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

Welcome to the seventh edition of The Athletic’s Transfer DealSheet for the summer 2025 transfer window.

Our team of dedicated writers, including David Ornstein, will take you inside the market to explain the deals being worked on. The mini-window ahead of the Club World Cup has come and gone, but the regular summer transfer window is open and will run until September 1.

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 in the Transfer DealSheet.

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 year, The Athletic’s football finance writer, Chris Weatherspoon, will be adding to our analysis of the transfer market.

Last week, we looked at Lionel Messi’s situation, the arrival of Christian Norgaard at Arsenal and interest in Christopher Nkunku. This week, we have the latest on Liverpool and their transfer situation, and analyse Newcastle’s push for Hugo Ekitike.

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

Liverpool returned to action on Sunday in a pre-season friendly at Preston North End. As would have been expected following the tragic death of their forward Diogo Jota, the occasion was dominated by tributes.

Liverpool were able to hand game time to a number of new arrivals — Milos Kerkez and Jeremie Frimpong featured from the bench — owing to their early transfer activity. But while sensitivities around the club remain understandably high, there is an awareness they need to make further additions this summer.

The Premier League champions have prioritised an elite front three in recent seasons, with two strong options in each position. While on the left (Luiz Diaz and Cody Gakpo) and right (Mohamed Salah and Jeremie Frimpong) they have that available to them, they currently do not have an established first choice in the middle. Federico Chiesa is considered an option there, but Napoli and Al Hilal have been keeping tabs on Darwin Nunez. It is expected that a move for him will progress again soon.

Liverpool’s stance is that Diaz will not leave, and so unless that changes, their focus when it comes to incomings is on finding a top No 9. Sporting director Richard Hughes is prioritising that at present.

Earlier in the window, targets to improve a team at Liverpool’s level will have included the likes of Alexander Isak, Hugo Ekitike, Viktor Gyokeres, Victor Osimhen and Joao Pedro, while Nicolas Jackson is also a player Hughes liked when he was with Bournemouth.

If the Senegal international was not a Chelsea player he might be a more realistic candidate, given the Club World Cup winners have signed Joao Pedro and Liam Delap to operate up front. Isak and Ekitike remain prominent in their thinking but various factors would need to align for such interest to develop.

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Why do Liverpool need to sign a No 9?

There’s still a lot of affection for Darwin Nunez among Liverpool supporters.

The Uruguayan frontman made a few vital contributions en route to Arne Slot’s side winning the Premier League title, and always wears his heart on his sleeve.

However, the reality is that a return of just seven goals in 47 appearances in all competitions in 2024-25 was underwhelming. Nunez only started eight Premier League matches, with Slot preferring to play Luis Diaz as a false nine as he felt the Colombian was better suited to his system.

After three mixed seasons at Liverpool, a summer exit for Nunez looked inevitable — with strong interest from Saudi Arabia and Italian club Napoli. So far, it hasn’t happened with no acceptable offers forthcoming.

But if Liverpool can get £60million for Nunez they should cash in and put that money towards an upgrade. Playing Florian Wirtz in an advanced central role in Slot’s 4-2-3-1 is an option, but he’s arguably better operating slightly deeper.

James Pearce

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What else we’re hearing

• The gap between Manchester United and Brentford on their valuation of Bryan Mbeumo remains considerable. The two sides are several million pounds apart. There have been no significant developments over the past couple of weeks, and a deal is still not imminent, but talks continue as United work to complete a move for the Cameroon forward. David Ornstein
• Newcastle United are working on a deal worth around €75million to sign Eintracht Frankfurt forward Hugo Ekitike. While an agreement is not yet close, talks are ongoing between the clubs over a potential deal which would eclipse Newcastle’s previous record transfer – the €71.2m they paid Real Sociedad for Aleksander Isak in summer 2022. David Ornstein
• Brentford made an approach to Ipswich Town on Monday for Omari Hutchinson, although a deal is felt to be unlikely at present. Hutchinson is on holiday after being given extended time off by Ipswich following England’s triumphant Euro Under-21 campaign at the end of June. Brentford see the 21-year-old among a small number of potential replacements for Bryan Mbeumo should he join Manchester United. Hutchinson has a relegation release clause worth £35million, which Brentford fell significantly short of meeting. That expires on Tuesday and so far he remains an Ipswich player. David Ornstein and Simon Johnson
• RB Leipzig and Stuttgart have both expressed their interest in Chelsea forward Armando Broja. Leipzig are preparing for the departure of Benjamin Sesko and Xavi Simons, while Stuttgart have already rejected approaches from Bayern Munich for Nick Woltemade. Both see Broja as a potential replacement. Chelsea are looking for a permanent sale, while Broja is keen to find a new club. Seb Stafford-Bloor and Simon Johnson

