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

Welcome to the sixth 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 the futures of Noni Madueke and Eberechi Eze. This week, we look at Lionel Messi’s situation, Arsenal’s newest midfielder and the Chelsea players attracting interest from Germany.

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

Lionel Messi was back on the global stage this summer as part of the Club World Cup — but few teams around the planet needed that to be made aware of his contract situation.

The 38-year-old’s deal with Inter Miami, which he signed in July 2023, expires at the end of 2025, with MLS playing a February-to-December season, and therefore suitors can try to lure him away.

There is a strong push from Saudi Arabia for Messi, with Asian Champions League winners Al Ahli pursuing the Argentina legend.

However, Miami are extremely confident they are going to retain him. The Athletic reported in April that they were close to an agreement, which would see the playmaker lead his current team into their new Freedom Park stadium in 2026.

Until the ink is dry, Miami will take nothing for granted — however, they are hopeful of announcing an extension any time now.

Miami returned to domestic action over the weekend after their last-16 exit from the Club World Cup a week earlier, winning 4-1 away against Montreal as Messi showed his enduring quality by contributing two goals and an assist.

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Is Messi still a key player for Miami?

As ever, when it comes to Messi, the numbers do little more than echo his obvious brilliance. Watch any Inter Miami game and it’s immediately clear how far ahead he is of the rest of the MLS, even in this late stage of his career.

Since arriving in 2023, he’s scored 34 goals in 42 league games, at an MLS-high goals per 90 minutes rate of 0.92. The graphic below, charting xG (expected goals) and xA (expected assists) per 90 since his debut, underlines his all-round influence, with Messi standing alone as an outlier in both chance creation and finishing.

The only real concern going forward is his availability, having turned 38 a month ago.

Last season, he played less than half of the possible league minutes — the first time he’s done so since his teenage years at Barcelona in 2005-06.

Conor O’Neill

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What else we’re hearing

• Arsenal have completed the signing of Christian Norgaard from Brentford. The Athletic reported last month that they were pushing to bring in the 31-year-old midfielder. Arsenal will pay £10million guaranteed and potentially up to £2m in add-ons. Norgaard has undertaken a medical, and his arrival is expected to be announced by the end of the week. David Ornstein
• Newcastle United have a deal with Nottingham Forest for the signing of Anthony Elanga. An agreement consisting of an initial fee of £52million ($70.7m) plus bonuses that are considered difficult to reach has been struck, and personal terms are in place on a five-year contract. Elanga, 23, is set to undergo a medical in the next 48 hours, and is likely to link up with his new team-mates by the end of the week. David Ornstein
• Leeds United are pushing for midfielder Sean Longstaff from Newcastle United. The newly-promoted side have submitted an offer to their Premier League counterparts worth £10million plus £2m in potential add-ons, which is a third proposal for the 27-year-old. It has yet to receive a reply from Newcastle but is close to the limit of how far Leeds will go, with other candidates on their radar if a move for Longstaff does not come to fruition. David Ornstein
• Christopher Nkunku is again a target for Bayern Munich. The German champions first expressed an interest in Chelsea’s French forward in 2024, but have failed to land a succession of targets this summer — including Florian Wirtz and Nico Williams — and are keen once again on bringing Nkunku back to Germany, where he was previously so successful with RB Leipzig. Chelsea will insist on a permanent deal for the 27-year-old, though. Sebastian Stafford-Bloor and Simon Johnson

• Borussia Dortmund’s position on Carney Chukwuemeka has changed in recent weeks, and they are now eager to agree a second loan with Chelsea for the 21-year-old midfielder. Dortmund sporting director Sebastian Kehl confirmed that interest publicly following the German club’s 3-2 defeat against Real Madrid in the Club World Cup quarter-finals on Saturday. However, Chelsea are currently believed to prefer Chukwuemeka’s outright sale, making a deal difficult at this stage. Sebastian Stafford-Bloor
• Everton have shown interest in Aston Villa midfielder John McGinn, but the Midlands club have indicated they would like to keep hold of the 30-year-old Scotland international, their captain since 2022. Everton are also continuing to make progress on a deal to sign France Under-21 striker Thierno Barry from Spain’s Villarreal. Patrick Boyland and Jacob Tanswell
• Como are in advanced talks to sign Alvaro Morata. The Serie A club are hopeful of completing the signing of the Spanish international this week. AC Milan are not expected to put any obstacles in the way. But Galatasaray, who would have to terminate his loan contract, which expires in December, have yet to give the green light. Guillermo Rai
• Hamburg are interested in signing Southampton defender Armel Bella-Kotchap. The Bundesliga side, newly promoted for the coming season, are looking to reinforce their centre-back options and are targeting 23-year-old Bella-Kotchap, who left fellow Germans Bochum for the Premier League in 2022 and was part of Germany’s World Cup squad that year. While Bella-Kotchap is keen on a return home, his wages remain an obstacle to any deal. Sebastian Stafford-Bloor

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What will Christian Norgaard bring to Arsenal?

