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

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

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

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

We aim to bring you analysis you can trust about what is happening at Europe’s leading clubs and the latest information we’re hearing from across the market. 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 Manchester United’s plans for the rest of the window. This week, we look at Liverpool’s financial position, a possible new contract for a Chelsea target, and Manchester United’s striker options.

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

Can Liverpool afford Alexander Isak?

The domino effect of football transfers was in full evidence this weekend as, on Sunday afternoon, a deal agreed in Bavaria reverberated in north-east England. Bayern Munich’s imminent signing of Luis Diaz from Liverpool could be a problem for Newcastle United. The Athletic reported this summer that Liverpool were willing to do a deal for Alexander Isak in the region of £120million ($161m).

Bayern’s €75m (£65.6m; $87m) purchase of Diaz might not even cover half of what it would take Liverpool to buy Isak, but it will crystallise a chunky profit on the outgoing Colombian. In turn, that helps Liverpool offset a large amount of cost they’ve committed to in 2025-26 through this summer’s hefty incomings.

Diaz signed from Porto in January 2022 for €45m, and while the total fee could have risen as high as £50m, it only reached £43m. Three and a half years into a five-and-a-half-year deal, Diaz’s book value at Liverpool is down around the £17.5m mark — meaning his sale will turn a profit of £48m.

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Add that to the £30m banked on the sale of Jarell Quansah and, remarkably, they’ve already offset the estimated 2025-26 costs of signing both Florian Wirtz and Hugo Ekitike — including their wages. While transfer fees are spread across contract terms, sales are recognised immediately, meaning clubs can effectively manage short-term needs through efficient selling.

Liverpool have signed Wirtz this summer (Liverpool FC/Liverpool FC via Getty Images)

The Athletic reported in March that Liverpool expected to turn a healthy profit in 2024-25, giving them plenty of headroom under profit and sustainability rules (PSR). With the Quansah and Diaz sales generating around £78m in profit this season, it means the net impact of Liverpool’s activity on their 2025-26 financials is far lower than the headline figures.

More sales could make Liverpool’s transfer activity profitable in this year’s finances. Wider revenues are booming, helping add a profit last season and leaving plenty of scope to splurge even further on Isak, if they choose to. Cash is a different matter, but here again, Liverpool have been carefully managed to allow for spending when they believe it is merited.

That only covers the impact on 2025-26. None of Liverpool’s signings are one-season punts, nor would Isak be; far from it. Sales now won’t do much for future finances, other than getting people off the wage bill.

Liverpool have already committed to huge long-term expenditure this summer, and if they did decide to sign Isak, it would only increase that. But even from this vantage point, there are some easy ways of seeing how it might be funded. Income continues to grow and, in two years, the sizeable new contracts of both Virgil van Dijk and Mohamed Salah will expire. Their departures, in no way guaranteed then but very much a possibility, would reduce future wage bills significantly.

Chris Weatherspoon

David Ornstein’s One To Watch will return next week.

What Else We’re Hearing

Manchester United have narrowed their striker search down to two names — Ollie Watkins and Benjamin Sesko . They had been exploring a deal for Chelsea striker Nicolas Jackson, but have ruled out a move due to the cost. United had held back from Sesko due to the finances required, but talks have now taken place to establish some details around a potential move. The same has occurred for a Watkins deal. Laurie Whitwell

and . They had been exploring a deal for Chelsea striker Nicolas Jackson, but have ruled out a move due to the cost. United had held back from Sesko due to the finances required, but talks have now taken place to establish some details around a potential move. The same has occurred for a Watkins deal. Laurie Whitwell But Sesko is not certain to leave RB Leipzig this summer. When he signed his new contract in 2024, it came with the understanding that if an elite club — by Sesko’s definition — offered somewhere within the region of €80m to €90m, Leipzig would allow him to leave. That remains the case now. But Leipzig are under no financial pressure to sell, despite missing out on European football next season. They are seeking around €100m of sales revenue this summer to balance the cost of signings already made, but with Xavi Simons potentially leaving for up to €70m, they could hit that figure by selling a less valuable player than Sesko. For his part, Sesko is also not against spending a further year in Leipzig and has trained well during the club’s pre-season camp in the Black Forest. Sebastian Stafford-Bloor

is not certain to leave RB Leipzig this summer. When he signed his new contract in 2024, it came with the understanding that if an elite club — by Sesko’s definition — offered somewhere within the region of €80m to €90m, Leipzig would allow him to leave. That remains the case now. But Leipzig are under no financial pressure to sell, despite missing out on European football next season. They are seeking around €100m of sales revenue this summer to balance the cost of signings already made, but with potentially leaving for up to €70m, they could hit that figure by selling a less valuable player than Sesko. For his part, Sesko is also not against spending a further year in Leipzig and has trained well during the club’s pre-season camp in the Black Forest. Sebastian Stafford-Bloor Aston Villa intend to offer Morgan Rogers a new contract to reflect his status as a key player at Villa Park. Rogers has interested other sides in the Premier League, including Chelsea, this summer. Villa have outlined their desire to renew Rogers’ deal — which still has five years left to run after signing an extension in November 2024 — with discussions in preliminary stages. Villa do not want to lose the 23-year-old, who made his senior England debut last year. Jacob Tanswell and Simon Johnson