• RB Leipzig are close to completing the signing of Johan Bakayoko from PSV. Bakayoko had been a target for Bayer Leverkusen and has previously attracted Premier League interest, but the Belgium international has agreed to move to Leipzig, pending an agreement between the two clubs. Seb Stafford-Bloor
• Neom SC are in talks with Bayer Leverkusen over the signing of Granit Xhaka. The Swiss midfielder has already indicated his willingness to join the Saudi Pro League team, who also signed Alexander Lacazette this summer and are coached by Christophe Gaultier, and negotiations with Bayer Leverkusen are continuing. Seb Stafford-Bloor
• Everton are closing in on two signings to bolster their academy ranks. 16-year-old central defenders John Dodds and Reuben Gokah, from Hearts and Charlton Athletic respectively, are expected to join the club’s under-18 setup in time for the new season. Patrick Boyland
  
• Middlesbrough are exploring a deal to sign Danny Ings as a free agent. It is not agreed yet, but the Championship club are looking into it and talks are ongoing. Ings, 32, left West Ham at the end of last season. Chris Waugh

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How much of the Club World Cup prize money have clubs already spent?

This summer’s Club World Cup had an immediate impact on the transfer market, causing the window to open for 10 days at the beginning of June to enable competing clubs to make moves in anticipation of FIFA’s newest tournament.

Now, with the tournament successfully consigned to the past, we know how much each club has earned from the $1billion prize money pot.

Europe had 12 teams competing and, unsurprisingly, they hoovered up much of the dividend. Chelsea led the way with £84.5million ($114.6m) in winnings. UEFA’s sides combined gobbled up, using the current conversion rate, £463.4m — or nearly two-thirds of the total pot.

How that has impacted the transfer market isn’t the easiest thing to say. Prize money isn’t a free meal (clubs had to pay the costs of physically getting to the tournament), and demarcating their earnings from the budget they’d have had without those earnings is impossible. Club budgets are impacted by a whole host of things; assuming their spending is directly linked to the money they’ve brought home from the U.S. would be foolish, to say the least.

Still, we can at least compare competing clubs’ transfer activity to date with their Club World Cup earnings. Of those 12 European clubs, eight have already spent more than their prize money on new transfers this summer. Change the parameters to being on a net basis, and the figure is still seven. Borussia Dortmund’s sale of Jamie Gittens, to Chelsea, no less, means their net transfer spend is now negative.

Just as they earned the most money this summer, so have Chelsea spent the most. That’s hardly out of keeping for them recently. But Chelsea have seen little reason to taper down. Their estimated £212m transfer spend so far is more than double what they earned in the U.S., a marker both Manchester City and Porto have also hit.

At the other end of the scale, only two clubs have spent less than half their earnings on new signings. Those go by the name of Bayern Munich and Paris Saint-Germain, who’ve yet to be active at all in the transfer market. Don’t expect that to stay the case for too long.

Even on a net basis, the 12 European clubs have already spent more than their collective Club World Cup earnings on transfers.

Chris Weatherspoon

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Arsenal

Is Gyokeres close to getting over the line?

Arsenal are on the verge of finally landing a No 9. A deal in principle is in place with Sporting Lisbon: Arsenal will pay a fixed fee of €63.5million (£54.8m, $74.2m) plus €10m (£8.6m, $11.7m) in potential add-ons for Viktor Gyokeres. Mikel Arteta was eager to sign a centre-forward in time for them to participate in the bulk of Arsenal’s pre-season preparations, and that now appears feasible.

Arsenal hope to close the deal in time for Gyokeres to join them when they depart for Singapore on Saturday.

What else has happened this week?

It’s been a frenetic week on the transfer front. Arsenal have also agreed a deal to sign Noni Madueke from Chelsea. Arsenal will pay an initial fee of £48.5million ($65.5m), with a possible £3.5m in potential add-ons. Madueke is expected to sign before Arsenal depart for Asia, but after his participation in the FIFA Club World Cup he may not join up with the squad until they return.

Arsenal are also working to complete the signing of Valencia centre-back Cristhian Mosquera. Personal terms with the 21-year-old are already in place, and the two clubs are close to an agreement. Mosquera, a right-footed centre-half who has played on either side of the central defensive axis, will add competition and cover for the first-choice pair of Gabriel and William Saliba.

What positions/players are they still looking at?

If Arsenal can add Gyokeres, Madueke and Mosquera to the signings of Martin Zubimendi, Kepa, and Norgaard, they will have attended to many of their positional needs.

They are not yet closed for business, however. Arsenal are still considering bringing in an additional attacking player. Their interest in the likes of Rodrygo and Eberechi Eze remains, but may not develop until later in the window — and could potentially be offset by securing some sales.

Which players could be leaving?

Arsenal are open to offers for the quartet of senior players who spent last season out on loan: Karl Hein, Albert Sambi Lokonga, Fabio Vieira and Reiss Nelson. Beyond that, Oleksandr Zinchenko may move on, with Myles Lewis-Skelly and Riccardo Calafiori both seemingly ahead of him in the pecking order at left-back. There are no concrete developments yet on a possible departure for Jakub Kiwior, who showed at the tail end of last season that he can be an able deputy for Gabriel.