Norgaard is not a glamorous signing compared to the other names linked with Arsenal, but he is a necessary addition.

The 31-year-old is a true holding midfielder, offering assurance in playing out from the back and moving the ball through the thirds at the required tempo. Simultaneously, Norgaard offers defensive cover, primarily through interceptions and positioning, and is not afraid to make crunching tackles and commit tactical fouls. As the map below shows, he does not shy away from dispossessing opponents further up the pitch either.

The Denmark international’s signing, along with that of Spain international Martin Zubimendi from Real Sociedad, signals a potential change in approach from Arsenal. Both Norgaard and Zubimendi excel in progressing play through passes, which should, in theory, enable Arsenal to maximise the ball-carrying abilities from deeper positions of Declan Rice and Martin Odegaard.

Norgaard could also be a useful Premier League-proven starter early in the coming season while Zubimendi adapts to life in north London.

Anantaajith Raghuraman

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Arsenal

Has anything happened over the past week?

With the team’s imminent return to pre-season training, activity has ramped up — and the wait to discover the identity of Arsenal’s new striker appears to be over. The club are in advanced talks over the signing of Viktor Gyokeres from Sporting CP. All parties are optimistic that the negotiations will result in a full agreement.

If Arsenal were to complete a deal for the 27-year-old Swede, it would end their interest in Benjamin Sesko. Sources on the German side of that mooted deal indicate there was still room for further negotiations over both the fee and the 22-year-old’s salary — but clearly not enough to convince Arsenal, who seem to have decided to advance with Gyokeres.

Arsenal have finally announced the signings of Spanish internationals Kepa Arrizabalaga and Martin Zubimendi.

They also confirmed they have mutually agreed to terminate the contract of defender Takehiro Tomiyasu. Arsenal began conversations with the 26-year-old over a potential termination earlier this summer. The club saw this as a mutually beneficial arrangement: one that would grant Tomiyasu the liberty to pursue his rehabilitation as he saw fit, while freeing up a space in the squad for a new signing who would be ready to contribute on the field.

Eventually, Arsenal and Tomiyasu found an agreement. The player is currently rehabbing in Tokyo with the Japanese FA, and hopes to be fit by October — when he could potentially sign with a new club as a free agent. Tomiyasu’s focus is on regaining his fitness and representing Japan at the 2026 World Cup.

What would signing Gyokeres mean for Arsenal’s remaining plans?

A new centre-forward has been top of Arsenal’s agenda for some time. Finalising a deal for Gyokeres would free Arsenal up to focus on the remaining areas of the squad they wish to address this summer.

Crucially, manager Mikel Arteta would like to get the new striker in as soon as possible, in order to help the player acclimatise ahead of the new season.

What positions/players are they looking at?

Arsenal have completed a deal for Brentford midfielder Christian Norgaard. They’re also trying to sign Valencia defender Cristhian Mosquera, 21. With Tomiyasu having been released, Arsenal intend to add another defender this summer.

Beyond Gyokeres, Arsenal are exploring other ways to improve their attack. They have agreed personal terms with Chelsea and England winger Noni Madueke, but there is no club-to-club agreement as yet. Arsenal see Madueke as a versatile player who can support Bukayo Saka on the right flank as well as providing an option on the left.

Other players for the left-wing spot remain under discussion. Arsenal have undertaken significant background work on Rodrygo of Real Madrid, and have held preliminary talks about a possible move. Newcastle’s England international Anthony Gordon is admired, while Ademola Lookman has been discussed, but thus far Arsenal have been unwilling to match Atalanta’s valuation.

Arsenal have also looked at several creative midfield players, such as Crystal Palace’s Eberechi Eze, another England player.

Much may depend on what Arsenal have left in the budget after any deal for Gyokeres is struck. It remains to be seen if potential signings such as Rodrygo or Eze may be dependent on potential outgoings.

