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

Welcome to the eighth 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 transfer window for the Club World Cup has come and gone, but the regular summer slot 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.

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.

In last week’s edition, we had the latest on Liverpool’s situation and their interest in Hugo Ekitike. This week, we look at Manchester United’s plans for the rest of the window and a Serie A side’s push for Gio Reyna.

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

Manchester United succeeded in their aim of bolstering Ruben Amorim’s squad with two key signings before they head to the United States for a pre-season tour on Tuesday.

Matheus Cunha arrived early in the summer market and despite Liam Delap favouring a switch to Chelsea, Bryan Mbeumo was another primary target United landed before their 2025-26 season kicks off.

In the meantime, funds have been raised via sell-on clauses in the moves of Alvaro Carreras, Anthony Elanga and Maxi Oyedele, while Marcus Rashford’s loan will also generate significant savings.

Work to shift Antony, Tyrell Malacia and Jadon Sancho is continuing, which would give them even more room to manoeuvre financially and in squad space.

The structure and payment terms of United’s deals help, too. United underwent a drastic cost-cutting process, which included a wave of redundancies, and that was partially aimed at investing as many resources as possible into the football side of their operation.

Attention turns to strengthening the squad further, and the main positions of focus are in attack, defensive midfield and goalkeeper.

United tried to enter the race for Hugo Ekitike last week, but the Eintracht Frankfurt attacker had committed to Liverpool. They then enquired to Sporting CP about Viktor Gyokeres, but the striker has made clear he is interested only in joining Arsenal.

Benjamin Sesko, Ollie Watkins and Nicolas Jackson are names that feature on recruitment lists at many leading clubs, and each has recently been linked to United. Talks have taken place about that trio, which is normal, but they are not being actively pursued due to the costs. That can change as the window progresses, especially if their prices come down. However, United are placing greater emphasis on alternatives.

Another ‘No 6’ (deep-lying midfielder) is on the Old Trafford agenda. If a ‘keeper is acquired, it does not necessarily mean Andre Onana will depart.

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Where do Manchester United need to improve before the end of the window?

In goal, Onana and Altay Bayindir have made errors, and an upgrade would make sense.

At the other end of the pitch, Rasmus Hojlund struggled last season, and Joshua Zirkzee looked more at home in one of the slightly deeper ‘No 10’ positions. A new striker could prove valuable, but Cunha and Mbeumo will be expected to ease the pressure with their goals and creativity.

With Tyrell Malacia’s future in doubt, left wing-back also still requires reinforcement, especially if 18-year-old Diego Leon is given time to develop without the pressure of too much first-team action. Patrick Dorgu is United’s first choice, with another 18-year-old, Harry Amass, his backup. United have previously shoehorned right-footed defenders into the left side of defence due to injuries or otherwise, and the results have been underwhelming.

United lack an athletic ball-winner in central midfield, but have multiple options for those two positions, and reinforcing might require a sale or two.

Anantaajith Raghuraman

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What else we’re hearing

• Barcelona have a €30million (£26m; $35m) option to make Marcus Rashford’s loan spell permanent. Rashford, 27, travelled to Spain on Sunday and is on the cusp of joining La Liga’s champions on a season-long loan. He targeted Barca as his ideal destination when it became clear he would leave United in January, and that ambition is now being realised. Barcelona will cover his salary but he has taken a pay cut of between 15 per cent and 25 per cent, depending on factors including bonuses. United have taken the forward off their wage bill completely. Laurie Whitwell
• Parma are prioritising the signing of Borussia Dortmund playmaker Gio Reyna this summer. The club owned by the Krause Group, an American conglomerate, survived relegation from Italian top division Serie A on the last day of last season and are retooling the team for new coach Carlos Cuesta. Inter headhunted their former coach, Cristian Chivu, and also signed Parma’s 21-year-old striker Ange-Yoan Bonny for €23m. Some of the money from that sale has been allocated to an offer for Reyna. Talks progressed over the weekend and Serie A’s burgeoning American contingent could increase as Reyna seeks to win a place in the United States squad for next summer’s World Cup. James Horncastle
• Xavi Simons is among the multiple players Chelsea have enquired about but there have been no club-to-club talks between Chelsea and RB Leipzig over the 22-year-old. Any move would depend on players leaving Chelsea. Bayern Munich are also interested in Simons and have held talks with the player’s camp since Jamal Musiala’s injury, although they have also not initiated club-to-club talks. Arsenal have him on a list of possible targets, much like Eberechi Eze, although Ethan Nwaneri’s pending renewal would reduce their need to bring in an attacking midfielder. David Ornstein, Simon Johnson and Sebastian Stafford-Bloor
  