There is a certain degree of intrigue around the left-sided pair of Gabriel Martinelli and Leandro Trossard. Arteta values both players, but if a sale could unlock a deal for one of Arsenal’s remaining targets, that could change things. As yet, there are no significant developments — Martinelli is one of several names Bayern Munich are considering for their left-wing role, but it has not yet developed any further than that.

A number of young players have been training with the first team in La Manga. Some of these youngsters, such as 19-year-old centre-half Maldini Kacurri, could be ready for a loan or permanent move before the end of the transfer window.

James McNicholas

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Chelsea

Has anything happened over the past week?

Chelsea started to get busy on the outgoings front. The most significant news was agreeing a fee worth £52million for Noni Madueke to go to Arsenal. The winger returned from America before the Club World Cup final in order to undergo a medical. A switch should be completed this week.

Goalkeeper Djordje Petrovic is also set to finalise his move to Bournemouth. As The Athletic has previously reported in the Transfer DealSheet, a gentleman’s agreement was in place between Chelsea and the player for him to be sold for £25m. Bournemouth met the asking price.

Midfielder Mathis Amougou also left for Strasbourg for an undisclosed fee. The 19-year-old only joined Chelsea from Saint-Etienne for £12.5m in February and made just two substitute appearances for the club. Zak Sturge, an under-21 player, has joined Millwall on a permanent basis for an undisclosed fee.

Has Chelsea’s budget changed because of their Club World Cup campaign?

Clearly picking up a neat £84.5m from winning the tournament is a nice figure to put on the balance sheet — although that amount will be taxed. That sum alone has paid for two of the three summer signings in Liam Delap and Jamie Gittens.

The sales listed above (plus Kepa Arrizabalaga’s £5m transfer to Arsenal) mean they are actually on the cusp of making a profit so far this summer, even though they spent another £50m-plus on Joao Pedro and have been fined €31m by UEFA for breaching their financial rules.

It means Chelsea are in a good financial position to add to their squad, but any additions will depend on departures, which is the priority for the time being.

What positions/players are they looking at?

With Madueke leaving for Arsenal, Chelsea are open to the idea of adding another wide player/attacker to the ranks. They have held an interest in Alejandro Garnacho since January, and Manchester United are looking to sell the 21-year-old this summer.

As my colleague Conor O’Neill points out: “Garnacho ranked fourth in the Premier League for progressive carries per 90 (9.19), just behind Madueke in third (9.9), underlining his potential to fill the ball-carrying void Madueke leaves behind at Chelsea.”

Aston Villa’s Morgan Rogers is another creative player they admire.

Which players could be leaving?

Several fringe squad members who are up for sale began pre-season training at Cobham last week while the first team were still away in the USA.

As The Athletic reported, it was made up of players who were loaned out by the club last season. It included Joao Felix, Ben Chilwell, Axel Disasi, Lesley Ugochukwu, Renato Veiga, Armando Broja and Alfie Gilchrist. Chelsea are looking for permanent sales rather than loans.

Raheem Sterling is also no longer wanted at Stamford Bridge, while Bayern Munich are interested in Christopher Nkunku as well as Veiga.

Borussia Dortmund are keen to re-sign Carney Chukwuemeka on loan with an option to buy, but Chelsea prefer a straight sale.

Striker Nicolas Jackson is not deemed an ‘untouchable’ by the club. He could be sold if they receive a high enough offer.

Chelsea under-21 defender Ishe Samuels-Smith has held talks with Strasbourg. Chelsea are looking to sell him for £8m. Midfielder Kendry Paez, defender Aaron Anselmino, and goalkeeper Mike Penders are all being earmarked for a loan to the Ligue 1 side in 2025-26.

Simon Johnson

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Manchester City

Has anything happened over the past week?

City’s players are enjoying a four-week break following their exit from the Club World Cup.

After Kyle Walker’s exit to Burnley, the focus has switched to James McAtee, who is attracting interest from England and Germany.

The 22-year-old is available on a permanent transfer, having been allowed to play for England at the Under-21 European Championship rather than be part of the City first-team squad at the Club World Cup. German side Eintracht Frankfurt are keen on the midfielder and have followed him since at least January.

Nottingham Forest also like him and see him as being capable of playing No 8 or No 10. While he is a different player from Morgan Gibbs-White, who could potentially join Spurs, he would add to their creativity at a time when they might need it.

Some interested clubs believe City could come to the table at £25million but City are acutely aware of the case of Cole Palmer. He was sold to Chelsea in 2023 for a fee a £40m and has gone on to prove that fee was a bargain.

McAtee has also played more Premier League minutes at this stage and also has a full season of experience with Sheffield United, so City are keen to secure a fee they view as comparable with his profile.

The price could also vary depending on how close a competitor they are with City. However, no official bids have been received by City yet.

What does Ilkay Gundogan’s future look like?

The former Germany international wants to stay at the top level, provided he still has a promising role to play.