Arsenal also intend to strengthen their academy sides this summer, and have made Blackburn Rovers’ 17-year-old forward Igor Tyjon a target. Tyjon made his senior debut for the Championship club last September, and has attracted interest from a number of Premier League sides. If signed, Tyjon would become part of the under-21 squad.

Which players could be leaving?

Fabio Vieira’s loan spell back at Porto is now officially over, and the Portuguese side have confirmed that he will return to Arsenal. Vieira is likely to report for pre-season back at his parent club, but they would be willing to listen to offers for the 25-year-old midfielder.

The same goes for the likes of Oleksandr Zinchenko and Reiss Nelson.

James McNicholas

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Chelsea

Has anything happened over the past week?

Chelsea confirmed two new signings. Firstly, forward Joao Pedro completed his move from Brighton for a fee in excess of £50million, plus potential add-ons, to make his debut in the 2-1 win against Palmeiras in the Club World Cup quarter-finals on Friday. Winger Jamie Gittens also finalised his switch from Borussia Dortmund, which is worth an initial £48.5m. The deal also includes another £3.5m in add-ons and a sell-on clause.

The Athletic has reported that winger Noni Madueke has agreed personal terms with Arsenal, but a transfer has yet to be discussed between the two clubs.

Meanwhile, off the pitch, Chelsea have been fined €31million (£26.7m/$36.4m at current rates) by UEFA for breaching their financial rules.

Where does this leave Chelsea’s summer budget?

As highlighted in The Transfer DealSheet last week, the priority is to focus on making sales now anyway. Chelsea will consider making more signings in the future, but the exits will have an impact on who arrives.

The club do expect and intend to make a lot of sales before the window shuts on Monday, September 1. That has the potential to bring in sizeable revenue, which can be reinvested in the squad.

As for the UEFA punishment, Chelsea have been preparing for this outcome. Even though it includes possible ramifications for new signings being named in the Champions League squad from next season, they are confident it will not be an issue.

What positions/players are they looking at?

The main question right now is whether the club will sign a replacement for Madueke, should he complete a move to Arsenal.

Chelsea will certainly consider it. They made an enquiry to West Ham for Mohammed Kudus last month but it has gone no further than that for now. Kudus is currently the subject of strong interest from Tottenham, who have had an offer worth £50million rejected.

There are other names in the wishlist. Manchester United’s Alejandro Garnacho has been on it since January, and they have also asked Lyon about Malick Fofana.

However, Chelsea are also now monitoring Ethan Nwaneri’s situation at Arsenal. They tried to sign him before he signed his previous deal in 2023, and there is now just one year left on that contract, with talks over an extension yet to bear fruit. Arsenal are optimistic that an agreement will be reached.

Chelsea are also big admirers of Aston Villa’s England international Morgan Rogers.

Which players could be leaving?

For Arsenal to sign Madueke, Chelsea will want more than £50million. The club believe the current market justifies such a figure, given West Ham’s valuation of Kudus and Nottingham Forest having agreed a deal worth an initial £52m for Anthony Elanga with Newcastle.

The 23-year-old has won seven England caps since joining from PSV of the Netherlands in January 2023 and was named man of the match in their World Cup qualifying win against Andorra last month. He still has five years left on his contract, so Chelsea are under no pressure to sell. No talks between the London rivals have taken place yet.

Despite making four appearances so far at the Club World Cup, Chelsea are still willing to listen to bids for Christopher Nkunku. As explained above, Bayern Munich like the player and Manchester United remain keen. Chelsea put a price tag of £65million on him in January. Another forward who could depart Stamford Bridge is Nicolas Jackson, who is not considered ‘untouchable’ following the arrivals of Liam Delap and Joao Pedro this summer.

Bayern are also one of several teams who want defender Renato Veiga, while midfielder Lesley Ugochukwu is liked by clubs in the Premier League and across Europe. Spain’s Valencia have enquired about his situation. Chelsea are only interested in a sale, not a loan.

That is the same situation with Carney Chukwuemeka and Borussia Dortmund, where he has been on loan since February. The Bundesliga club want to borrow him again in a deal including an option to buy, however Chelsea prefer a straight transfer this time.

Goalkeeper Djordje Petrovic is a target for Premier League new boys Sunderland but they face strong competition from at least five other teams. Chelsea have a gentleman’s agreement in place which allows the 25-year-old Serbia international to leave for £25m.

Simon Johnson

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Do Chelsea now need to sell for PSR purposes?

