In the Premier League, deals involving Antoine Semenyo and Brennan Johnson are leading the way. Manchester City are preparing to seal a £65 million move for the Bournemouth winger, while Johnson has been given permission to leave Tottenham, with Crystal Palace waiting to complete a deal.
City could become one of the most intriguing clubs in the market as they sense an opportunity to reclaim the Premier League title from Liverpool. They are also exploring options in both defence and midfield, and sources believe a surprise signing could yet emerge.
Spurs will also be busy, with a keen eye on fringe players at Etihad Stadium. Savinho, Omar Marmoush and Oscar Bobb are all among their targets as they look to add an attacking piece that can give Thomas Frank a new edge following a slow and inconsistent start to the season.
Tottenham’s list of targets is long. The names of Yan Diomande and Maghnes Akliouche are also intriguing as they search for an exciting addition - and they have money to spend.
Manchester United, meanwhile, also have funds available but are struggling to spend them effectively. They are keen to sign a central midfielder, but Adam Wharton and Elliot Anderson are currently unattainable, and interest in Carlos Baleba has cooled for now. A centre-back and another attacking option are both being considered as the month begins.
Reigning champions Liverpool spent heavily at the start of the season and are only now beginning to see those signings settle. If Mohamed Salah were to leave, they would look for a replacement, but at present it is believed he will stay. There is, however, an expectation among insiders that Liverpool look to sign a centre-back.
League leaders Arsenal are not relying on January business to shape their season, but they remain open to opportunities that could help deliver a first Premier League title in 22 years. Some sources believe a new left-winger would be tempting, while others think a more defensively minded addition is more likely.
Meanwhile, Chelsea are open to strengthening in two areas - defence and central midfield - but there is also some uncertainty surrounding Enzo Maresca’s future as head coach.
Aston Villa have had a great run of form and may now look to sign a new attacker that helps cement a challenge for the top four… and perhaps even an unlikely title tilt.
Several major player situations need resolving - led by the futures of Kobbie Mainoo and Joshua Zirkzee at Manchester United. Nathan Ake is likely to leave Manchester City, while Raheem Sterling and Chelsea teammate Axel Disasi are going to move on.
Ruben Neves, Conor Gallagher, Artem Dovbyk and Karim Adeyemi are among high-profile names from outside the Premier League who could yet arrive at new English clubs.
This January transfer window may only last four weeks, but it promises to be dramatic.