Galatasaray are the club he supported growing up, and they remain interested should his position change.

What positions/players are they looking at?

A recognised right-back still appears to be the only gap in the squad, but so far, there appears to be little progress on that front.

Rico Lewis and Matheus Nunes can both play there, but neither has truly cemented the position as their own yet.

Which players could be leaving?

The numbers still aren’t adding up for Guardiola’s wish for a smaller squad.

It means that players such as John Stones, Nico O’Reilly, Mateo Kovacic, Gundogan, Claudio Echeverri and Oscar Bobb, even if they have stated they wish to stay, have all been touted as potential exits either on loan or permanently.

However, it is understood that Bobb, who impressed last pre-season but missed the entire season through injury, is very unlikely to be leaving the Etihad this summer.

Jordan Campbell

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Manchester United

Has anything happened over the past week?

Andre Onana suffered a hamstring injury that will rule him out of United’s pre-season tour of the U.S. and puts him in a race against time to be fit for Arsenal’s visit to Old Trafford on the opening weekend of the Premier League campaign. This might impact United’s plans on the goalkeeper market.

The club told the five players actively up for sale to only report for training this week after 5pm, once Ruben Amorim and the rest of the first-team squad have already left Carrington. Marcus Rashford, Alejandro Garnacho, Jadon Sancho, Antony and Tyrell Malacia are all looking to secure moves away.

United held talks with two 16-year-old midfielders regarded as among the best in the country in Fulham’s Seth Ridgeon and Manchester City’s Tyrese Noubissie. Both are able to move before signing scholar contracts and United have made proposals, but face competition.

Bryan Mbeumo reported for duty at Brentford’s training ground on Monday, as Keith Andrews’ squad returned from their summer breaks.

Are all of the out-of-favour five willing to leave?

That’s the idea, albeit easier said than done when some of their wages are big, buyers know United need to sell, and there is not, as yet, great competition for their signatures.

One element that has relevance is Rashford and Garnacho, in particular, wanting to play in the World Cup next year, and so they have extra motivation to find a suitable destination for the coming season. As well as United looking to negotiate solutions, there is impetus for the players and their agents to work on exits.

Rashford is frequently posting footage of himself keeping fit in the gym, and Barcelona’s interest is concrete. In January, Garnacho initially wanted to stay at United, but if he is to go, he has expressed a preference for staying in the Premier League, ideally in the Champions League, and Chelsea, who are looking at him, fit the bill.

What positions/players are they looking at?

All focus is on Mbeumo, with United and Brentford in a stand-off over price. More than a fortnight has passed since United’s second bid of £55m plus £7.5m in add-ons was rejected by Brentford, who originally wanted more than the £62.5m Wolves received for Matheus Cunha. While there is some debate over the exact fee Brentford want, the reported £70m offer by Tottenham, later denied by the club, is seen by some as a yardstick.

United are being patient in the hope that Brentford ease on their valuation, given Mbeumo has said he wants to move to Old Trafford. Mbeumo’s mood at Brentford training has now become a potential factor in the negotiations. He reported to Brentford’s training ground on Monday and the club are relaxed about their position.

In terms of goalkeepers, Botafogo’s John Victor has been scouted in case Altay Bayindir leaves, while there were talks on Emiliano Martinez at Aston Villa, but United could only afford his fee if Onana is sold.

United sent a scout to watch defender Eivind Helland, captain of Norway’s under-21s, play for Brann against Viking on Sunday. The 20-year-old, who has 37 senior appearances for the club, can play centre-back and right-back and would cost around €7million to €8m. He played well as Brann won the game 3-1.

Which players could be leaving?

Aside from the exiled five, there has been speculation around Rasmus Hojlund. But Inter no longer hold an active interest in buying him after they signed 21-year-old Ange-Yoan Bonny, who scored six goals in Serie A for Parma last season.

Laurie Whitwell

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Newcastle United

Has anything happened over the past week?

After weeks of disappointment and knockbacks — including with Bryan Mbeumo, Dean Huijsen and Joao Pedro — Newcastle welcomed their first senior signing of the summer on Friday. Anthony Elanga, the winger, joined from Nottingham Forest on a five-year deal, for an initial fee of £52m.

Not only did that bring about much relief inside St James’ Park, given Eddie Howe had publicly pleaded for Newcastle to act swiftly and early in the market, the hope inside the club is that it also generated positive momentum.

Callum Wilson, the 33-year-old striker, has confirmed his departure and Newcastle are looking at a range of potential striker targets, with Eintracht Frankfurt’s Hugo Ekitike — who they twice tried to sign previously in 2022 — the most ambitious of them and the top target.

Talks have intensified in recent days, with Newcastle working on a deal worth around around €75million (£65.2m; $87.5m). No agreement is in place, but negotiations are continuing with Frankfurt over a potential club-record acquisition.

The first-team squad returned for pre-season training last week and several senior players were involved in a 4-0 behind-closed-doors friendly victory over Carlisle United on Tyneside on Saturday. Joelinton, who missed the last five games of last season with a knee injury, received a 45-minute runout.