As The Athletic detailed last month, Chelsea had little fear of breaching Premier League profitability and sustainability rules (PSR) this summer. In fact, we estimated they could lose the most of any club, pre-tax, in 2024-25 without falling foul of the domestic regulations.

That was less true abroad, and Friday’s news of them receiving a €31million fine from UEFA for breaching its financial rules in the reporting period ending in 2024 confirmed as much. Chelsea also reported a projected breach of UEFA’s loss limits in the 2024-25 accounting period, which ended on June 30.

The fine hogged the headlines but of importance to Chelsea in the here and now was the sporting sanction handed out. Across the coming two seasons, they won’t be able to register any new players for European competition without first selling.

As part of their settlement with UEFA, Chelsea have agreed they can only register new signings if their ‘List A Transfer Balance’ — List A being the registered squad for European competition — is positive. In other words, any new costs stemming from incoming players must be offset by cost savings from exits.

One workaround would be to simply not register any new signings for the coming season’s Champions League, though it seems a safe bet none of Joao Pedro, Jamie Gittens or Liam Delap would be best pleased about that. Across that trio, Chelsea have spent £133.5million in recent weeks, and that’s before adding on nearly another £100m on other new faces — and we’re still only in early July.

Some players may go on loan, in which case there’ll be little need to register them this season, but once we add in estimates of agent fees and transfer levies, the annual amortised cost of Pedro, Gittens and Delap is at around £30million. Add on even modest wage estimates, and you’re getting toward the £50m mark.

Plainly, then, Chelsea have some selling to do. That was likely the case anyway, as their business model has long been reliant on player sales. Across five seasons to the end of 2023-24, Chelsea banked £509.1m in player profits, considerably more than any other club in England.

Even with those big player profits, the club has still sold assets — two hotels, a car park, their women’s team — to fellow companies within the broader group as they have successfully avoided breaching Premier League PSR. UEFA discounted such sales, hence Chelsea breaching both the loss-limit rule and restrictions around squad spending.

Chelsea’s operating costs remain high, so player sales remain a necessity. The UEFA settlement only further underlines that. While Chelsea have agreed to a loss in 2024-25 in line with their current projections, for next season’s reporting period, covering 2023-24 to 2025-26, they’ve committed to losing just €65million. After removing those asset sales, their pre-tax loss across the three years to the end of 2023-24 was around €330m.

Avoiding another UEFA breach will likely require plenty of outgoing transfers.

Chris Weatherspoon

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Manchester City

Has anything happened over the past week?

Some rumours regarding a possible exit for Nico Gonzalez surfaced over the weekend and immediately caught the imagination. The story is that City are looking to sell a player they only signed five months ago, and a spin-off version is that his agent is looking for clubs. City sources say neither version is true and that the Spanish midfielder is in their plans for the coming season.

Elsewhere, Kyle Walker sealed a move to promoted neighbours Burnley, which is a good deal for all parties considering the right-back’s time at City had clearly run its course after eight years.

How close is Pep Guardiola to his preferred squad size?

Not especially close, but a couple of loan exits would make things a lot closer.

It is easy to imagine very talented youngsters such as Claudio Echeverri and Vitor Reis, both 19, having lots of suitors, but there does not seem to be much progress on shifting more senior options.

Ilkay Gundogan’s wife, probably inadvertently, contributed to the rumour mill on Monday by posting a picture on social media of the family going to Turkey — Gundogan, a German international with Turkish heritage, has been linked with a move to Istanbul’s Galatasaray (he has also said he is staying at City). The next picture uploaded clarified that the trip is a family holiday.

What positions/players are they looking at?

Right-back remains an area of need, although City sources say links with Inter’s Netherlands international full-back Denzel Dumfries, 29, are wide of the mark.

Which players could be leaving?

Remember, the likes of Walker, Jack Grealish and James McAtee have long been considered ‘gone’ and did not play at the Club World Cup, so City would need to move on others beyond them and Echeverri/Reis on loan.

That’s partly why there is doubt around Gundogan’s future, as well as Mateo Kovacic, John Stones (another who says he is staying) and Manuel Akanji.

Ederson has also said he isn’t leaving, but he did come in for a lot of backlash after City’s early Club World Cup exit, leading to his wife limiting comments on her Instagram uploads, so that may be something to keep an eye on.

Backup goalkeeper Stefan Ortega was asked about his future recently and left the door open to an exit, so that is probably more of a possibility than Ederson going.