• Crystal Palace forward Ademola Ola-Adebomi is set to join Austrian Bundesliga side WSG Tirol after the two clubs agreed a deal. Ola-Adebomi has a year remaining on his contract but a deal has been reached for the 21-year-old to leave on a free transfer with a sell-on clause attached. He will have a medical on Wednesday. The striker has been with Palace since under-eight level and was part of their Under-15 Floodlit Cup-winning team in 2019, but has not made a first-team appearance. Matt Woosnam
• Milan are close to reaching an agreement with Brighton & Hove Albion for defender Pervis Estupinan after making a second offer for the Ecuadorian. Brighton want to recoup at least the £15million they paid Villarreal for Estupinan in August 2022, and though a final fee is still to be agreed for the 27-year-old, there has been progress in discussions between the clubs. James Horncastle
• Everton hold an interest in Bayern Munich’s Adam Aznou as they look for left-back cover this summer. The 19-year-old, who has three caps for Morocco, had a stint in Barcelona’s youth ranks before moving to Germany in 2022. Aznou spent part of last season on loan at Spanish side Real Valladolid, making 13 appearances in La Liga. Everton manager David Moyes is keen to strengthen at left-back, with Ukraine international Vitalii Mykolenko his only option there after the departure of Ashley Young. Patrick Boyland

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Arsenal

What has happened this week?

Quite a lot, and yet probably less than was expected. Arsenal have completed the signing of Noni Madueke from Chelsea for an initial £48million, but have not finalised moves for Sporting CP’s Viktor Gyokeres and Valencia’s Cristhian Mosquera.

Was Arsenal’s squad in the shape Arteta would want it to be before their tour?

Not quite — Arsenal have been busy in the market, but hoped to have Gyokeres and Mosquera on the plane to Singapore.

They departed on Saturday evening with three signings on board: Kepa Arrizabalaga, Christian Norgaard and Martin Zubimendi, while on Tuesday, centre-back Mosquera also departed London for Singapore to join Arsenal’s pre-season tour, despite his signing not yet being announced by either Valencia or his impending new club. Another new face, Madueke was also eager to join the tour, but has been urged to rest after playing in the Club World Cup with Chelsea.

Arsenal’s pursuit of Gyokeres has become protracted. Sporting are upset with the player, who failed to return to training after insisting the club reneged on an agreement allowing him to leave this summer for €60million plus €10m in add-ons. The two clubs now have a broad agreement on a fixed fee of €63.5m with a further €10m in potential add-ons.

The criteria for those add-ons, and how achievable they are, are the focus of the remaining negotiations.

Although it has been a frustrating process, Arsenal remain confident that a resolution will be reached. Manchester United sources suggest they have made no bid for Gyokeres, and the player remains resolute in his desire to join Arsenal.

Mosquera has undergone medical tests and media obligations.

What positions/players are they still looking at?

Arsenal are open to the idea of strengthening if an appropriate deal comes up. If there are any further additions, they are likely to be in attack.

Arsenal admire left-wingers Rodrygo (Real Madrid) and Anthony Gordon (Newcastle United). The futures of existing wide options Gabriel Martinelli and Leandro Trossard may determine whether that interest develops further.

They have also explored a move for Crystal Palace’s Eberechi Eze. A new long-term contract for 18-year-old Ethan Nwaneri — which Arsenal are in the process of finalising — may make a deal for Eze less of a priority.

Arsenal’s recruitment drive at academy level continues: the club have signed 17-year-old attacking midfielder Demiane Agustien from Derby County and have agreed a fee with Salford for 17-year-old striker Will Wright — although personal terms are yet to be agreed.

Which players could be leaving?

Oleksandr Zinchenko and Reiss Nelson have been named in Arsenal’s 30-man tour squad, but both are available in this window. With Zinchenko’s contract expiring next summer, this is Arsenal’s last chance to recoup some of their investment on the Ukraine international. Fulham took Nelson on loan last season and remain interested in a deal for the 25-year-old. Arsenal’s preference would be a sale rather than a second loan.