a new contract to reflect his status as a key player at Villa Park. Rogers has interested other sides in the Premier League, including Chelsea, this summer. Villa have outlined their desire to renew Rogers’ deal — which still has five years left to run after signing an extension in November 2024 — with discussions in preliminary stages. Villa do not want to lose the 23-year-old, who made his senior England debut last year. Jacob Tanswell and Simon Johnson Chelsea are in discussions with RB Leipzig over Simons . The 22-year-old played 25 Bundesliga games last season, scoring 10 goals and providing six assists. Sebastian Stafford-Bloor

. The 22-year-old played 25 Bundesliga games last season, scoring 10 goals and providing six assists. Sebastian Stafford-Bloor Newcastle United are working on a deal to sign Southampton goalkeeper Aaron Ramsdale . Newcastle have made an offer for an initial loan with an option to buy. Talks are ongoing between the clubs, with no agreement yet. Southampton would consider a straight sale, a loan move with a significant loan fee and purchase price, or Ramsdale remaining at the club next season. David Ornstein

. Newcastle have made an offer for an initial loan with an option to buy. Talks are ongoing between the clubs, with no agreement yet. Southampton would consider a straight sale, a loan move with a significant loan fee and purchase price, or Ramsdale remaining at the club next season. David Ornstein Girona have made an approach for Aston Villa left-back Alex Moreno. The parameters of the deal are still to be worked out, with a loan and permanent transfer being discussed. Moreno is open to the possibility after being left out of Villa’s pre-season tour to the United States, allowing him time to secure a move elsewhere. The 32-year-old spent last season on loan at Nottingham Forest but barely played, and has Lucas Digne and Ian Maatsen in front of him at Villa. Jacob Tanswell

Moreno spent last season on loan at Forest (John Walton/PA Images via Getty Images)

Luis Diaz said his goodbyes to Liverpool players and staff before leaving their training camp in Tokyo on Monday night to fly to Germany to undergo a medical and complete the formalities of his €75m move to Bayern Munich. Diaz, who had two years left on his Liverpool contract, made it clear he wanted to leave Anfield this summer. James Pearce

said his goodbyes to Liverpool players and staff before leaving their training camp in Tokyo on Monday night to fly to Germany to undergo a medical and complete the formalities of his €75m move to Bayern Munich. Diaz, who had two years left on his Liverpool contract, made it clear he wanted to leave Anfield this summer. James Pearce Real Oviedo are still in talks with former Milan and Real Madrid player Luka Jovic . The 27-year-old Serbian striker would join the promoted La Liga team as a free agent, but the main obstacle is his high salary. According to people familiar with the negotiations, Oviedo has offered a figure that is already high for them, but the player wants more at the moment. However, all parties believe that the signing can be made, but it will have to fit within La Liga’s salary cap. Head coach Veljko Paunovic is the driving force behind the signing because he already worked with Jovic in the Serbian national team’s youth ranks. Guillermo Rai

. The 27-year-old Serbian striker would join the promoted La Liga team as a free agent, but the main obstacle is his high salary. According to people familiar with the negotiations, Oviedo has offered a figure that is already high for them, but the player wants more at the moment. However, all parties believe that the signing can be made, but it will have to fit within La Liga’s salary cap. Head coach Veljko Paunovic is the driving force behind the signing because he already worked with Jovic in the Serbian national team’s youth ranks. Guillermo Rai Miguel Gutierrez has decided that he wants to leave Girona this summer. Real Madrid own 50 per cent of the left-back’s rights, who has a €35m release clause, but the player is considering other options in Germany, England, and Italy. Before making the move, Gutierrez has decided to change representation to agent Manolo Garcia Quilon, who represents Theo Hernandez and Lucas Hernandez, among others. Despite his recent ankle surgery, his camp believes now is the time to leave after three years at Girona. Guillermo Rai

Arsenal

What happened this week?

Arsenal finally landed Viktor Gyokeres for a €63.5m fixed fee, with a further €10m possible in potential add-ons, signing a five-year contract.

The 27-year-old Sweden international is now flying out to join the Arsenal squad for the second leg of their pre-season tour in Hong Kong.

After Gyokeres, will Arsenal go for any other major signings?

That remains to be seen. Gyokeres is Arsenal’s sixth signing of the summer transfer window — they have already done a considerable amount of business. Arsenal are delighted with the acquisitions they’ve made and how early they’ve been able to complete the deals.

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Naturally, there will be a focus on sales now. Arsenal want to recoup some revenue to help balance the books and grant them continued flexibility in future windows.

They remain attentive to any opportunities, however, and business will not close until the window is over. “We are constantly looking in the market,” Arteta said this week in Singapore.

Arsenal have completed Gyokeres’ signing (Maciej Rogowski/Eurasia Sport Images/Getty Images)

What positions/players are they still looking at?

