The transfer window is set to open in the Premier League, German Bundesliga and French Ligue 1 on Jan. 1, with Spanish LaLiga and Italian Serie A a day later, as clubs are looking to do some mid-season business.
ESPN's reporters have everything you need to know about the top teams' hopes as they delve into deals that might be in the cards. Who will come in? Who will depart?
PREMIER LEAGUE
Budget: Having decided against spending big in the summer, Liverpool still have plenty of Profit and Sustainability Rules (PSR) wiggle room, though they're only likely to dip into the transfer market should a target become unexpectedly available.
What does the team need? The two positions that are in most glaring need of reinforcement are defensive midfield and left-back. Liverpool came close to signing Real Sociedad's Martín Zubimendi last summer for £52m, viewing him as the ideal candidate to fill their longstanding void in the No. 6 role, but he ultimately decided to remain in San Sebastian. The emergence of Ryan Gravenberch has made Zubimendi's non-arrival look like a blessing in disguise, though Liverpool still retain an interest in the Spain international, and having someone to lighten Gravenberch's workload would be a good idea going into the second half of the season.
Who are the major targets? Aside from Zubimendi, who has also garnered interest from Manchester City, Andy Robertson's struggles this term mean Liverpool are likely to upgrade at left-back in the coming transfer windows, with Bournemouth's Milos Kerkez and Wolves' Rayan Aït-Nouri among the names being linked.
Who could be leaving? It's unlikely there will be any major departures for Liverpool in the January window. Arne Slot's side are fighting for the title and therefore need as many bodies available as possible. Trent Alexander-Arnold has been linked with a move to Real Madrid as uncertainty over his future rumbles on. But, sources have told ESPN that he is Madrid's top defensive target following an injury to right-back Dani Carvajal, the Spanish club are likely to wait until next summer to try and tempt him to the Bernabéu on a free transfer.
Any new contracts? Liverpool fans will certainly hope so. As well as Alexander-Arnold, Mohamed Salah and Virgil van Dijk are both out of contract at the end of the season. Negotiations with all three players remain ongoing but, from the club's perspective, the sooner they all sign new deals, the better. -- Beth Lindop
Enzo Maresca has poured cold water on any talk of Chelsea competing for the Premier League title this season.
Budget: Chelsea remain adamant they are compliant with PSR, but another big splurge is unlikely.
What does the team need? Stability. Chelsea's transfer spending surged past the £1 billion mark this year since owners Todd Boehly and Clearlake Capital took control of the club in May 2022, leading to a dramatic overhaul of the squad. Sources have told ESPN that the club are moving into a different, calmer phase of their transfer strategy, although they will still continue to scour the world for the best young talent. Despite their outlay to this point, a case can be made for further upgrades in goal, at centre-back and in attack, although Nicolas Jackson has done his best of late to make the argument against signing another forward.
Who are the major targets? Chelsea pursued a deal for Victor Osimhen late in the summer window prior to the striker leaving Napoli for a loan to Galatasaray. Any encouragement that a move could be revived would make the club seriously consider another attempt. One promising centre-back they are tracking is Tomás Araújo at Benfica. It remains to be seen whether the Portuguese club would allow the 22-year-old to leave midseason and in any case, Chelsea would likely face competition from Paris Saint-Germain for his signature.
Who could be leaving? Out-of-favour left-back Ben Chilwell is perhaps the highest-profile member of the so-called "bomb squad," a group of players deemed surplus to requirements and marginalised by new boss Enzo Maresca in an attempt to convince them to leave. Midfielders Carney Chukwuemeka and Cesare Casadei are also available, while Deivid Washington and Lucas Bergstrom could depart either on loan or permanently. Bergstrom's contract expires at the end of the season.
Any new contracts? The vast majority of the Chelsea squad have long-term contracts. Talks are ongoing over signing young defender Josh Acheampong to fresh terms, with his current deal running out in 2026. -- James Olley
Steve Nicol says dropping points at home to Everton is far from an acceptable result for a title-chasing team.