Karl Hein has been left out of the tour squad as the 23-year-old goalkeeper looks for a move away from the club — either on loan or on a permanent transfer. Fabio Vieira, who is on an extended break after his involvement in the Club World Cup with Porto, is also available for transfer.

James McNicholas

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Chelsea

What has happened this week?

Two outgoings were officially finalised for a significant profit.

Firstly, goalkeeper Djordje Petrovic completed a £25million move to Bournemouth. The Serbia international joined Chelsea from New England Revolution for £13.6m (plus around £1.7m in add-ons) in 2023.

Noni Madueke’s transfer to Arsenal was officially announced on Friday. The winger has gone for an initial £48.5m with the possibility of the fee rising to £52m if add-ons are triggered. Chelsea bought the England international from PSV a couple of years ago for a fee in the region of £29m.

Are Chelsea any further forward on other exits?

They are optimistic that there will be more departures soon.

To start with, Chelsea have dropped their asking price by £22m for Christopher Nkunku, who has admirers in the Premier League, Italy and Germany. The Athletic reported this month that Bayern Munich had renewed their interest. In January, Chelsea valued the France international at £65m, a figure that has now been cut to €50m (around £43.3m).

Joao Felix is the subject of talks from one large club in Portugal and a few others from the Saudi Pro League. Chelsea are looking to sell the 25-year-old attacker for €50m, including add-ons. The structure of the deal is likely to involve an up-front fee, with more paid each year he is with the new side.

Atletico Madrid have joined Bayern Munich and one Premier League club in the race for 21-year-old defender Renato Veiga. Chelsea want a minimum of €40m.

Raheem Sterling began pre-season training last week — and a Champions League club in Europe is keen to sign him. An offer of £20m will be accepted.

Goalkeeper Mike Penders and defender Mamadou Sarr are joining Strasbourg on season-long loans. The Athletic revealed in April that the plan for Sarr, who was signed in January from Strasbourg for €14m but only joined Chelsea last month, was to return to the Ligue 1 side for another campaign.

Penders, 19, has also been earmarked and is expected to be Strasbourg’s new No 1. Chelsea wanted the duo around the squad at the Club World Cup, to get some experience, before sending them to France.

There is still one loan spot at Strasbourg, but it will not be going to defender Aaron Anselmino. He has offers from Champions League and Europa League clubs outside the UK. Meanwhile, U.S. men’s national team defender Caleb Wiley’s loan to Watford has officially been announced. The Athletic reported it had been agreed last month.

What positions/players are they still looking at?

As reported above, Chelsea have added RB Leipzig’s Xavi Simons to their wishlist. The Transfer DealSheet made it clear last week that any arrival depends on exits, so nothing is imminent just yet, even though conversations may continue to take place.

As has been documented in previous weeks, Manchester United’s Alejandro Garnacho and Aston Villa’s Morgan Rogers are also under consideration.

Chelsea have also made a fresh enquiry for Ajax defender Jorrel Hato. Nothing has progressed yet, but the situation around the 19-year-old, who can play on the left side of defence, is ongoing.

Which other players could be leaving?

Trevoh Chalobah has established himself as a first-team regular since returning from loan at Crystal Palace in January and started the Club World Cup final win. However, his situation has not changed since the first Transfer DealSheet of the summer, with Chelsea open to offers. Wesley Fofana is still considered to be ahead of him in the pecking order (once he returns to fitness after a hamstring injury). Chalobah may also decide his future is better served elsewhere, having earned his first senior England cap last month. If a move comes about, it will have to suit both parties.

Striker Nicolas Jackson has attracted interest from teams in England and Europe. Chelsea do not regard him as an untouchable member of their squad.

Returning loanees Axel Disasi, Lesley Ugochukwu, Ben Chilwell and Armando Broja are all up for sale.

Chelsea want £5m for defender Alfie Gilchrist. Several Championship clubs have asked about a loan with an option to buy, but Chelsea will only consider a permanent transfer for the 21-year-old.

This does not apply to Marc Guiu, who was bought from Barcelona for €6m 12 months ago. Chelsea have rejected offers from clubs looking to buy the 19-year-old. They would prefer a loan, ideally to another club in England.