Arsenal retain an interest in Crystal Palace’s Eberechi Eze. The England international has many admirers at Arsenal and would be keen to move to north London. In theory, it looks like a straightforward deal: Eze has a release clause in his contract worth in excess of £60m.

Arsenal have, however, had reservations about paying the full clause for a player who turned 27 last month. If Crystal Palace were to drop the price in the remaining weeks of the window, Arsenal would be keen to proceed. Naturally, sales would also give any pursuit of Eze a considerable boost.

A new contract for Ethan Nwaneri reduces the urgency of Arsenal’s Eze pursuit, but does not appear to have ended it entirely.

Which players could be leaving?

Arsenal and Fulham are in talks over a deal for Reiss Nelson. Discussions between the clubs centre on either a loan deal with an option to buy, which would include a significant fee, or a permanent transfer. The Athletic reported in the Transfer Dealsheet on June 10 that Fulham were interested in another move for Nelson after the 25-year-old spent last season at Craven Cottage.

There are several other players on the fringes of the first-team squad who could be allowed to leave, such as Oleksandr Zinchenko, Albert Sambi Lokonga, Fabio Vieira, and Karl Hein.

If Arsenal can bring in a wide attacker, they may be willing to listen to offers for either Gabriel Martinelli or Leandro Trossard.

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In Trossard’s case, Arsenal had been in talks about a contract renegotiation. This would have seen the Belgian pick up an improved salary, without extending his deal beyond its current expiry date of 2027.

At the moment, that contract remains unsigned, as Trossard and his new representatives wait to see what opportunities the market brings. The difficulty comes if the interest arrives too late. In September 2024, Arsenal fielded a late enquiry for Trossard from Saudi Pro League club Al Ittihad, but the offer came too late for Arsenal to source a replacement, so it was rejected.

James McNicholas

Chelsea

What happened this week?

Chelsea went a significant step closer to selling one of the players they want to move on, Joao Felix.

The Transfer DealSheet revealed last week that the club’s asking price was €50m (including add-ons) and they have managed to secure that with Saudi Pro League side Al Nassr. An agreement was reached on Sunday, which will see Al Nassr pay an initial fee of €30m, and the transfer should be completed soon.

On Monday, The Athletic revealed that Chelsea are on the verge of finalising a fee with Ajax for Netherlands defender Jorrel Hato. It is going to cost more than €40m for the 19-year-old to go to Stamford Bridge. The player has already agreed personal terms.

Meanwhile, goalkeeper Mike Penders has officially joined Strasbourg on a season-long loan. The 19-year-old completed a switch from Genk to Chelsea, a deal that was made last summer, in June. He is going to be Strasbourg’s first choice in 2025-26.

Chelsea have agreed a deal with Al Nassr to sell Joao Felix (Marco Luzzani/Getty Images)

Are Simons and Hato priorities or do they have other options?

Jorrel Hato and Xavi Simons have become the main focus.

However, that does not mean Chelsea’s spending is over this summer. The club’s stance has been consistent since acquiring Liam Delap, Jamie Gittens and Joao Pedro — that more players could arrive if others are sold.

Chelsea continue to work on that front as well and expect several more departures, which will raise significant revenue. They are certainly in the market for someone else to add to their attacking options.

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What positions/players are they still looking at?

There have been two consistent names on the wishlist for the attacking areas for a long time — Manchester United’s Alejandro Garnacho and Aston Villa’s Morgan Rogers.

Garnacho is the easier of the pair to acquire because Manchester United want to sell him, whereas Aston Villa, as explained above, want to hand Rogers a new contract. The different scenarios should mean Garnacho will be cheaper to buy, too.

Yet Chelsea would not have maintained their interest in the 23-year-old this long if they felt there was no chance of him coming.

Garnacho is on Chelsea’s wishlist (Ben Roberts Photo/Getty Images)

Which players could be leaving?

There are still plenty of players that could leave Chelsea before the deadline, but some might be easier to move on than others. For example, just like 12 months ago, Chelsea are struggling to offload England international Ben Chilwell. No club has come in for the left-back yet.

Chelsea have set the asking price for Albania striker Armando Broja at £25million. The Transfer DealSheet revealed last month that Stuttgart and Leipzig are among the clubs interested.

Several Premier League clubs have enquired about Kiernan Dewsbury-Hall. Chelsea will only consider a permanent sale and will demand a fee of £30m — the fee they paid Leicester City for the midfielder last year.

Fulham are considering making a move for Raheem Sterling. Chelsea do not want to loan him out again and are looking for around £20m.

Nicolas Jackson is not ‘up for sale’ as such, but could go if they get a big enough offer.

As reported last week, Christopher Nkunku will leave if a team pays €50m. Renato Veiga, valued at €40m, is wanted by multiple Champions League teams.

Meanwhile, Kendry Paez is expected to complete a season-long loan move to Strasbourg. He will take up the last of the three slots available as defender Mamadou Sarr and goalkeeper Penders have already gone there to play in the 2025-26 campaign.

