The January transfer window is underway and several clubs will be searching for new signings
Jake Bayliss
07:00, 07 Jan 2026
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Premier League clubs will be looking for new players in the January transfer window(Image: James Gill - Danehouse/Getty Images)
As the January transfer window gains momentum, Premier League clubs are on the hunt for savvy deals. Top-flight teams are keen to bolster their squads following a record-breaking summer that saw an astonishing £3billion spent on new signings across the league.
A club's transfer budget is not solely determined by the wealth of its owners but also hinges on adherence to profit and sustainability rules (PSR). Furthermore, clubs with aspirations of qualifying for European competitions must take into account UEFA's squad cost ratio (SCR).
PSR restricts losses to £105million over a three-year span, which decreases by £22m for each year a club spends outside the Premier League. On the other hand, SCR permits clubs to allocate up to 70 per cent of their revenue towards squad-related expenses.
Despite these financial regulations, the January window presents teams with a chance to improve their line-ups for both immediate and future success. Manchester City are reportedly nearing a notable deal for Bournemouth's Antoine Semenyo, who has a £65m release clause, in a bid to close the gap on league leaders Arsenal.
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The Gunners spent significantly in the summer to equip Mikel Arteta with a squad depth that could finally see them lift the title. Arsenal shelled out approximately £250m on fresh faces in the last window, but according to football finance expert Kieran Maguire, they could still fork out an additional £100m if necessary this month.
"We haven't seen their financial results for this year yet, but they will have a lot of headroom from a PSR point of view," Maguire told the Mirror. "Arsenal have got plenty of wiggle room in January. Yes, they signed players in the summer, but even so, compared to some of the other clubs, it wasn't excessive."
He added "So if Arsenal wanted to spend, they could spend far in excess of £100million. I think the issue is whether players are available who are not cup-tied from a Champions League point of view.
Arsenal manager Mikel Arteta
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Mikel Arteta could make signings to help Arsenal's title bid(Image: Stuart MacFarlane/Arsenal FC via Getty Images)
"Arsenal are very strong financially. Their losses in the last couple of years were £70m and under the Premier League rules you are allowed to lose £105m. So again, they have got plenty of headroom. A very smart club."
While the summer is typically the preferred time for major signings, January offers an early opportunity to kick-start squad rebuilding. Last winter, Manchester City were responsible for nearly half of the Premier League's £370m spend, as Pep Guardiola sought to rejuvenate his team.
Not every club can compete with Arsenal's and Man City's spending power this January. Aston Villa, currently third in the league, have a track record of shrewd winter acquisitions under Unai Emery – including Morgan Rogers, Jhon Duran and Marcus Rashford – and have recently brought in promising winger Alysson from Gremio. Yet, as their subdued summer activity showed, Villa will prioritise compliance with financial regulations over lavish spending.
Manchester United may not be enjoying Villa's level of success but the Old Trafford outfit still possess the means to strengthen their squad this month. Despite parting ways with manager Ruben Amorim earlier this week and lacking European competition, United could feasibly invest £100m in fresh talent.
Sir Jim Ratcliffe, Omar Berrada and Jason Wilcox
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The Manchester United hierarchy are facing a crucial month(Image: Catherine Ivill - AMA/Getty Images)
"Again, from an SCR point of view, which is the new rules which are kicking in, [United are] spending around half their revenue on wages. So they've got huge capacity," Maguire explained. "It's then a case of, can they spend the money?".
"Well, yes, they've got a lot of debt but they're still well within their overdraft limit. What Manchester United tend to do is to buy players on credit. So they owe £466m in outstanding transfer fees for players that they've signed in the past.
"I think that's more of an issue for the summer of 2026 rather than January. If they spend £100m in January, they'll be spreading that over three or four years. So from a cash point of view, it's not really going to make a difference. If that's the difference between Champions League and not Champions League, they've got to go for it if it's going to improve the squad."