Howe and his squad flew to Austria on Monday for a five-day training camp ahead of their opening official pre-season friendly at Celtic this Saturday.

Newcastle may continue to operate without a sporting director following Paul Mitchell’s exit at the end of June, but senior members of the recruitment team have travelled with the squad to Seefeld as the club looks for another transfer breakthrough.

Newcastle are negotiating for Ekitike (Shaun Botterill/Getty Images)

What is the priority now Elanga has joined?

Ekitike is not concluded yet, so in basic terms, another signing to significantly bolster Howe’s squad, preferably before Newcastle travel to Singapore and South Korea next week.

A centre-back and a goalkeeper are still wanted, but acquiring a striker or versatile forward to replace Wilson is a pressing need. That is partly why Newcastle are pushing hard for progress with Ekitike, but also because they realise that speed is of the essence to conclude a deal before rival suitors potentially swoop in.

Ekitike’s versatility — he is able to play across the frontline and has many stylistic similarities with Joao Pedro, though arguably has a higher ceiling potential-wise — is attractive.

He also scored 15 goals and provided eight assists in the Bundesliga last season and would be viewed as a marquee addition.

Brentford’s Yoane Wissa was floated as a potential striker option to Newcastle, too, but as things stand they are not expected to make a move for the 28-year-old.

Despite Newcastle operating without a sporting director and claims that is limiting their recruitment team to focusing upon one deal at a time, sources insist they are actively discussing moves for multiple transfer targets across several positions.

What positions/players are they looking at?

Goalkeeper, centre-back, and a forward to replace Wilson are the priority positions.

Beyond the principal targets mentioned above, centre-backs based in the Premier League and across Europe have been discussed during recruitment meetings. Newcastle remain interested in Marc Guehi, the Crystal Palace and England defender who is in the final year of his contract, having failed in a month-long pursuit last August. Atalanta’s Giorgio Scalvini is also admired, with the club aware of the likely costs of any deal. No bid has been launched or discussions initiated with Atalanta for the Italy international, but he has been closely tracked. Marseille’s Leonardo Balerdi is another on Newcastle’s defender list, but no move has been made for the 26-year-old Argentina international.

Chelsea’s Axel Disasi is not under consideration as things stand, despite reports to the contrary.

Up front, Newcastle have an interest in free agent Dominic Calvert-Lewin, having previously not held one, after the Joao Pedro situation changed things. This does not mean that Newcastle will move for him, but the former Everton man has featured in conversations, having previously not been on their list of targets.

Strikers and versatile forwards of various profiles, ages and price ranges have entered the mix in recent weeks, with Calvert-Lewin featuring on the opposite end of the spectrum as a free agent with Premier League experience, to someone like Ekitike, who is seen as an ambitious target with elite-level potential. If a deal for Ekitike is concluded, however, then Calvert-Lewin is highly unlikely to join as well.

Burnley’s James Trafford remains their primary goalkeeper target, but their long-term pursuit of the 22-year-old has continued for another week without a decisive breakthrough.

Newcastle are not looking to sign Jack Grealish, even though they are continually linked with the Manchester City winger.

Which players could be leaving?

Odysseas Vlachodimos is available, most likely for a loan given the PSR ramifications of selling the Greece international who Newcastle paid £20million for, and Real Betis are among the clubs interested in the 31-year-old. Club-to-club contact has not yet been made, and Betis are believed to be exploring other options, too, but Newcastle would likely need to cover a significant portion of Vlachodimos’ wages, should he be loaned out.

Martin Dubravka is also likely to depart should another goalkeeper sign. However, John Ruddy, the 38-year-old, is due to stay for 2025-26, having played against Carlisle on Saturday, despite Newcastle having yet to publicly confirm his extension after his previous deal expired on June 30.

Newcastle have no need or appetite to sell their best players and would not welcome bids for the likes of Isak, Sandro Tonali, Bruno Guimaraes or Anthony Gordon. They will also rebuff any interest in Tino Livramento, who is repeatedly linked with Manchester City.

Matt Targett is available, and Newcastle would listen to offers for Sean Longstaff, who is entering the final year of his contract. The latter has attracted interest and offers from promoted Leeds United, among other Premier League clubs, but they are yet to reach Newcastle’s asking price.

Joe Willock has two years left on his contract and has been linked with moves elsewhere. Isaac Hayden, whose current deal expires next summer, is also available.

Chris Waugh

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Ekitike and Newcastle — the key questions answered

Hasn’t Ekitike rejected them twice before?

Yes. In January and the summer of 2022, the first two windows post-takeover.

Ekitike was still a relative unknown, but had broken through and impressed for Reims, his hometown club, and Newcastle tried to bring him to Tyneside to aid with their relegation fight in January, given goals were in short supply. A deal went down to the final hours of the window, but could not be concluded.