Budget: Modest, but room for manoeuvre.
What does the team need? Sources have told ESPN that Arsenal are not planning major investment in the January window. The club are open to making a move if injuries create an emergency, or an unexpected opportunity arises, but there is no strategy for major surgery next month. Injuries in defence could trigger a temporary move if the situation does not ease in the next few weeks but there is a longer-term plan to bolster their attacking options. Arsenal's set-piece prowess has masked a slight drop in their creativity of late and many supporters feel another striker could make the different between competing for and winning the Premier League.
Who are the major targets? Arsenal retain an interest in RB Leipzig striker Benjamin Šeško. Sources have told ESPN that there is a belief in Germany that the 21-year-old could be allowed to leave at the end of the season despite only signing a new contract this year. The Gunners have also tracked Newcastle's Alexander Isak and Sporting CP's Viktor Gyökeres among others. They may also look to add a central midfielder depending on what decisions are made regarding veterans Jorginho and Thomas Partey.
Who could be leaving? Gabriel Jesus may attract some interest as he struggles for regular game time, but earlier this month, Arteta dismissed reports he could leave in January. Arsenal are likely to listen to any offers for full-backs Kieran Tierney and Oleksandr Zinchenko. Defender Jakub Kiwior has attracted interest from Serie A clubs including Napoli but Arteta will be reluctant to part with the Poland international if he remains short on defensive options.
Any new contracts? Jorginho and Partey are out of contract at the end of the season. Arteta has made positive noises about keeping both players, but compromises would have to be reached in both cases if Arsenal pursue fresh talks. Jorginho is likely only to be offered a one-year extension given he turns 33 on Dec. 20, while Partey would be required to take a wage cut. -- Olley.
Julien Laurens predicts that Manchester City will turn to the transfer market in January to help slow their current slide.
Budget: City's ability to get big transfer fees for academy graduates means they're in a strong position in terms of PSR; they also banked more than £80m from the deal which saw Julián Álvarez move to Atlético Madrid in the summer. Last week, City announced club revenue is up to a record £715m, with profits at £73.8m.
What does the team need? There's an obvious need for a central midfielder. Rodri is unlikely to play again this season after undergoing knee surgery, Mateo Kovačić is only just back from his own injury layoff and Ilkay Gündogan has struggled since his return from Barcelona in the summer. Goals have also been a problem. Alvarez, who averaged a goal every game across two seasons at City, wasn't replaced and he's been a big miss.
Who are the major targets? Guardiola is a long-term admirer of Bruno Guimarães. Newcastle's £100m valuation was a problem in the summer, but City would be interested again if they drop their demands. If Real Sociedad midfielder Zubimendi decided to leave in January, City would be among the suitors. Club sources have, however, been strong in saying that there is no interest in Paul Pogba, who is a free agent after leaving Juventus. City have tracked Eberechi Eze for a while, but it's unlikely that Crystal Palace will let him leave midway through the season. The same goes for his teammate Adam Wharton, who also has fans at the Etihad.
Who could be leaving? Guardiola likes to keep a small squad, and it's been stretched to its limit this season because of injuries to key players. It's unlikely anyone will leave in January because City cannot afford to lose any more players.
Any new contracts? City still need to decide what to do about Kevin De Bruyne. The 33-year-old's contract is set to expire at the end of the season and there has been interest from clubs in MLS and Saudi Arabia. -- Rob Dawson.
Craig Burley breaks down Tottenham's resounding 5-0 victory over Southampton in the Premier League.
Budget: Spurs are in a strong PSR compliance position, so there is scope to invest.
What does the team need? Speaking on Dec. 4, Tottenham boss Ange Postecoglou said: "There's no doubt we need some bolstering in that front third over the course of the next couple of transfer windows." Fresh injury setbacks for Cristian Romero and Micky van de Ven could make a centre-back signing more of an immediate priority and central midfield is another position which could use an upgrade, but Postecoglou's thinking in where Spurs need to improve in the longer term could not be clearer.