Simon Johnson

What role would Hato play for Chelsea?

Marc Cucurella led the Chelsea squad in minutes played across all competitions last season, and the lack of a natural alternative to him on the left side of defence exposes a thinner area of Enzo Maresca’s expensively assembled squad.

Malo Gusto has been deployed at left-back, but is more comfortable on the right. Veiga was slated to be Cucurella’s long-term understudy, but struggled to win Maresca’s trust before pushing to go on loan to Juventus in January. With the Portugal international expected to depart permanently this summer, there is plenty of space for Hato to walk into.

Hato would have opportunities for Chelsea (Srdjan Stevanovic/Getty Images)

Despite being a very different physical profile from Cucurella (he stands at 6ft/182cm tall), Hato also possesses a remarkable number of similar qualities. As a left-back, he can overlap into crossing areas, invert into midfield to help his team control the middle of the pitch, or drive into the final third, where he is a more polished finisher than most defenders.

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Hato can also provide a quality option at centre-back. His versatility is impressive, and he has registered 100 professional appearances despite only turning 19 in March.

Liam Twomey

Liverpool

What happened this week?

Liverpool bedded new signing Hugo Ekitike into the squad and permitted Luis Diaz to leave the pre-season tour as he finalises a €75m move to Bayern Munich.

The front-line revamp may still have one major twist as striker target Alexander Isak told Newcastle United he wants to explore an exit this summer.

Liverpool are interested in signing Isak, but also know they must fix up a move for Darwin Nunez after already spending close to £300m on transfers since the end of the season.

Sourcing a direct replacement for Diaz is not expected, as Cody Gakpo will play more often, with Rio Ngumoha, who turns 17 in August, providing added competition.

Ngumoha is expected to provide competition (Nikki Dyer – LFC/Liverpool FC via Getty Images)

Is Slot trying to fit two strikers into his system?

Not necessarily, but he wants plenty of options to call on as Liverpool defend their Premier League title and look to progress further in the Champions League. While Ekitike and Isak prefer to play as central strikers, they’re also multi-functional and can play in different systems and formations.

Liverpool know that Isak is tried and tested in the Premier League, but they believe Ekitike has the potential to progress in the years ahead. With record signing Florian Wirtz adding to the attacking options alongside Gakpo and Mohamed Salah, Slot could have a wealth of talent to call on.

What positions/players are they still looking at?

There’s still a shortage at centre-back following Jarell Quansah’s move to Bayer Leverkusen and an injury to Joe Gomez.

It means Virgil van Dijk and Ibrahima Konate are the only available centre-backs, with midfielders Ryan Gravenberch and Wataru Endo providing cover.

Ideally, Liverpool would like a young centre-back who has the potential to develop in the future. Crystal Palace centre-back Marc Guehi is admired as he heads into the final year of his contract.

Liverpool admire Guehi (Adrian Dennis/AFP via Getty Images)

Which players could be leaving?

As well as Nunez and Federico Chiesa, the future remains uncertain for Harvey Elliott, Tyler Morton, and Ben Doak.

Competition for places in the attacking areas is at an all-time high, so exits are expected.

With Milos Kerkez signing as the new left-back, either Konstantinos Tsimikas or Andy Robertson will explore opportunities to play regularly elsewhere.

Gregg Evans

Manchester City

What happened this week?

Manchester City agreed to pay a British record fee for a goalkeeper to secure the return of former academy player James Trafford.

The 22-year-old was sold to Burnley in 2023 for an initial £15m, potentially rising to £19m, but City used a matching clause they inserted in his contract by rivalling Newcastle’s offer of £27m.

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Trafford ultimately chose the Etihad over St James’ Park and will sign a five-year contract, plus the option of an additional year.

The total package surpasses the £30m Everton paid Sunderland to sign Jordan Pickford in 2017.

City have agreed a deal for Trafford (Matt McNulty/Getty Images)

What role will Trafford have?

It was expected that City would only add another goalkeeper if and when one of Ederson or Stefan Ortega left, but their plans changed and Trafford was brought in beforehand.

With Marcus Bettinelli also joining from Chelsea this summer, it means City now have four senior options, which means one of Ederson or Ortega is expected to leave.

Trafford has publicly stated many times that he wants to be No 1, but the question is whether this will happen straight away or whether he will be gradually eased into the role this season before being given the responsibility next year when Ederson and Ortega are out of contract.

City would be open to parting ways with Ortega if the right offer arrived.

What positions/players are they still looking at?

City have done the vast majority of their business early, following a busy January refresh that already addressed some of the positions they needed to add.

It helped lower the average age of the squad, so the only area where City could realistically add is at right-back, but they will be more reactive for the remainder of the market.

City have already done a lot of business across January and the summer windows (Patricia de Melo Moreira/AFP via Getty Images)

Which players could be leaving?

In addition to the goalkeepers, Jack Grealish, Kalvin Phillips and James McAtee are expected to find new homes this summer.

There remains uncertainty on which other senior players could depart to satisfy Pep Guardiola’s wish for a smaller squad. The addition of Trafford takes them to 33 players.