Newcastle’s interest did not wane, however, and they returned a few months later. Initially confident that a transfer had all but been agreed, Paris Saint-Germain swooped in and Ekitike opted to head to the French capital, rather than to Tyneside.

That was a blow and, in the minds of some Newcastle fans, Ekitike’s decision left a sour taste. Such negative feelings will quickly dissipate should he sign and perform well for their club, however.

Interestingly, Newcastle’s recruitment department have tracked Ekitike’s development closely over the past three years and, while Joao Pedro was initially their main forward target this summer, they have switched to a potential marquee addition — one which had appeared beyond them financially earlier in the summer — having missed out on the Brazilian.

Chris Waugh

What does this mean for Isak if he joins?

The obvious fear that Newcastle fans will have — and the obvious leap that supporters of other clubs who desperately want to sign Isak will make — is that Ekitike arriving signals an exit for the Sweden international.

Multiple sources at Newcastle insist that is not the case. They claim that the plan is to play Isak and Ekitike together, or to switch between the two, to ensure Newcastle have the goalscoring depth to compete on multiple fronts next season, given they are back in the Champions League.

The sceptics will suggest this is Newcastle acquiring Isak’s replacement before he has left, but Newcastle have been adamant, publicly and privately, for months that the 25-year-old is going nowhere. The hope is that they tie him down to a new deal but, even if they cannot do so, his contract runs until 2028, and the directive from the very top of the club is that they keep hold of Isak.

How Newcastle could sustain two forwards of such pedigree — even if both can also play out wide — is unclear, from a PSR or footballing perspective. Newcastle have also insisted throughout the window that Anthony Gordon and Harvey Barnes will not be sold, either, while the club has just signed Elanga.

This prospective deal presents more questions than answers in many ways, but that should not diminish the ambition being shown. Ekitike would be a signing who, like Isak and Sandro Tonali before him, grabs the attention of the whole of Europe.

Chris Waugh

Can Ekitike and Isak play together?

Hugo Ekitike can play, that much is clear from his highlight reel. But can he play with Aleksander Isak?

If Newcastle are successful in their pursuit, that would be the plan — and there’s every reason to believe that it could be a successful combination. Because of how well Ekitike combined with Omar Marmoush, before the Egyptian was sold to Manchester City, and because there is a facilitating aspect to Ekitike’s game that it’s easy to imagine someone like Isak profiting from.

Last season, according to data from FBref.com, Ekitike was in the 95th percentile for key passes (1.60/90 minutes), the 94th percentile for shot-creating actions (3.50/90 minutes), and the 93rd among all forwards for Expected Assists (0.19/90 minutes).

That performance can be attributed partly to how much defensive attention Ekitike attracts and how easily he can go beyond defenders and into space. He had a high shot volume last year, too (3.74/90 minutes) and that was a contributing factor also. But he plays with great craft too, and with a vision and touch that is rare.

His influence remains intermittent, and at 23, with fewer than 150 top-flight appearances to his name in senior football, he is still a developing player with many areas to improve in.

Frankfurt are a transition team that rarely face a deep block. He must learn how to cope with that. His chance conversion must also be more efficient, and he will need to become fiercer without the ball. If he is to fully realise his potential, then he will have to gain all the necessary experience and, ultimately, be as well-coached as he has been in Frankfurt by Dino Topmoller.

Is that Eddie Howe? Perhaps. Newcastle still have to reach an agreement for Ekitike. But whichever team does strike that deal will be getting a mighty prospect.

Seb Stafford-Bloor

Can Newcastle afford Ekitike without player sales?

From a financial perspective, Premier League clubs have two real limitations on spending: regulations and cash. The former restraint has gained prominence in recent years as profitability and sustainability rules (PSR) have bitten; the latter has been an issue since transfers began.

For Newcastle, cash troubles disappeared into thin air in early October 2021. Taken over by one of the wealthiest sovereign wealth funds on the planet, there was little fear of the club’s liquidity running dry. Even if there were delays in transporting money from Saudi Arabia, Newcastle have a term loan in place with HSBC (recently renewed) and a revolving credit facility to aid any cash flow needs.

If cash hasn’t been an issue on Tyneside recently then regulation certainly has. June 2024 saw Newcastle frantically scurrying to sell players to avoid a PSR breach some estimate would have been in the £50million region.

Time heals many ills, and so too where PSR is concerned. 2025-26 sees the second of Newcastle’s consecutive £70m-plus pre-tax losses fall out of their PSR calculation, significantly improving regulatory headroom. Newcastle lost just £11m in 2023-24 and while we don’t yet know last season’s result, it’s clear they have scope to spend this summer.

To that end, dropping a club record fee on Ekitike won’t need to be offset by player sales. Ekitike’s fee and wages would add to the club’s annual costs but would also arrive in a year where Newcastle are part of a Champions League offering greater financial reward than two years ago, and where commercial growth continues apace.

Chris Weatherspoon

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Tottenham Hotspur

Has anything happened over the past week?

