window. Fraser Forster will have to come in, but he has only played four games under Ange Postecoglou and he is not as comfortable with his feet as Vicario. Tottenham have avoided buying a more like-for-like backup for Vicario in the last three windows, but if Forster struggles — or gets injured — it could force Spurs’ hand to go into the market in January for a short-term solution until Vicario recovers. Although Postecoglou insisted in his press conference on Wednesday that Spurs would not be going for a free-agent goalkeeper. “That’s not going to happen,” he said. “I don’t think us signing a free agent now is going to help us.”

Beyond that, there are always questions about whether Spurs have enough depth at centre-back. With Cristian Romero and Micky van de Ven currently injured, Spurs are stretched to the limit, with Radu Dragusin and Ben Davies playing there at the moment. But with Dragusin improving and Archie Gray also able to fill in there, they might be able to get through to the end of the season.

There are also questions about Spurs’ quality in wide areas. They signed Wilson Odobert from Burnley in the summer, but he has been unfortunate with injuries and only started three games this season. But Tottenham do need players who can beat full-backs one-against-one, so there may be a need to look at their firepower out wide again next year.

Postecoglou admitted in a press conference last week — before Vicario’s injury — that Spurs’ January activity could be dictated by player availability going into the second half of the season. Especially given injuries to Odobert and Richarlison. “January is always a tricky one,” he said. “You don’t really plan for significant things in January. But a lot of that will be dictated by how we are at that time. We’re a little bit short there (out wide), but it just depends. If by January we get two or three back, we may not need to. But we’ll see as it goes.”

Are there any players they are already looking at?

Tottenham have worked hard over the last year to do their transfer business with more secrecy than in the past, so few names have emerged yet who Spurs will be targeting next year.

Postecoglou did say clearly on Wednesday that Spurs will not be going for a free-agent goalkeeper in the January market. If for whatever reason that policy changes and if they do choose to go for a short-term cover in goal, then attention will naturally turn to Keylor Navas and Loris Karius, the two highest-profile goalkeepers who are currently free agents. If Spurs could agree a deal for either of them in January, they could quickly slot in while Vicario continues to recover.

Who will they be looking to sell?

Tottenham made big progress in the summer moving on players who were not in Postecoglou’s plans. Assuming Pierre-Emile Hojbjerg’s loan to Marseille is made permanent this summer, the most sellable asset Spurs have left is Richarlison.

The Brazilian striker has only scored 12 Premier League goals since he joined from Everton for an initial £50million in summer 2022. He was linked with a big-money move to Saudi Arabia last summer — from which Spurs could have made their money back — but he decided to stay. Since then, Richarlison has worked hard on his fitness but has only started one game, against AZ Alkmaar in the Europa League. He broke down again during a brief substitute appearance against Aston Villa on November 3 and Postecoglou said he will be out for a “significant amount of time” with a hamstring injury. But Richarlison will still have two years left on his contract this summer. If he can regain fitness over the second half of this season, it would not be a surprise to see him back on the market again later in 2025.

There has been plenty of interest in Dragusin from clubs in Italy — especially Napoli — but there is no prospect of Spurs letting him go this January. Dragusin wants to stay and fight for his place at Tottenham and continue his development under Postecoglou.

What moves have they made already?

Yang Min-hyeok will join Spurs in January. The South Korean winger was signed from Gangwon FC in July and has been playing for them in the K League in recent months. Depending on how he adjusts to English football, he could even add to Postecoglou’s options in wide areas.

Last year, Tottenham agreed a deal to sign Luka Vuskovic from Hajduk Split and the Croatian centre-back is currently on loan at Westerlo in Belgium. He is still just 17 years old but has a reputation as one of the best young defenders in European football. Once he turns 18, he is able to join Spurs, and, along with Yang, he represents the next stage in Spurs rejuvenating their squad for the future.

Jack Pitt-Brooke

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Real Madrid

What positions will they be looking at in 2025?

Real Madrid’s priorities for the coming winter and summer transfer window are a centre-back (they are already having talks for summer) and a right-back.

Before Dani Carvajal’s serious knee injury in October, the club was already combing the market for right-backs.

Their plans could change if David Alaba’s return does not work out well, as it could open up the possibility of signing another centre-back. The Austrian will try to start training with the squad in December, the one-year anniversary of his injury.

The development of academy defenders such as Joan Martinez, who impressed on the pre-season tour in the summer but then suffered a serious knee injury, Castilla’s Jacobo Ramon, and even Raul Asencio, who has been pleasing since his debut, will also be a factor.

Left-back is not a priority, but there are two market opportunities under study.

Are there any players they are already looking at?

The priority at right-back is Trent Alexander-Arnold. The Liverpool player is out of contract in June and he is allowed to sign a pre-contract from January 1.

Liverpool have been unable to renew his contract, which has generated pessimism at Anfield and optimism at the Santiago Bernabeu, although everything is still open.

Other names such as Tottenham’s Pedro Porro or Leverkusen’s Jeremie Frimpong are under consideration. Sevilla’s Juanlu has also been mentioned in reports.

For the centre of defence, Aymeric Laporte is liked by coach Carlo Ancelotti and the sporting direction, although his signing is not easy in financial terms.

Other players fit in with the club’s commitment to young talent, such as Vitor Reis, for whom information was requested from Palmeiras and his agents. However, there is no decision about him and Premier League clubs are leading the race. The same can be said for Leipzig’s Castello Lukeba — there have been no serious recent moves for him despite reports.

Former academy player Rafa Marin is seen as a good option as he knows the club, is not getting playing time at Napoli and Real Madrid have an affordable buy-back clause.

Alphonso Davies is another prominent name. Real Madrid reached a verbal understanding with his agents on what would be the terms of his signing for 2024 or 2025, as a free agent and with a signing bonus. Since then, the situation has cooled, but recently the Spanish club has moved closer. The player has a lot of other suitors, too.

Should this route fail, there is also Miguel Gutierrez, an academy player who has excelled at Girona since 2022. As The Athletic revealed, Real Madrid have a buy-back clause of €8million (€10m from July) for him, much lower than what other teams would have to pay (€35m). There have been no movements for him though.

There have also been a lot of rumours about Florian Wirtz, a player who is very much liked, but the deal seems unfeasible because Bayer Leverkusen want more than €100million for him.

Who will they be looking to sell?

The board has maintained since last summer that there is no obligation to sell out of financial necessity.

However, this is also subject to how happy the players are. The club are usually open to negotiate when a player is not happy with his situation and a fair offer arrives. The first part happened with Dani Ceballos in the summer, but the second part did not, so he stayed. He could be one of those trying to leave in June.

There were also many rumours about Rodrygo as the main casualty of the arrival of Kylian Mbappe, but people close to the Brazilian always maintained that he would stay for at least one season, confident that his status would not change — which has worked out. If it were to change, he would study the situation.

If a left-back arrives, they will try to sell one from the current squad, with Fran Garcia as the main candidate.

Mario Cortegana

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