Celtic are targeting City’s 19-year-old defender Jahmai Simpson-Pusey for a loan. Simpson-Pusey captained City’s under-21s to the Premier League 2 title last season — and was named the division’s player of the season.

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Defender Max Alleyne is in talks to extend his contract at Manchester City before embarking on his first loan. The 20-year-old has been training with Guardiola’s first-team for some time, with earning a spot in the first-team squad an ambition for next year.

He won Elite Development Squad player of the year last season, but needs the exposure of playing senior football, which is why a loan move is expected. He only has two years remaining on the professional deal he signed in 2022 after joining from Southampton the year prior.

There could be a permanent exit for a City academy defender further along in his development.

After spending the last four years on loan, Callum Doyle is available on a permanent deal this summer. The 21-year-old has two years left on his deal, but he and City have agreed that it is now time for him to find a place to settle with no route to the first team.

He has played more than 100 games in the second tier at Sunderland, Coventry City, Leicester City and Norwich City. City will be looking for up to £10m after the big sales of fellow centre-backs Taylor Harwood-Bellis and Shea Charles to Southampton in recent years.

Bundesliga club Hoffenheim had a bid rejected earlier in the window, and it could now be that a top-end Championship side takes Doyle on loan again with an option or obligation to buy.

Jordan Campbell

Is Trafford ready for the top end of the Premier League?

Trafford’s game has improved since his first stint in the Premier League back in 2023-24.

Back then, Vincent Kompany’s Burnley struggled to replicate the building out from the back that saw them secure promotion from the Championship at a canter. Trafford faced 15.4 shots per 90 across his 28 games while conceding over five goals more than expected (62 conceded from an expected goals on target of 54.5).

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Scott Parker’s 2024-25 Burnley side relied far more on a resolute defence, with Trafford facing only 9.4 shots per 90, including just 2.4 per 90 on target. While having a better defence in front of him helped, the 22-year-old’s shots faced map below shows that he made several great saves close to either corner of the goal and conceded 11 goals fewer than expected based on the quality of shots he faced.

Trafford’s distribution improved, too, and he showed flashes of his short-passing potential, even with Parker opting for a more direct approach than Kompany.

Manchester City will hope that improvement continues. While there are understandable concerns over his readiness for the Premier League, if City keep Ederson or Ortega, it will allow him to develop without being thrown straight in at the deep end, if necessary.

Anantaajith Raghuraman

Manchester United

What happened this week?

United narrowed their striker search to two names — Ollie Watkins and Benjamin Sesko. They had been exploring a deal for Nicolas Jackson but have ruled out a move for the Chelsea striker due to the cost.

Sesko was an option United had held back from advancing, also due to the finances required, but talks have taken place to establish some details around a move. The same has occurred with Watkins.

United are still to determine who to pursue, although Ruben Amorim did confirm the Premier League experience of Matheus Cunha and Bryan Mbeumo influenced their signings. “You watch Matheus every weekend doing things against the players that you are going to face,” Amorim said. “That can help you to have more certainty when you choose players.”

United proposed a loan move for Aston Villa No 1 Emiliano Martinez, which was immediately rejected. Radek Vitek, United’s 21-year-old goalkeeper, signed a new contract and went on loan to Bristol City.

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United missed out on two academy prospects they had presented proposals to and been hopeful of signing. Seth Ridgeon recommitted to Fulham while Tyrese Noubissie chose to join Strasbourg after leaving Manchester City. Both are 16-year-old midfielders who were invited to United facilities as part of the process.

Watkins is one of United’s two options (Alex Livesey/Getty Images)

Are United now limited financially on further signings?

The signings of Cunha and Mbeumo were within United’s capabilities, but sales will be a major focus so that funds can be used to reshape Amorim’s team in more positions.

Amorim has gone on record as insisting there will be no firesale of outcasts come deadline day, with United executives having prices in mind for the two most valuable players, Alejandro Garnacho and Antony. “If they (suitors) don’t reach that number, they will be Manchester United players, no doubts about that,” Amorim said. “Clubs are maybe waiting for the last minute, but they can have surprises. And I’m ready to receive the players.”

What positions/players are they still looking at?

As outlined, a new striker is a possibility, while in the background, the search is on for a mobile midfielder — albeit the balance sheet is a factor.

United have looked at goalkeepers, but there is no sign Andre Onana will go, so that parks an arrival in that position, unless Altay Bayindir leaves.

United are effectively ruling out a move for Villa’s Martinez. They have been told he can only leave on a permanent deal and the cost is not something United will entertain.

There is no sign that Onana will go (Stu Forster/Getty Images)

Which players could be leaving?

Garnacho continues to wait for Chelsea, who have been interested in the winger. There is plenty of interest in Antony, but nothing advanced. The striker pursuits continue to place Rasmus Hojlund’s future in doubt.

Jadon Sancho has interest from Italy, but Juventus are not thought to be a genuine possibility at this stage.