Liverpool were the top spenders in the previous transfer window, shelling out over £100m each on Florian Wirtz and Alexander Isak during a costly summer. Despite underperforming this season, Arne Slot might still look to the transfer market to salvage their campaign.
Liverpool manager Arne Slot
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Liverpool manager Arne Slot will have key decisions to make during January(Image: Adrian Dennis / AFP via Getty Images)
"Liverpool have got the benefit of, yes, they had a spectacular summer of 2025, but if you take a look at their losses in the two previous years, they were never in danger of breaching PSR," Maguire said.
However, the current Premier League champions face the additional challenge of managing Mohamed Salah's future. The star striker has 18 months left on his contract but expressed dissatisfaction with his role in the team just before heading off to represent Egypt in the Africa Cup of Nations.
Regarding Salah's situation, Maguire added: "Well, his wages are probably going to be something like £15m a year. So, if he left he would free up the wage budget. On top of that, because he's been there so long, effectively any money that they get is pure profit. And that goes into your top line."
Chelsea seem unlikely to bring in any big-name signings after recently appointing Liam Rosenior as their new manager. However, Tottenham reportedly have a substantial transfer budget this month. Meanwhile, Newcastle, Bournemouth and Brighton have been tipped to be busy before deadline day.
At the opposite end of the table, Burnley will be seeking to bolster their squad to aid their battle against relegation. Elsewhere, Nottingham Forest and West Ham will be on the lookout for new additions as they strive to distance themselves from the bottom three, with the Hammers having already secured a new striker.
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Estimated transfer budgets
Arsenal - £100m - Despite significant summer spending, the Gunners still have a robust transfer budget, as noted by Kieran Maguire.
Aston Villa - £30m - Having already secured Alysson, Unai Emery's team are unlikely to make any high-cost signings this month.
Bournemouth - £65m - The Cherries aim to replace Antoine Semenyo and may reinvest that money in a centre-back this month.
Brentford - £35m - The Bees are reportedly targeting a midfielder to build on their strong season start.
Brighton - £35m - Known for their savvy transfer dealings, Brighton may seek a replacement for midfielder Carlos Baleba, who has previously garnered significant interest.
Burnley - £20m - Scott Parker has expressed his desire to bolster his squad as the Clarets strive to avoid relegation.
Chelsea - £90m - The Blues, known for their active participation in the transfer market, still have substantial funds available, even if securing a new manager is the club's primary focus.
Crystal Palace - £40m - Manager Oliver Glasner has expressed his intention to strengthen his squad amidst European football commitments, with Brennan Johnson already signed from Spurs.
Everton - £25m - While David Moyes will want to strengthen his side, the club have faced financial problems in the recent past.
Fulham - £25m - The west London side might turn to the transfer market as Marco Silva's team continue to be dark horses for a European spot.
Leeds United - £20m - Leeds will aim to reinforce their squad after distancing themselves from the bottom three but will be aware of the financial constraints.
Liverpool - £100m - According to finance expert Maguire, the Reds are in a position to splash out in the transfer window once again.
Manchester City - £100m - Pep Guardiola's team are close to securing a deal for Antoine Semenyo and are also considering moves for other targets.
Manchester United - £100m - The impact of the club's managerial search on United's transfer plans remains to be seen.
Newcastle United - £100m - ChronicleLive reported last month that Newcastle would receive a substantial transfer budget as they aim to secure European football.
Nottingham Forest - £20m - Sean Dyche will be looking to bring in new players as he attempts to guide Forest away from the relegation zone.
Sunderland - £20m - The Black Cats invested heavily in the summer and are expected to have a quieter month after effectively overhauling their squad.
Tottenham Hotspur - The Sun previously reported that Spurs had a £150m budget to help salvage their season under Thomas Frank.
West Ham United - £45m - The Hammers have already signed Lazio forward Valentin Castellanos in their bid to avoid relegation.
Wolves - £20m - Wolves are unlikely to spend big given their current league position, but there have been some positive signs under new manager Rob Edwards.