Who are the major targets? Sources close to Spurs have privately distanced the club from reported interest in Lille striker Jonathan David, but they are one of several Premier League clubs monitoring Matheus Cunha at Wolverhampton Wanderers. They have also scouted AC Milan midfielder Tijjani Reijnders, while reports in Italy suggest Inter Milan's Davide Frattesi is of interest.
Who could be leaving? Richarlison's future is not entirely clear. Postecoglou remains an admirer of the 27-year-old striker but his persistent injury problems have become frustrating for Tottenham and several clubs are circling. Losing him mid-season would surely only happen if Spurs could guarantee a replacement coming in, given Postecolgou's desire to increase his defensive options. Full-backs Djed Spence and Sergio Reguilón would be allowed to leave if a suitable offer emerges.
Any new contracts? The main issue here centres on captain Son Heung-Min. His deal expires at the end of the season, but Spurs have the option to extend by a further year, which removes some of the urgency on the club's side. However, the 32-year-old is hopeful of securing a longer-term deal but meaningful talks have so far not taken place. Tottenham are also talking to Romero over a fresh deal amid persistent speculation that Real Madrid and Paris Saint-Germain could be interested in the Argentina international. -- Olley
Rob Dawson examines Marcus Rashford's future at Manchester United under Ruben Amorim.
Budget: Ruben Amorim has been told there is very little budget to sign new players after United posted losses of more than £300m over the past three seasons.
What does the team need? The priority positions, if there is going to be any business done in January, are left-back and striker. Amorim has been told to work with the players he's got, but there's a general acceptance that he will eventually need at least one specialist wing-back for his 3-4-3 system. Luke Shaw is injured again and Tyrell Malacia is continuing his comeback after more than a year on the sideline. Diogo Dalot has filled in on the left, but he's far more comfortable on the right.
Who are the major targets? United are set to sign 17-year-old Paraguayan left-back Diego León but he's unlikely to join the first-team squad for at least six months. Summer signing Joshua Zirkzee has struggled since his arrival and while Amorim likes Sporting star Viktor Gyökeres, he's considered more of a long-term target at around £80m.
Who could be leaving? Given their financial position, United will listen to realistic offers for almost every player in the squad. Victor Lindelöf and Christian Eriksen are out of contract at the end of the season and are unlikely to get new deals; both would be available for a minimal fee in January. Marcus Rashford's future is also in doubt. Moving on an academy graduate would help the club's PSR position, but United found in the summer that there was very little market for the England forward. His high wages and long contract are a major stumbling block.
Any new contracts? United are hopeful of getting winger Amad Diallo to sign a long-term contract after impressing this season. His deal expires in the summer, although United hold an option to extend until 2026. Harry Maguire could also have a one-year option in his contract triggered to protect his transfer value ahead of a potential departure in the summer. -- Dawson
EUROPE
Craig Burley details Barcelona's shortcomings in what has turned into a three-way race for LaLiga with Real and Atletico Madrid.
Budget: Nothing.
What does the team need? Barcelona need cover in the full-back positions, if not upgrades on Alejandro Balde and Jules Koundé. They also require short-term competition for Robert Lewandowski and a long-term replacement for the 36-year-old striker. More width would be welcome, too. When Lamine Yamal was absent with an ankle injury, they struggled in that department. A defensive midfielder has also been a long-term need, but young Marc Casadó is covering that hole for now.
Who are the major targets? Dani Olmo and Pau Víctor. Yes: Barça's main goal is to register summer signings Olmo and Victor for the second half of the campaign. They are currently on temporary registrations which expire on Dec. 31. Barça need to make space in their salary cap to extend them. Because of that, there's an acceptance that signings will be difficult. Sporting director Deco's work is more based on next summer, with players whose contracts are expiring, like Bayer Leverkusen's Jonathan Tah and Bayern Munich's Alphonso Davies, being targeted.