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Toby Collyer might go out on loan. Several clubs are taking a look. “First and foremost, I want to be here, play as many games for Manchester United as possible,” Collyer said. “I’ll sit down with the manager and higher-ups and see what’s the best solution for that, to develop, whether it’s stay here or go on loan.”

Laurie Whitwell

Newcastle United

What happened this week?

Unless any Newcastle fan has been sleeping under a rock, they do not need reminding that Alexander Isak did not travel with the team for their pre-season tour of east Asia.

The club’s official reasoning for Isak’s absence was a minor thigh injury, though The Athletic reported that the striker’s preference was not to travel given the uncertainty over his future. Liverpool communicated a willingness to pay £120m for the Sweden international this month, though Newcastle continue to insist he is not for sale.

Eddie Howe confirmed following Sunday’s 3-2 defeat against Arsenal in Singapore that there is “no chance” of Isak joining the squad in South Korea. Newcastle insisted last week that a long-haul flight would not aid Isak’s recovery, though the player also does not want to be on this tour.

The head coach also stressed that Newcastle are “not deluded” about their need for reinforcements, especially up front, yet they have suffered another frustrating week in the market at senior level.

James Trafford chose to rejoin Manchester City. Talks with Brentford over Yoane Wissa have continued, too, though the two clubs have not reached an agreement, and the deal risks becoming protracted.

When it comes to youth prospects, Newcastle have fared better this summer. They completed the signing of Park Seung-soo, the 18-year-old winger, from K League 2 club Suwon Bluewings. Park is on Newcastle’s pre-season tour and will return to his home country of South Korea with his new club, though the expected plan is for the winger to be loaned out this season rather than join the first team.

The Athletic also reported that Newcastle are expected to choose Ross Wilson, Nottingham Forest’s chief football officer, as their preferred candidate for the vacant sporting director role.

Isak has not travelled for Newcastle’s pre-season tour (George Wood/Getty Images)

If Newcastle lose Isak, do they need two strikers?

Yes, without doubt.

Their lack of firepower has been evident during their opening two friendlies, when Will Osula, 21, has led the line (and played the most minutes of any Newcastle player during pre-season) and then been replaced by Sean Neave, the 18-year-old academy graduate who is yet to make a competitive appearance. Both are promising talents, but neither is battle-hardened or clinical enough to regularly start once the season begins, nor would it be fair on either if they were placed in that position.

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Newcastle view Wissa as Callum Wilson’s successor, rather than a replacement for Isak — and that has been communicated during as-of-yet fruitless negotiations — and the club were already seeking a forward before the uncertainty surrounding their star striker spilt out into the public. Liam Delap, Joao Pedro and Hugo Ekitike were targets, but all three opted to move elsewhere.

If Wissa joins and Isak leaves, then Newcastle would look to sign a replacement and, as reported by The Athletic, RB Leipzig’s Benjamin Sesko is a player they have long admired (and attempted to sign before Isak during the summer of 2022).

Other strikers, based in the Premier League and across Europe, are also being assessed. Isak himself cannot be replaced like-for-like, but should he depart, then Newcastle must work out how best to reinvest the substantial fee the Sweden international will have commanded.

Ideally, Newcastle would want Isak’s replacement before he departed, but that is appearing difficult.

What positions/players are they still looking at?

Goalkeeper, centre-back, and a forward to replace Callum Wilson are the priority positions, while a midfielder to replace Sean Longstaff, who left for Leeds United earlier this month, would also ideally be recruited.

Having failed to sign Trafford, Newcastle are now working on a deal to sign Southampton goalkeeper Aaron Ramsdale. They have made an offer for an initial loan with an option to buy. Talks are ongoing between the clubs, but there is no agreement yet. Howe would prefer to refresh his goalkeeper department with the right player.

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 and Marseille’s Leonardo Balerdi have also featured during transfer discussions.

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While their long-term need for a new right-sided centre-back is acute, Newcastle have struggled to find an available option of suitable quality.

Which players could be leaving?

Aside from Isak — who the club insist is still “not for sale”, even if the possibility of the striker remaining appears far from certain — the consistent and firm message has been that Newcastle will rebuff interest in Sandro Tonali, Bruno Guimaraes, Anthony Gordon and Tino Livramento.

Odysseas Vlachodimos is available, most likely for a loan. Newcastle paid £20m for the Greece international, so selling him for a cut-price fee would have ramifications on their calculations for PSR. Real Betis are among the clubs interested in the 31-year-old. Newcastle would likely need to cover a significant portion of Vlachodimos’ wages if he were loaned out.

Martin Dubravka had been expected to leave and may still do so, though if Newcastle do not sign another goalkeeper, such as Ramsdale, the Slovakia international is likely to stay. He was not in Singapore for the first leg of Newcastle’s pre-season tour but will join his team-mates in South Korea.

Matt Targett is available, as is Isaac Hayden, whose deal expires next summer.

Harrison Ashby, the 23-year-old right-back who came on against Arsenal on Sunday, is also likely to leave, either on another loan or potentially even permanently.

Chris Waugh

Tottenham Hotspur

What happened this week?