Sam Lee

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Manchester United

Has anything happened over the past week?

United gave Marcus Rashford, Alejandro Garnacho, Antony, Jadon Sancho and Tyrell Malacia permission to return for pre-season training late, to allow them time to find new clubs. Rashford was also stripped of the No 10 shirt, which has been reassigned to new arrival Matheus Cunha.

Club sources say the five players had told United they wish to explore their futures away from Old Trafford, but some of the players’ camps deny this and say they would have been happy to report back to the club’s Carrington training base on Monday.

Diego Leon completed his initial $4million (£2.9m) move from Paraguayan side Cerro Porteno. The 18-year-old left wing-back will be assessed over the coming weeks and is likely to acclimatise to English football as part of United’s under-21s squad.

Negotiations continue with Brentford over the signing of Bryan Mbeumo. United’s most recent offer of £55million, plus a further £7.5m in add-ons, for the 25-year-old forward was rejected.

Nottingham Forest’s imminent sale of Anthony Elanga to Newcastle for an initial £52million is expected to earn United about £5m. They included a sell-on clause in the deal taking academy graduate Elanga to the City Ground two years ago, worth 15 per cent of any profit Forest made on him in the future.

How important is it to sort the futures of the out-of-favour players?

Friday’s decision made it clear that none of the five players in question currently have a future under coach Ruben Amorim, who has started preparations for the coming season without them.

With little scope for any of the five to force their way back into Amorim’s thoughts, moving them on is vital. Rashford and Sancho specifically are among United’s highest earners, so even a loan covering a significant proportion of either’s wages would be financially beneficial.

But United likely need to raise funds before investing further in the squad beyond the potential signing of Mbeumo, and so permanent sales are preferred from that perspective.

Rashford would prefer a move abroad, and the recent collapse of Barcelona’s move for Nico Williams could help his cause. Sources at Camp Nou believe Rashford would potentially be willing to join on a reduced salary, if not on loan.

Real Betis president Angel Haro has cited Antony’s salary — in the region of £105,000 per week — as one of the sticking points in negotiations over making last season’s successful loan spell permanent, while Sancho’s wages are also an obstacle to his exit.

Garnacho has the potential to attract the highest fee of the five. The 21-year-old hopes to stay in the Premier League, with Chelsea’s interest long-established. Leon’s arrival, meanwhile, provides further competition for Malacia, with Patrick Dorgu and Harry Amass also options at left wing-back.

What positions/players are they looking at?

An addition at centre-forward remains a possibility if United can clear space within the squad, despite Cunha and Mbeumo’s past experience of playing up top as well as out wide.

United have been keeping tabs on Fiorentina’s Moise Kean, who has a €52million release clause that can be triggered until July 15. United are the Premier League club to have shown the most interest in the 25-year-old Italy international, who has interest from the Saudi Pro League. Fiorentina’s acquisition of Edin Dzeko is not part of a succession plan. The evergreen Dzeko, now 39, was signed because he offers something different to Kean.

My colleague Conor O’Neill says: “Since joining Fiorentina (from Juventus a year ago), Kean has developed into a true penalty-box striker. His 19 league goals last season trail only Atalanta’s Mateo Retegui (25), with all but one coming from inside the area. He averaged six shots on target per 100 touches — the highest ratio in Serie A — underlining how he’s now been deployed to lurk with intent rather than drop deep and get involved with link-up play.”

As revealed by The Athletic last week, the prospect of Ollie Watkins joining United was raised in talks with Aston Villa over Rashford’s loan spell at the end of last season.

United also made contact with Eintracht Frankfurt for Hugo Ekitike earlier this summer, although a reunion between Amorim and Viktor Gyokeres appears unlikely after Arsenal entered advanced talks with Sporting CP for the Swede.

United have also been offered the chance to sign several free agents, namely Dominic Calvert-Lewin, Jamie Vardy and Callum Wilson. It is expected that they would only advance on these, if at all, towards the end of the window if they do not get any of their top targets.

There remains a prospect of United signing another goalkeeper, with Botafogo’s John, 29, on a list of potential targets. Amorim is also keen to reinforce his midfield. Reports have suggested they are keen on Valencia’s Javi Guerra, but the Spanish side are not yet aware of their interest.

Which players could be leaving?

Aside from the out-of-favour five, Rasmus Hojlund faces an uncertain future. The 22-year-old striker hopes to stay and fight for his place at Old Trafford, and spent last week training with team-mate Harry Maguire in Portugal to prepare for this week’s return to Carrington.