Who could be leaving? Ansu Fati and Pablo Torre are two players that have not played as much as they would have liked this season. Their futures will be analysed in January. Defender Eric García is another player who has been linked with an exit, but he looks more likely to stay for now.
Any new contracts? Barça are advancing well in talks to extend Pedri and Gavi's contracts, which expire in 2026. In fact, there are a lot of players moving into the final 18 months of their deals, including Ronald Araújo, Frenkie de Jong and Andreas Christensen. If they don't renew, the club will listen to offers for them in the summer. Iñigo Martínez is out of contract at the end of the season but pushing for a new deal, while back-up left-back Gerard Martín is also set to sign new terms, as much as anything to protect his transfer value. -- Sam Marsden and Moises Llorens
Jürgen Klinsmann reacts to Kylian Mbappe's goal in Real Madrid's 3-2 win over Atalanta in the Champions League.
Budget: Madrid don't like spending in January, and their planning for the summer involves high-profile free transfers rather than big fees. But they have some money to spend, if required.
What does the team need? A right-back is badly needed, with first-choice Carvajal ruled out for the rest of the season with an ACL tear, and backup Lucas Vázquez proving to be a defensive liability, as evidenced in Saturday's 3-3 draw at Rayo Vallecano. Youngster Raúl Asencio and midfielder Aurélien Tchouaméni have also been filling in at centre-back, although David Alaba's long-awaited return from injury should help there.
Who are the major targets? Alexander-Arnold is the right-back Madrid want, but a midseason departure from Premier League-topping Liverpool is highly unlikely, if not impossible. A number of young centre-backs have been linked with Madrid, but none have solidified as being a serious option for January.
Who could be leaving? Nobody, at present. The squad has been hit so hard by injuries this season that even bit-part players like midfielder Dani Ceballos have been called upon to feature regularly, while coach Carlo Ancelotti has insisted youngsters Arda Güler and Endrick will not be allowed to depart on loan.
Any new contracts? There's nothing urgent, with the only players with deals expiring in 2025 being Luka Modrić, 39, Vázquez, who renews year-on-year, and Jesús Vallejo, who has no future at the club. Asencio has impressed since coming into the first team and will need a new deal soon. -- Alex Kirkland and Rodri Faez
Budget: Atlético invested heavily in the squad last summer -- bringing in Alvarez, Conor Gallagher, Alexander Sørloth and Robin Le Normand for a total of around €185m -- so won't be investing much in January.
What does the team need? A full-back on either flank would be welcome, although left-back Javi Galán has won Simeone over in recent weeks, and midfielder Marcos Llorente is now a defacto right-back. A defensive-minded deep-lying midfielder would be useful too, after the failure of Arthur Vermeeren -- signed for €22m earlier this year, and now on loan at RB Leipzig -- to convince the coach.
Who are the major targets? No names have emerged yet as genuine contenders. If a deal does materialise, it would be low-profile and low-risk, given the experience of Vermeeren, who barely featured after his much-hyped arrival in January 2024.
Who could be leaving? An exit for the perennially injured Thomas Lemar -- who was absent for almost all of 2023-24 and has only featured twice this season -- would be welcome, but finding a suitable club willing to take him might be challenging. Antoine Griezmann is expected to leave for MLS at some point, but that's more likely to come in the summer, with Atletico challenging for the LaLiga title, a trophy Griezmann has never won.
Any new contracts? Defender Reinildo Mandava is out of contract in the summer and is no longer a guaranteed starter, so a decision must soon be taken on him, and Giuliano Simeone must be due an improved deal soon, given how impressive he's been since breaking into the team. -- Kirkland and Faez
Budget: Leverkusen don't have a dedicated transfer budget allocated for the January window and the €120m exit of starlet Florian Wirtz, which would have raised funds, is now off the table.
