Liverpool has already brought in the likes of Florian Wirtz and Hugo Ekitike this summer, and Premier League clubs have smashed yet more transfer records, but the biggest deal of the window could be yet to come.
Alexander Isak, should the Reds make an improved offer that is accepted for the Swede, has been the saga of the last few weeks, rumbling on seemingly without a conclusion. One way or another, though, we are about to discover where his immediate future lies.
Isak didn't travel to Asia for Newcastle's pre-season tour. He was then made to train separately from his teammates and ended up putting out a statement insisting promises made to him had been broken.
Now, the Daily Telegraph has reported that Newcastle would consider letting Isak go for a fee of around $175 million (£130 million), which is some climbdown from not even being prepared to discuss a potential departure.
The clock is ticking, but Liverpool, it seems, has been given the opportunity to return to the table. It was never going to commit as much as the oft-quoted $200 million (£150 million) price tag, but there has at least been some movement.
Elsewhere, Marc Guehi is another to watch. Liverpool has long held an interest in the England ace, with Crystal Palace goalkeeper Dean Henderson appearing to usher him towards the away end at the final whistle this weekend.
LIVERPOOL, ENGLAND - AUGUST 31: Arne Slot, Manager of Liverpool, acknowledges the fans following the team's victory during the Premier League match between Liverpool and Arsenal at Anfield on August 31, 2025 in Liverpool, England. (Photo by Carl Recine/Getty Images)
Arne Slot, manager of Liverpool, acknowledges the fans following his team's victory over Arsenal at Liverpool (Image: Carl Recine/Getty Images)
Was that simply Henderson wanting Guehi to take the plaudits for scoring in a big away win against Aston Villa? Or was it a hint that he is likely to be on the way out this summer?
While Crystal Palace chairman Steve Parish has already admitted that an exit is in the best interest of his side, rather than losing him for nothing, manager Oliver Glasner is still insistent that he can't lose his captain.
The clock is ticking and they can't both be right. Like with Isak, we will soon find out.
If Guehi does leave, it has been suggested that could allow Joe Gomez to move amid interest from AC Milan. The former Charlton man was superb when he came on against Arsenal.
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Liverpool might have lost Gomez last summer before he then stayed and played his part in the league title win under Arne Slot.
His versatility is often cited as one reason for him being so valuable, but his quality is underrated by many outside of Anfield too. When Gomez is fit, he can perform to a very high level. He would be much missed by his teammates too, which should not be undervalued.
Elsewhere, there could be more loan deals. Kostas Tsimikas has joined AS Roma and James McConnell's Ajax switch was confirmed this week. Kaide Gordon and Calvin Ramsay are among the others who could do with a move.
They've all got until 7pm UK time (2pm ET) to get it done.