The addition of another goalkeeper could potentially push current second-choice Altay Bayindir closer to an exit.

Mark Critchley and Laurie Whitwell

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Newcastle United

Has anything happened over the past week?

Yes, and in a very material sense that will make both fans and people inside the club happy — Newcastle are now on the verge of their first senior signing this summer.

Since former sporting director Paul Mitchell transitioned away from overseeing transfer business during the middle of last month, Newcastle have ramped up their attempts to bring in players. They had some fruitless efforts. Bids were made for Joao Pedro of Brighton and Burnley’s James Trafford. While Pedro opted for Chelsea over Newcastle, negotiations with Burnley for Trafford have not progressed decisively.

But Newcastle also made offers for Anthony Elanga, and finally, on Monday evening, The Athletic reported they had reached a deal with Nottingham Forest for the signing of the Swedish winger.

There is also set to be an imminent recruit to the coaching staff. As The Athletic reported on Sunday, the club are looking to appoint Danish side FC Midtjylland’s Martin Mark to the newly-created position of set-piece coach.

Would Eddie Howe have been concerned about returning to training with no new signings?

Howe used his final press conference of the 2024-25 campaign to urge Newcastle to move swiftly in the summer transfer market. Ideally, he wanted additions in place for the start of pre-season training.

That marker has now passed, given non-internationals returned to the club’s Benton base for tests on Monday, and Newcastle have already seen key targets move elsewhere — Joao Pedro to Chelsea, Dean Huijsen to Real Madrid — or declare a preference for another move, like with Bryan Mbeumo and Manchester United.

At present, Newcastle do not have a sporting director in place, while Darren Eales, the chief executive, is serving the final months of his notice after being diagnosed with blood cancer last year. Now, the head coach and the interim recruitment team of Andy Howe, the assistant head of recruitment and Eddie’s nephew, and Steve Nickson, the head of recruitment, are trying to source signings before Newcastle’s training camp in Austria next week.

The hope must be that Elanga is in the door by then. The 23-year-old is a long-term target and is deemed to be the ideal right-wing addition which Newcastle have been seeking since the takeover in late 2021, given his pace, strength with both feet and Premier League experience.

It is also hoped that once one signing is concluded, it will provide momentum for more to follow.

What positions/players are they looking at?

Goalkeeper, right-winger and centre-back are the priority positions, while a versatile forward in the Joao Pedro mould is also being sought. 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.

They have not lodged a bid for Bayer Leverkusen’s Edmond Tapsoba, despite reports claiming otherwise.

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

Which players could be leaving?

Callum Wilson‘s contract expired at the end of June and on Monday it was confirmed that the 33-year-old striker would be leaving.

However, John Ruddy, the 38-year-old reserve goalkeeper, is set to sign an extension for 2025-26, having also seen his previous contract elapse. Among the other ’keepers, Odysseas Vlachodimos is available, most likely for a loan given the PSR ramifications of selling the Greece international who Newcastle paid £20million for, while Martin Dubravka is likely to depart should Trafford sign.

Newcastle have no need or appetite to sell their best players and would not welcome bids for the likes of Alexander 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. 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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How would Elanga improve Newcastle?

Jacob Murphy is Newcastle’s only real option on the right wing, with Eddie Howe using Harvey Barnes and Anthony Gordon there to only limited success. With more games to come next season in the Champions League, along with their bid to qualify to play in it again in 2026-27, depth in every position is necessary.

Elanga shone at Nottingham Forest last season, operating across the front line. The 23-year-old thrives in transitional situations, with only three Premier League attackers getting more shots away from fast breaks than his 10. Capable of holding his width and cutting side, the Sweden international has added goal contributions to his game, ending 2024-25 with six league goals and 11 assists.

The former Manchester United winger also offers versatility, experience, and an impressive amount of off-the-ball work.

Anantaajith Raghuraman

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Tottenham Hotspur

Has anything happened over the past week?

Tottenham had a £50million bid for West Ham winger Mohammed Kudus turned down, but talks between the clubs remain ongoing. As my colleague Conor O’Neill points out, “Kudus had the second-highest take-ons completed per 90 (3.18) in the Premier League last season, only behind Manchester City’s Jeremy Doku (6.36).”

Elsewhere, players have started returning for pre-season training under new head coach Thomas Frank this week. The first day, according to the club website, was July 5, and that initial group to report back was largely made up of players who did not feature in international football last month.