What does the team need? Leverkusen are looking to bolster their options in central defence and attacking midfield. These two positions have been the focus in recent weeks.
Who are the major targets? Sources have told ESPN that Leverkusen will sign Argentine striker Alejo Sarco in January. Sarco is viewed as the most promising young striker in the country and would join on a free transfer as his contract with Velez Sarsfield expires on Dec. 31. A potential target in attacking midfield is Rayan Cherki of Lyon, given the player's profile and the French club's desperate need to offload players. However, Cherki might have been scouted as a potential replacement for Wirtz.
Who could be leaving? Rumours about Jonathan Tah's future seem certain to ramp up in the coming weeks. The defender opted to stay at Leverkusen last summer despite extensive talks with Bayern, but he also did not extend his contract. Barcelona and Bayern are the two front-runners to sign the 28-year-old if he leaves on a free transfer next summer, and Tah and his agent are reported to have recently met with Barca.
Any new contracts? Recent reports indicate that Leverkusen and Wirtz are close to reaching an agreement over a contract extension. Since Amine Adli recently extended his contract and Tah's will run out no matter what, no other talks are immediate. -- Constantin Eckner
Bayern Munich's unbeaten start to the Bundesliga season is ended by two goals from Mainz's Lee Jae-Sung.
Budget: Bayern's bank accounts are topped up so the Bavarian powerhouse are always able to finance a major signing or two. However, they are seemingly saving their resources to make a splash in the summer transfer market.
What does the team need? The team needs a backup striker to fill in when Harry Kane is tired or unavailable. The England skipper suffered a thigh injury during the Klassiker against Borussia Dortmund, and it has since become very obvious that Bayern don't possess a suitable replacement.
Who are the major targets? Bayern haven't been linked with any specific targets for January but are rather looking ahead to the summer to flex their muscle in the transfer market. Among the targets are Brighton goalkeeper Bart Verbruggen and Athletic Club winger Nico Williams. Moreover, sporting director Max Eberl recently stated that the club would not sign a striker in January, arguing that Bayern are only successful economically because they act thoughtfully in terms of investments.
Who could be leaving? Leon Goretzka would be the prime candidate for a move during the January window, but the 29-year-old midfielder has stressed to club officials that he has no desire to leave the club right now.
Any new contracts? Bayern are trying to extend the contracts of three key players -- Jamal Musiala, Davies and Joshua Kimmich, with Musiala set to become the club's top earner alongside Kane. Meanwhile, it seemed for a long time that Davies would leave Bayern in light of Real Madrid's reported interest, but the Canada left-back has seemingly changed his mind and could extend his contract, just like Kimmich. Contract extension negotiations with defender Dayot Upamecano are also expected to start in the coming weeks, while the German champions currently do not intend to offer winger Leroy Sané a new contract unless he shows significant improvement during the second half of the season. It also seems increasingly possible that veteran forward Thomas Müller will retire at the end of the season and removed his €17m-a-year salary from the books will see some financial wiggle room for other major signings. -- Eckner
Budget: Due to investments of up to €80m during the summer transfer window, the budget for this season is almost exhausted.
What does the team need? Given the injuries woes, particularly in defence, with Niklas Süle expected to be sidelined for several months, the club could be looking at potential additions at centre-back. Manager Nuri Şahin recently expressed caution when asked about winter signings but indicated that Dortmund could be active in the window.
Who are the major targets? Since the injuries to Dortmund's centre-backs only occurred recently, the club have not had a lot of time to identify the perfect targets. However, someone who has been on Dortmund's radar for a while is PSV defender Olivier Boscagli.
Who could be leaving? Dortmund won't be looking to offload any key players in January, though a few might not be happy with their current situation. The most prominent example is Donyell Malen. The Netherlands winger hasn't been able to nail down a regular starting spot over the past few years and is viewed as an inconsistent player who is better suited to coming off the bench. Malen could potentially find a new employer if he wants to force his way out.