It has been one of the most eventful weeks of Spurs transfer business for years. On Tuesday, they confirmed the arrival of Kota Takai, the young Japanese centre-back from Kawasaki Frontale. On Wednesday, they reached an agreement with West Ham United for Mohammed Kudus, landing on a fee of around £55million ($73.8m) for the Ghana winger. His arrival was announced on Thursday, and he started training with his new team-mates on Friday.

Then Spurs’ attention turned to Nottingham Forest’s England international Morgan Gibbs-White. Things moved quickly as Spurs offered £60million ($80.5m), matching the release clause in Gibbs-White’s contract. The move has been held up over the weekend, with Forest engaging their legal team, and Gibbs-White attended Forest training on Monday.

Do they still need more attacking players?

Kudus ticked an important box. Spurs have struggled with a lack of quick wingers who can beat defenders one against one. They signed Wilson Odobert from Burnley last summer, but he struggled with hamstring injuries and only started to make an impact towards the end of the season.

Kudus is Premier League-proven and will instantly elevate Spurs’ attack. The fact that Spurs then turned their attention to Gibbs-White shows they still want more attacking quality in the final third, even though they already have James Maddison and Dejan Kulusevski.

Dominic Solanke could do with back-up at No 9, although it remains to be seen whether Richarlison and Son Heung-min will be there at the start of the season.

What positions/players are they looking at?

Do they need an upgrade in the middle of the pitch? Spurs had to make do with Yves Bissouma and Rodrigo Bentancur in the No 6 role last season, neither of whom had stellar seasons, although they both contributed well to winning the Europa League at the end of the season.

Many Spurs fans have been saying for years they need a high-quality No 6 so it remains to be seen what Thomas Frank’s plans are in that area. Maybe that will be the role earmarked for Archie Gray, who had a few games there last season without ever looking comfortable. The one other area that could do with strengthening is left-back. Tottenham have explored the possibility of adding another full-back this window.

Which players could be leaving?

Atletico Madrid have decided to move on from their pursuit of Cristian Romero and look elsewhere for centre-backs. The belief at Atletico is that Spurs will now try to tie Romero to a new contract, which would be the obvious thing to do for such a good player now with two years left on his Tottenham contract.

The next most intriguing question concerns the future of Spurs captain Son. This will be the final year of his contract, and it might be that he decides that lifting the Europa League in May marks the right moment for him to bow out, although he will surely be on the pre-season tour to South Korea. There are question marks over a few other senior players — Richarlison and Bissouma especially — but no recent developments on exits. Most players only met Frank for the first time last week.

Jack Pitt-Brooke

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Barcelona

Has anything happened over the past week?

Barcelona’s first-team players have returned to training this week. They will train in Barcelona for 10 days before they fly to their pre-season tour in Japan and South Korea.

Hansi Flick has already taken care of the most urgent task on his to-do list: having a face-to-face chat with Marc-Andre ter Stegen. After the signing of Espanyol’s goalkeeper Joan Garcia, Flick told the German last Friday that he plans to start the season with Garcia as his number one choice in goal.

Barcelona sources say they won’t actively look for a club to move Ter Stegen to. It is on the 33-year-old to decide what to do next, and those close to the player say he is willing to take on the challenge to fight for his place — despite the prospect that not playing for a whole season would put at risk his participation in the World Cup next summer as Germany’s starting goalkeeper. The summer is long, and this will be a situation to keep an eye on.

Alongside all the Barcelona first-team players who resumed training, Roony Bardghji was there too. The 19-year-old was pictured in a Barcelona kit one day before his signing was officially announced. Roony will complete pre-season under Flick’s orders.

Last Sunday was not just an important date given Barca’s return to training – it was also Lamine Yamal’s 18th birthday. This is expected to be a big week for the teenager, with expectation that his taking over of the No 10 shirt will be announced on Wednesday.

Pablo Torre finally confirmed his move to Mallorca on Monday night for €5million. Barcelona sources say they have a buy-back clause and percentage sell-on of future profit.

Will UEFA’s fine hurt Barcelona’s transfer capabilities?

It won’t help, that’s for sure.

Barcelona were fined €15m by UEFA after failing to meet their Financial Fair Play rules last season. Club sources say this fine was inevitable because UEFA and La Liga have different criteria for assessing annual budgets. Money coming from the sale of future assets, such as TV rights for the forthcoming seasons, can’t be counted as income according to UEFA. La Liga allows it, and it has been used by Barcelona as a way to meet the division’s salary limit regulations.

Now that €15m fine will have to be accounted for as a loss. It was not a problem to pay it, as Barcelona say they had the money at their disposal. But it will become an extra hurdle when it comes to registering new signings — Barcelona will have to recoup more money in order to be in a stable position with La Liga.

Numbers from all La Liga clubs regarding their salary cap are not officially disclosed until the end of the transfer window.

What positions/players are they looking at?

The main focus remains the left-winger role.

The two biggest names Barcelona have at the top of their list are the ones we mentioned last week: Luis Diaz and Marcus Rashford.