The big news came over the weekend when Morgan Gibbs-White signed a new contract at Nottingham Forest, ending Tottenham’s hopes of signing the England international midfielder. Spurs had moved to sign Gibbs-White two weeks ago, and it briefly felt as if a move was imminent, but now that Gibbs-White has committed his future to Forest, Spurs will have to look elsewhere.

The only signing Spurs announced last week was 16-year-old Oliver Boast, who has joined the academy from Leeds United. Ashley Phillips returned to Stoke City on loan.

Away from signings, Tottenham played two friendlies on Saturday, against Wycombe Wanderers and Luton Town, drawing both of them. Thomas Frank’s squad have now flown out to Hong Kong for the first leg of their summer tour.

Gibbs-White has signed a new deal with Forest (Ed Sykes/Getty Images)

Would losing Son hurt Spurs on the pitch?

The Athletic reported this week that MLS side LAFC are working hard on a deal to bring Son Heung-min to Los Angeles during this summer window. There has been a feeling ever since the end of last season that this could be the perfect time for him to bow out, having lifted the Europa League trophy at the end of May.

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Son has captained Spurs during pre-season and is on the pre-season tour to Hong Kong and South Korea. Tottenham have not received any bids for him but if that does happen, it would be a deeply significant moment, given how good and how popular Son has been over his 10 years at Spurs.

They would miss him in many ways — for his leadership, for his global profile — but also on the pitch, where he is still a sharp finisher even if he has lost some of his speed in recent seasons.

What positions/players are they still looking at?

After the collapse of the proposed move for Gibbs-White, do Spurs go for another creative midfielder or focus on other positions?

They have been thinking about adding to the No 6 position, where Spurs have struggled in recent years. Christian Norgaard, so important to Frank’s Brentford team, has already gone to Arsenal. Tottenham are considering a move for Joao Palhinha, the former Fulham midfielder who is now at Bayern Munich. He is available for a move this summer, but Spurs’ would prefer a loan rather than a permanent deal.

Then there is the left side of defence, which has needed reinforcements for some time. Kyle Walker-Peters has signed for West Ham United. There have been reports in Spain linking Spurs with Real Madrid’s Rodrygo, but that is not a position that Tottenham are focusing on.

Which players could be leaving?

Son is still the highest-profile potential departure, and it remains to be seen what will happen with him when the Spurs squad returns from their Asia tour in August.

Cristian Romero, who has been linked with a move to Atletico Madrid, now looks likelier to stay, with Atletico turning their attentions elsewhere. Some senior players could plausibly leave this summer, depending on the market for them, such as Richarlison or Yves Bissouma.

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And then there are the youngsters who have been allowed to miss the tour while they pursue potential loan moves this summer: Mikey Moore, Alfie Devine and Dane Scarlett. Do not be surprised if they leave.

Jack Pitt-Brooke

Barcelona

What happened this week?

Barcelona announced the signing of Marcus Rashford, who joined Barcelona on a season-long loan. The Englishman has trained with Hansi Flick’s men since last Monday, even before his signing was announced, and then travelled with the rest of the team to their pre-season tour in Japan and South Korea.

They played their first game of that tour on Sunday, a 3-1 win against Japanese side Vissel Kobe. Rashford made his debut, registering around 30 minutes. Eric Garcia, Roony Bardghji and Dro Fernandez scored the goals, with the two last names taking all the spotlight.

That game belied all the turmoil that took place before the start of the pre-season tour, which at some point last week looked to be at risk of not happening.

On Thursday, Barcelona announced that they would not be travelling to Japan as they had not received all the money they were due for the tour. One day later, after multiple statements from the companies promoting the tour and Rakuten stepping in, Barcelona’s first team travelled to Japan.

There was also news about Marc-Andre ter Stegen. The goalkeeper confirmed on Thursday that he will have to undergo surgery to solve a back injury, which will rule him out, according to the player himself, for around three months.

This will surely have an impact on Ter Stegen’s transfer situation this summer, when Barcelona were hoping to offload him to have salary room to register other players.

Barcelona confirmed the sale of Pau Victor to SC Braga for €12m, plus €3m in add-ons, which was exclusively revealed by The Athletic last Thursday.

Rashford has joined Barcelona on loan (David Ramos/Getty Images)

If Barcelona had missed the Japan tour, would that have been bad financially?

As The Athletic reported last week, Barcelona had received, by Thursday, €10m out of the €15m they were expecting to get for their pre-season tour.

Financially, it would not have been great news, but sources in the club say it would not have been a catastrophe by any means. This was money that could have been recouped in some other ways throughout the summer, the same sources say.

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They admit it was certainly a bad look from the outside from the organisational perspective, and not an ideal way for Flick’s team to conduct their pre-season. The exchange of statements was chaotic. But, in the end, it was all resolved.

What positions/players are they still looking at?

According to Joan Laporta, who spoke to Mundo Deportivo last week, no further signings should be expected after Rashford’s arrival.

Barcelona have two options in pretty much every position, and the feeling inside the club is that they have improved the squad they had from last season.

Which players could be leaving?