Any new contracts? Only third-choice goalkeeper Marcel Lotka possesses a contract that expires next summer. Hence, Dortmund are in no hurry to offer extensions at this time. And as for the 29-year-old Süle, whose deal runs out in 2026, Dortmund are not currently willing to offer him new terms -- Eckner
Herc Gomez explains which top European teams Lille forward Jonathan David would fit into. (edited)
Budget: There is money available for manager Luis Enrique, between €50m-€100m if needed.
What does the team need? Officially, the plan is not to sign anyone in January and Luis Enrique is said to be happy with his squad, despite the lack of a proper goal scorer in his ranks. However, if players leave -- with defender Milan Skriniar and/or forward Randal Kolo Muani very likely departures this winter -- then they should be replaced.
Who are the major targets? Sporting director Luis Campos and Luis Enrique are big fans of Brazilian prodigy Vitor Reis, who is only 18 but is already a starter at centre-back with Palmeiras, sources have told ESPN. Up front, Galatasaray loanee Victor Osimhen and Sporting CP's Viktor Gyökeres, who are both doing well, remain the main targets, but sources said that RB Leipzig's Benjamin Šeško is also on the shortlist.
Who could be leaving? Skriniar, who has started only five games in all competitions this season, is desperate to leave, and Juventus and Real Madrid are monitoring his situation. Kolo Muani wanted to stay to show he could succeed in his hometown, but Luis Enrique isn't playing him and he was dropped from the squad against Lyon. Monaco are keen on a loan for the France international, while clubs in England (Everton) and in Germany (Leipzig) are also interested.
Any new contracts? Although they are yet to announce anything, PSG have already extended the contracts of manager Luis Enrique, right-back Achraf Hakimi, midfielder Vitinha, and left-back Nuno Mendes. Though that should be made official before the end of December. -- Julien Laurens
Budget: The club have posted nine straight years of profit in their accounts and made another €18m over the summer, so they can spend if needed.
What does the team need? Not much. They could use some more depth in central midfield, one of the few areas of the pitch where coach Gian Piero Gasperini doesn't rotate much. Midfielder Éderson is one of the best in the world in his position, but club captain Marten De Roon turns 34 in March. Atalanta like to move early in the summer transfer window so don't be surprised if they focus their attention on that.
Who are the major targets? The preferred option for depth in midfield is probably in-house where they hope that Ibrahim Sulemana can grow into a reliable understudy for De Roon and Éderson. Bayer Leverkusen loanee Odilon Kossounou would cost them €25m to make his deal permanent -- the club like him, but I'm not sure they like him enough to keep him around at that price.
Who could be leaving? In these situations you look to the guys they brought in who haven't played very much. They spent a decent amount to sign Ben Godfrey, but he has hardly featured and with Rafael Tolói and Giorgio Scalvini returning from injury, it's not clear where he'll fit. Goalkeeper Rui Patrício hasn't played at all and seems content to be Marco Carnesecchi's backup. His deal is up in the summer and if he finds a taker, they might let him go early.
Any new contracts? Sead Kolašinac is a free agent in June and you imagine he'll get a new deal, even at 31, as he's been fantastic. Mario Pašalić is in a similar situation but is a few years younger, while they'll have a big call to make on Nicolò Zaniolo, who is on loan from Galatasaray. -- Gab Marcotti
Budget: Napoli have been very profitable over the past few seasons, and that's what allowed them to put together a net spend of nearly €138m in the summer to satisfy Antonio Conte. That splurge, plus the fact there's no income from European football this year, means they can't spend big in January. But that doesn't mean they won't bring in players, perhaps after moving others out. Because what Conte wants, Conte often gets.