The next batch, who represented their countries in early June, are expected in over the coming days. The squad will finally be completed by the subsequent arrivals of Archie Gray, Wilson Odobert and Mathys Tel, who all participated in the European Under-21 Championship that ended on June 28.

Is Kudus a clear focus for Spurs, and are they optimistic?

Kudus has become the most prominent target. It has been clear since the start of the window that Spurs were interested in signing a new winger from another Premier League club. They were interested in Bryan Mbeumo, who did so well for Frank at Brentford, although the player’s preference is to go to Manchester United. They made an enquiry for Bournemouth’s Antoine Semenyo, although he has since signed a new contract.

The fact Tottenham submitted a formal offer for Kudus — and that club-to-club talks have continued — suggests this is the most solid of their pursuits so far this summer. And given how useful a big fee could be to West Ham, it might well be that a higher figure could be agreed for the 24-year-old Ghana international to join Spurs.

What positions/players are they looking at?

Clearly, the priority is a new high-profile wide player. But that is unlikely to be the extent of their business. Tottenham have explored the possibility of adding another full-back, with left-back an obvious area where they could do with more depth.

Depending on departures in key positions, they may need experienced reinforcements. For example, they have improved their depth at centre-back but if Cristian Romero were to leave this summer then there could be an argument for looking for an experienced replacement, such as Genoa’s 23-year-old Belgium international Koni De Winter.

Which players could be leaving?

Of the established first-team players, the most interesting cases are Romero and Son Heung-min.

Romero has two years left on the five-year deal he signed in 2022, and Atletico Madrid head coach Diego Simeone has declared his interest in the player, a fellow Argentinian. Tottenham do not want to lose Romero, and there has still been no contact from Atletico about signing him.

Then there is Son. Spurs’ captain has one year left on his contract, after Spurs triggered his extension at the end of last season. He has been at Tottenham for 10 years and finally got to lift a trophy with the Europa League final in Bilbao at the end of May. It remains to be seen what exactly Son wants to do this summer, whether this is the right time to leave or whether he wants to play in one more Champions League campaign with the club. There has been interest from Saudi Arabia in the 32-year-old.

Jack Pitt-Brooke

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Barcelona

Has anything happened over the past week?

The biggest headline was the fallout of their chase to land Nico Williams. The 22-year-old winger opted out of a move to Barcelona and signed a 10-year contract to stay at Athletic Club. His camp wanted Barcelona to include an exit clause in his proposed contract to allow him to leave for free if he signed and then the club failed to register him by the start of La Liga. Sporting director Deco rejected their request, and that triggered Williams’ decision to remain with his boyhood club in Bilbao.

The signing of Roony Bardghji from FC Copenhagen is progressing and club sources expect confirmation in time for him to join the start of pre-season next week. The plan is for head coach Hansi Flick to assess the 19-year-old winger in training and warm-up games, and from there decide what’s best for him — either staying at the club for 2025-26 in a potentially secondary role or being loaned out for additional game time.

Two academy players have left. Sergi Dominguez, 20, who registered six appearances last season, was sold to Dinamo Zagreb while 18-year-old Noah Darvich, who did not make his debut with Barcelona but was included in the matchday squad three times last season, has moved to Stuttgart. Those deals have earned the club just above €2million in total. Pau Prim, 19, once tipped as the best-equipped La Masia prospect to become the next Sergio Busquets, has joined Qatari side Al Sadd after the expiration of his contract.

Where does the Williams news leave Barcelona’s plans for an attacker?

Barcelona are moving on to other targets — or, in a way, moving back to square one. Deco’s top priority, and a player they already made an approach for earlier this summer, is Liverpool’s Luis Diaz.

Club sources have said Diaz is the biggest focus in the sporting directors’ department.

Barca had turned to Williams, 22, as they saw in the Spain international a good market opportunity. He had a set price, with no need to negotiate with the club, and is also much younger than Diaz. But from a football perspective, Deco believes the 28-year-old fits best what they are looking for in a new attacker — on top of being more of a ready-made footballer than Williams. Club sources say Barcelona would like to make an approach for Diaz in the future, but are very aware of the current delicate situation at Liverpool.

Some levels below Diaz on Barcelona’s wish list is Marcus Rashford. The 27-year-old is on the Catalans’ radar, but a move for him does not seem imminent as they prioritise Diaz.