There are a couple of names. The first one is Oriol Romeu. Yes, Romeu is still on Barcelona’s payroll after rejoining his boyhood club in 2023. However, he did not travel to the pre-season tour with the rest of the team as he is expected to resolve his future in the coming days. The midfielder and the club are discussing the terms of a contract termination, which would allow Romeu to join any other club on a free transfer.

Then there is Inaki Pena. The 26-year-old goalkeeper is in Asia with the first team, but he is expected to leave Barcelona before the end of the summer. Funnily enough, with Ter Stegen’s injury, he is the only fully registered goalkeeper that Flick has in his squad.

Other names to keep in mind in that regard are Hector Fort, who did not feature in the first pre-season game and has seen Eric Garcia taking over from him as a right-back option. The 18-year-old could leave on loan, looking for more first-team action.

Finally, there have been enquiries coming from La Liga clubs for the academy talent Jan Virgili. The 19-year-old joined Flick’s men at the start of pre-season, but has now returned to Barcelona Atletic.

No other major departures are expected right now.

Pol Ballus

Real Madrid

What happened this week?

Not much — and it is expected to continue that way unless there is any major progress in player exits.

Real Madrid have 23 first-team players currently registered on La Liga’s official website, with new signing Franco Mastantuono (who will join when he turns 18 in August) still to be added.

That means there is only one spot left in their senior squad, which could go to Club World Cup breakout star Gonzalo Garcia. But there is still no final decision on the 21-year-old’s future at the club.

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Endrick’s return to the side would see Gonzalo’s playing time reduced. The Brazilian has always planned to stay but suffered an injury relapse earlier this month, which will keep him sidelined until September, further complicating any departure.

While there are rumours about Vinicius Junior’s future, people close to the player insist they have not received any approach from Saudi Arabia recently and that he will be staying this season.

Reports in English and Spanish outlets have suggested there could be a bid for Manchester City’s Ballon d’Or-winning midfielder Rodri, but the club are not considering a move this summer. He has just recovered from a serious knee injury, while his age (29) and contract with City until 2027 mean the board is not actively working on a deal for him.

Meanwhile, the club continues to cash in on its youth players. They have sold centre-back Jacobo Ramon and midfielder Chema Andres to Como and Stuttgart while retaining 50 per cent sell-on clauses on both for a combined total of around €6m. They have also retained a right of first refusal and buy-back clauses for the coming years on both players. The 21-year-old midfielder Mario Martin’s exit to Getafe on loan with an option to buy is also expected to be made official in the next few days. As my colleague Guillermo Rai reports, Brazilian side Botafogo, managed by ex-Madrid assistant Davide Ancelotti, had shown interest, but the deal did not progress due to financial reasons.

Ramon has joined Como (Angel Martinez/Getty Images)

Are Madrid keen to sell Rodrygo?

Yes. As revealed by The Athletic in early July, both the board and Xabi Alonso will not stand in his way if a fair offer comes in for Rodrygo.

Arsenal held talks with the player’s entourage but wanted to strengthen in other positions, especially at centre-forward. Gabriel Martinelli or Leandro Trossard would most likely have to leave for there to be any chance of a deal.

Paris Saint-Germain have denied they have any interest in Rodrygo, and there is nothing serious with Liverpool at this point. The priority at Anfield is to continue strengthening the attack with Newcastle striker Alexander Isak.

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Despite reports in Spain, Tottenham are not looking at players in Rodrygo’s position, and he would not be interested in a move there.

What positions/players are they still looking at?

Alonso wants more signings and the club has compiled reports on several players in different positions in case of departures, although no concrete targets are known for now.

Which players could be leaving?

Madrid would like to offload David Alaba and Ferland Mendy, but both are under contract and have shown no signs of being open to an exit. As my colleague Guillermo Rai reports, voices within Mendy’s camp say he is not afraid of the competition at left-back — where Madrid have brought in Alvaro Carreras for €50m — and that they think he can be a better option than Fran Garcia if he stays free of injury.

Goalkeeper Andriy Lunin continues to insist to those close to him that he wants to stay and fight for the No 1 position with Thibaut Courtois.

A lot of media talk recently has centred on Dani Ceballos, but his departure is unlikely for financial reasons. The club do not want to sell the 28-year-old midfielder for less than their valuation of him, and few teams in Spain could afford to pay what Madrid would ask for him (which was around €15m last summer) and his salary (around €4.5m net).

The Athletic has reported that Brazilian midfielder Reinier Jesus is training with the reserve team, Castilla, while talks are expected in the next month as the 23-year-old’s agents look to find a way out for him. Reinier signed from Flamengo for €30m in 2020 but has yet to make his debut with the first team after four separate loans. His contract expires in 2026, and Brazilian teams, including his old side Flamengo and Atletico Mineiro, have shown interest, with the latter in the lead.

Mario Cortegana

(Top photos: Neville Williams/Aston Villa FC via Getty Images; Ulrik Pedersen/NurPhoto; Robbie Jay Barratt – AMA/Getty Images; design: Eamonn Dalton)

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