What does the team need? Given there's no European football and they're out of the Coppa Italia, I'd be tempted to say not much at all. Maybe some extra cover at the back, but that's about it. They've had no long-term injuries and they're doing well in Serie A, so there's no real need to redesign the team. That said, Conte feels differently. There's talk of bringing in a couple of defenders -- one centre-back and one versatile player -- and a holding midfielder.
Who are the major targets? Conte had been linked to Juventus' Danilo earlier this year when he wasn't playing much, but now he's playing a bigger role and is the team captain you don't expect him to move. Conte's top priority is a central defender since he doesn't appear to be a fan of Juan Jesus or Rafa Marín, and a versatile full-back who can cover either flank. Arsenal's Jakub Kiwior has been mentioned time and again, though he's had a big run of games recently and I'm not sure, given the injuries they've had, that they'd let him go without finding a replacement. So Napoli may have to look elsewhere. Cristiano Biraghi -- out of contract with Fiorentina in June -- could be a cheap and cheerful full-back option.
As for holding midfield, Conte would look to his old buddy from the Chelsea days, Nemanja Matić. He's actually been playing regularly for Lyon at 36 years of age. But given his high wages and the fact that the club are in trouble with financial regulators in France, he might be available.
Who could be leaving? Basically, the guys Conte doesn't seem to trust, which includes Rafa Marín, Juan Jesus, and Leonardo Spinazzola. Up front, between wingers and forwards, Conte has no fewer than nine players. You'd assume Giacomo Raspadori could be available on loan, so too Michael Folorunsho and Cyril Ngonge. Then there's the elephant in the room: Star winger Khvicha Kvaratskhelia has a long-term contract through 2027 but needs a new deal since he's ridiculously underpaid. Yet so far he hasn't signed. If a big enough offer came along from elsewhere, they would probably listen.
Any new contracts? Kvaratskhelia is the obvious priority, but not the only one. André-Frank Zambo Anguissa and Alex Meret are both free agents in June. The latter should extend, the Cameroon international remains a question mark and has suitors. But not until the summer. -- Marcotti
Mark Ogden sifts through the reports linking AC Milan's Christian Pulisic with a move back to the Premier League.
Budget: The team is doing fine, the club lose money every year (but the losses are shrinking) there's no real reason for them to spend in January, unless they raise money through exits, which is unlikely.
What does the team need? Not much, not to the point of paying a mid-season premium anyway. The squad isn't young, but it's deep and over the past few years the strategy has been to find young players who can grow into starters and round out the team with free transfers. Inter will be looking for a midfielder and central defender, but not necessarily for January and, likely, it will be a slow burn. The corps of reserve forwards isn't hugely impressive, but unless someone takes a Marko Arnautović or a Joaquín Correa off their hands they won't be adding to it.
Who are the major targets? Unless somebody suffers a serious injury in the next few weeks, I don't think they'll be adding to the first-team squad in January. Sure, some areas could stand upgrading, but coach Simone Inzaghi has the luxury of two options for pretty much every position and he loves his rotation.
Who could be leaving? Other than the aforementioned summer free agents, Correa and Arnautović (who have no incentive to move), there aren't many guys Inter will want to move on. Kristjan Asllani and Tajon Buchanan are young(ish) players who don't get many minutes and have long-term contracts and I guess they might go on loan, but that's it. Of course, there's always the risk that somebody rocks up with a major offer for one of their stars: Nicolò Barella, Alessandro Bastoni, Lautaro Martínez, Federico Dimarco, etc. And if a big enough offer arrives, they won't say no. But that's unlikely in January.
Any new contracts? Inter have seven significant players with deals expiring in 2025 or 2026, but they're all 32 or older (or, like Correa, players they don't want to keep) so they're in no rush. Their key men are locked up through at least 2027, so the pressure is somewhat off in that sense. -- Marcotti
Budget: Juventus have been haemorrhaging money for years and while they were able to cut the wage bill, they still had a net spend of €61m this past summer. That said, they realise the importance of investing to be able to generate more money and create a virtuous cycle. So there will be some money available, beyond what they can raise from players they shift.