As days go by, there has been a realisation around the club that despite Diaz still being the preferred option for Deco, it is going to be a very difficult deal to complete. Barcelona fear the demands Liverpool will have to allow the 28-year-old to leave are going to price them out.

That’s what keeps the Rashford option very open. Barcelona know the player is very keen to join the club, and Manchester United are very willing to offload him. As much as Flick would appreciate having all his players available as soon as possible in pre-season, the more this saga drags on, the better it will be for the financial aspect at Barcelona. Club sources indicate they will know more precisely the margin they really have to register new signings.

Barcelona have other names on the backburner — all of them for now are behind Diaz and Rashford among the club’s preferences, according to club sources.

The Catalans have asked about Christopher Nkunku’s availability this summer. They see him as an option if they’re unable to conclude a deal for either of their two top candidates.

However, while the player is keen on a move, Chelsea are not open to anything other than a permanent sale at this stage of the window.

Which players could be leaving?

Among the footballers that joined pre-season, Ter Stegen and Pau Victor as two names that Barcelona would be open to selling. While the German goalkeeper’s camp says he is willing to stay and fight for his place, Victor is open to a switch of clubs in order to find regular gametime.

Ter Stegen did not train in the first session of pre-season, Barcelona have confirmed, although they did not say whether he was injured or not.

Pol Ballus

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Do Diaz, Rashford or Nkunku suit Barcelona more?

Diaz remains the top choice for Barcelona’s sporting director Deco. His versatility — equally happy playing through the middle and drifting into midfield as he is out wide — as well as his sharpening instincts in front of goal, means he would fit seamlessly into Barcelona’s front three, interchanging with the dangerous Raphinha off the left.

Rashford can play both roles too, recently outlining his increasing comfort in the No 9 position after an encouraging loan spell at Aston Villa. While he is less likely drop deep and interact with midfielders, he would bring those flickers of individualism through his direct dribbling and ability to strike the ball from distance that can help Barcelona to break down stubborn low blocks.

Nkunku, on the other hand, is more of a poacher, a player who can start off the left, but is ultimately at his most dangerous when he can attack the space in the box.

Thom Harris

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Real Madrid

Has anything happened over the past week?

After Real Madrid were eliminated in the Club World Cup semi-finals against Paris Saint-Germain, the transfer market is back in the spotlight.

An agreement has finally been reached to sign Benfica’s Alvaro Carreras (pending verification of the length of contract) and to pay the €50million (£43.5m/$58.4m) fee in instalments.

After an intense two-month saga, the 22-year-old left-back — who trained in Madrid’s youth academy before moving to Manchester United in 2020 — will be presented on Tuesday at the Valdebebas sports complex.

The departures of legends Luka Modric to Milan and Lucas Vazquez — who has several options open to him, including a move to Europe — have also been confirmed. They will bid farewell to Madrid at an event expected to take place this week.

More departures of young players are expected, but the first to be officially confirmed is that of winger Victor Munoz, who has signed for Osasuna for €6million for 50 per cent of his rights.

Will not reaching the Club World Cup final change Madrid’s plans?

After losing to Barcelona in the most recent La Liga Clasico, the message from Madrid was that a new era was beginning under Xabi Alonso and that three signings would be made: a right-back, a central defender and a left-back.

The club has signed Trent Alexander-Arnold, Dean Huijsen and Carreras, so those first signings considered to be a priority have been completed. But that is not to say this is the end of Madrid’s transfer window.

Xabi Alonso is expected to ask for more reinforcements. He said in a press conference after the match against PSG: “During the World Cup, we have not talked about the composition of the squad, but we always have the idea of improving. There is room for improvement.”

There are also expected to be departures. The Athletic have reported that Brazilian forward Rodrygo is for sale, while the backline could be strengthened should a central defender leave.

But at the moment, there are no indications that anyone from the first team is leaving, except for the Castilla player Jacobo Ramon, who is of interest to Como.

In addition, there are signings that depend more on the moment or the opportunity, as was the case with Franco Mastantuono.

What positions/players are they looking at?

At this point, there are no definite targets, pending further club meetings.

Which players could be leaving?

Apart from Rodrygo, there are many young Madrid players who could leave in the coming weeks. It remains to be seen what decision is taken with Fran Garcia. Although his first idea is to stay and compete with Carreras for a place at left-back, he has interest from several clubs after doing well at the Club World Cup.

Two other players who could leave are midfielders Chema and Mario Martin. Both have many suitors from the Primera Division. In the case of Chema, Levante is one to consider.

Another player to follow in the coming weeks will be Dani Ceballos. The 28-year-old, who began his career at Betis, has left the door open to leave Madrid. He admitted when speaking to local media in Seville that he had not spoken to Betis but that he was open to everything.

Guillermo Rai

(Top image: Designed by Dan Goldfarb / The Athletic; photographs by Harry Langer/DeFodi, Catherine Ivill/AMA via Getty Images)