Barcelona are aware Rashford is keen to come to Camp Nou, and that it could happen on favourable terms for them as Manchester United intend to offload the player. Potentially, that’s a reason why Barca are prepared to wait for any move until later in the transfer window.

What positions/players are they looking at?

As stated, the left-winger role is still the top priority. This is a position that both Deco and Flick agree they would have more reliable depth on. Now it’s a matter of finding the best option.

There have also been recent reports about Inter’s right wing-back Denzel Dumfries. The Dutch international, 29, has a €25million release clause which will be active this month. However, The Athletic understands this is not currently a priority position to reinforce for Barca.

Which players could be leaving?

With Ansu Fati now at Monaco, Barcelona are working to resolve the future of multiple fringe players.

Pablo Torre is ready to be the next departure. The 22-year-old is expected to join Mallorca on a permanent move. Barcelona intend to retain a degree of control on the player through a buy-back clause or a sell-on percentage included in the deal. Pau Victor is another name tipped as a likely departure. The striker signed last summer could leave in search of more regular minutes — especially if Barcelona do bring in a winger, which would be likely to reduce his game-time further.

Next week, as the team returns to action for pre-season, there is the expectation that Flick will have a private chat with Marc-Andre ter Stegen to inform the goalkeeper he is not expected to be a starter next season — with the plan being to offload Barca’s 33-year-old current captain.

Pol Ballus

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Real Madrid

Has anything happened over the past week?

While Real Madrid compete in the Club World Cup, where they face Paris Saint-Germain in the semi-finals on Wednesday, there is more talk about which players might leave the club than who could arrive.

The most prominent name is Rodrygo. The Athletic reported last week that the club and new head coach Xabi Alonso had agreed to sanction his departure if a suitable offer came in for him, with Arsenal having held preliminary talks with his camp. Other clubs, some from the Premier League, are keeping an eye on the 24-year-old Brazilian forward.

If Rodrygo leaves, are there plans to replace him?

Not at this point. Madrid already signed the Argentina winger Franco Mastantuono from River Plate for more than €60million in June. He will arrive at their Valdebebas training ground on August 14, when he turns 18.

There are other players in the squad who can play Rodrygo’s role, such as Brahim Diaz — who is in advanced talks to extend a contract that ends in 2027 — Arda Guler (who has played in midfield in these first few games under Alonso) and Endrick.

What positions/players are they looking at?

Left-back. My colleague Guillermo Rai reports that Benfica’s Alvaro Carreras remains Madrid’s top choice for this position, despite Fran Garcia having a fine Club World Cup.

Garcia, 25, has impressed in the United States, and while his camp have received interest from other clubs, they do not believe the possible arrival of 22-year-old Carreras should affect his continuity at Madrid. The player’s objective is also to stay at the Bernabeu. “I try to be calm, dedicate myself to working for myself, for the team, give my best every day that I put on this shirt and hopefully I can continue to do so for much longer because I feel good,” Garcia said at the tournament, when asked about Carreras.

It remains to be seen what decision the club take on Ferland Mendy when he recovers from the thigh injury that has kept him out since April. The 30-year-old Frenchman has agreed a contract extension with Madrid but this has yet to be officially announced.

Which players could be leaving?

Gonzalo Garcia’s breakthrough in the U.S. — the 21-year-old striker has scored four goals and provided an assist while appearing in all five Club World Cup matches so far — has led to plenty of talk about a possible exit for Endrick, who is injured until after the tournament. But people close to the Brazilian continue to insist that he will not leave this summer.

Another of those being discussed as a possible departure is 20-year-old centre-back Jacobo Ramon. Our Guillermo Rai reports that the player’s camp are hoping he can leave the club once this tournament ends, with Italy’s Como one of the teams contemplating his signing.

One exit that is decided is that of Luka Modric, who will leave after the Club World Cup at age 39 following 17 trophy-filled seasons. Milan’s new manager Massimiliano Allegri told reporters this week: “We’re waiting for him to join up with us, he’ll be here in August. He’s an important and extraordinary player.”

And academy graduate Youssef Enriquez, better known as Yusi, is also set to depart following the tournament. The Morocco youth international is expected to sign a four-year contract with Alaves, who are known for their development of new talent and have been monitoring the defender for months. Madrid would receive around €3million for him, in a deal including a 50 per cent sell-on clause and a right of first refusal on re-signing the 19-year-old in the event of his departure from Alaves.

Mario Cortegana

(Top photos: Getty Images; design: Will Tullos)