What does the team need? Following season-ending injuries to Bremer and Juan Cabal, which is half of their back line, defence is key. The emergence of Nicolò Savona and Andrea Cambiaso means full-back is less of a priority, but they definitely need another centre-back, because Federico Gatti and Pierre Kalulu can't do it on their own all year long. Another striker as an alternative to Dušan Vlahović would be useful too, given that Tim Weah has had to play there on occasion and Arkadiusz Milik has been out since June and there's no telling what condition he'll be in when he returns.
Who are the major targets? Juve love Benfica's António Silva, but he would cost around €100m, so I doubt that's a possibility until the summer. Feyenoord's Dávid Hancko keeps getting mentioned, possibly because he has 18 months left on his contract, and he wouldn't come cheap either, but it's doable. Another option is to bring Skriniar back to Serie A, since he's not getting much love from Luis Enrique at Paris Saint-Germain. As for the forward, there was talk of landing Joshua Zirkzee on loan after some of his early struggles at Manchester United since he played for Thiago Motta last year at Bologna. For that to happen though, Ruben Amorim would have to write him off by January and I doubt that's a possibility. More likely they'll assess where Milik is in January and figure it out from there.
Who could be leaving? Like every window since that horrendous swap deal for Miralem Pjanić, they'll be trying to shift Arthur Melo. This time they may actually succeed since he actually did OK on loan at Fiorentina last year and you imagine he's not going to be picky since he hasn't played a single first-team minute for Motta this season. Nicolo Fagioli isn't getting much playing time and doesn't seem to be a natural fit in Motta's 4-2-3-1. For the right deal, he may be available, possibly on loan, possibly on a permanent. Douglas Luiz has been a bust, relative to the €50m they paid to sign him, but it's hard to see him moving, except on loan, given he has a long-term contract.
Any new contracts? Danilo is out of contract and Juve need to decide whether, at 33, he should get a new deal and for how long. They'll also want to figure out whether they want to make Porto winger Francisco Conceição's loan deal permanent. He's done OK, but they spent big to sign Nico González and already have Kenan Yıldız, Weah and Samuel Mbangula for the wide areas. They also need to start working on Vlahović's new deal, with his current terms only having 18 months left. -- Marcotti
Budget: The club have basically run at break-even the past two seasons, which is why they were able to put together a net spend of €40m in the summer. And for the right player, they could push the boat a little in January, plus whatever they raise from exits, which could be significant, since they have a number of gifted young players on board.
What does the team need? First and foremost, Milan have to figure out whether they'll continue to back coach Paulo Fonseca (I think they should). It has been an up-and-down season and he's had run-ins with several stars. Assuming they do stick with him, right-back could use an upgrade since Davide Calabria is a free agent soon and Emerson Royal has been a bust. Tammy Abraham is only on loan and Álvaro Morata isn't really a traditional centre-forward these days, so the club will want to push for a central striker, but that probably won't be until the summer.
Who are the major targets? Milan like Jonathan David from Lille (though he didn't have the best time with Fonseca when they were together last year) but as a free agent in the summer, he's going to want a big contract and it's unlikely he'll arrive in January.
Who could be leaving? Alessandro Florenzi and Luka Jović are free agents in June, so if somebody wants them, they could go straight away. Theo Hernández has had two bust-ups with Fonseca already and his transfer could fetch a hefty fee, but he's also in contract extension mode as his deal is up in 2026. Noah Okafor and Fikayo Tomori have their admirers and don't seem to be Fonseca favourites, but there's no real pressure to shift them either.
Any new contracts? Theo Hernández is an absolute priority as is goalkeeper Mike Maignan. Both their deals are up in 2026. Beyond that, their house is pretty much in order right now, though reports have suggested that USMNT star Christian Pulisic is closing in on a new agreement that would see the 26-year-old stay at San Siro until 2028 or 2029. -- Marcotti