Simon Johnson

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Liverpool

What has happened this week?

The big news coming out of Liverpool is around Hugo Ekitike.

Liverpool have indicated they will pay an initial fee of £69million ($92.8m), with potential add-ons worth as much as £10m.

The 23-year-old is expected to arrive in the UK today (Tuesday) to undergo a medical and sign a six-year contract and, if all goes to plan, he will then fly out to link up with the Liverpool squad in Hong Kong.

Other clubs, including Newcastle United, have targeted Ekitike, but it has always been the Frenchman’s preference to join Liverpool.

Bringing in a new striker is the priority for the Premier League champions, who also turned down a €67.5million bid for Luis Diaz from Bayern Munich last week and have no intention to sell. Diaz has made it clear he wants to leave and Liverpool are braced for a second bid, but the Colombian continues to train and was part of the squad who flew out to the Far East on Sunday for a 10-day pre-season tour of Asia.

A 5-1 friendly win over Stoke City, where Darwin Nunez scored a hat-trick, helped the team warm up for the tour of Hong Kong and Japan. Florian Wirtz made his first appearance for the club and will feature heavily during the tour.

Is Ekitike the missing piece of the puzzle?

Bringing in a young striker with the potential to represent the club for years ahead has been Liverpool’s target. Ekitike fits the bill. He showed that last season by scoring 22 goals in all competitions and setting up 12 more.

He’s tall, quick and will offer a focal point for the full-backs and creative midfielders to work with. Head coach Arne Slot likes his centre-forward to work hard out of possession, and Ekitike will follow those orders while helping others offer a regular threat in the box through his clever movement.

As my colleague Thom Harris points out: “Only Mohamed Salah registered more combined goals and assists from counter-attacking situations than Ekitike across Europe’s top four leagues last season, while no team scored more than Liverpool’s 14. His ability to both lead quick breaks with his smooth dribbling ability and finish them with his goal-scoring instinct makes him an exciting prospect at the top of another high-quality counter-attacking side.”

What positions/players are they still looking at?

Central defence is the only real issue now as the squad is light on cover following Jarell Quansah’s move to Bayer Leverkusen.

Slot would ideally like another senior centre-back to call on alongside Virgil van Dijk, Ibrahima Konate and Joe Gomez, as his preference is to have two senior players fighting for every position.

Watara Endo could be used in times of need, but Liverpool are planning on using the market to fill the gap. Several options, including Crystal Palace’s Marc Guehi, are under consideration.

Which players could be leaving?

Liverpool are open to offers for Nunez and Federico Chiesa, while Diaz has outlined his desire to leave.

Chiesa was left out of the squad with a minor fitness issue and is expected to discuss a move away in the weeks ahead. Nunez, valued at around £70million, has interest from Saudi Arabia.

Harvey Elliott and Tyler Morton are both attracting Premier League interest and their future remains uncertain. Fit-again Ben Doak has the opportunity this pre-season to impress Slot or put himself in the shop window for a move elsewhere.

Luca Stephenson, meanwhile, is expected to agree a contract extension before moving out on loan again for next season. His current deal expires at the end of next season, but after an impressive loan at Dundee United in 2024-25, Liverpool see the value of monitoring the 21-year-old’s progress for at least another campaign and have taken him on the pre-season tour.

James McConnell is also discussing a new contract ahead of a loan move next season. He missed out on the tour, as did Stefan Bajcetic, who continues his rehabilitation programme at the AXA Training Centre following surgery.

Gregg Evans

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Manchester City

What has happened this week?

Sverre Nypan officially joined Manchester City from Rosenborg, after The Athletic revealed in early June that he had chosen the Etihad as his destination.

The 18-year-old Norwegian midfielder had travelled in January to visit Aston Villa and Arsenal, but City entered the race and were able to convince the player and family that a switch to the Etihad Stadium was the right move for him this summer.

He is expected to go out on loan in his first season.

In terms of outgoings, Maximo Perrone made his loan spell at Como permanent. The Argentine midfielder joined from Velez Sarsfield in 2023 for a fee of around £8million but only made two appearances during his time in Manchester.

He was an important member of Cesc Fabregas’ team last season and the Italian club have paid €13million guaranteed with a potential €2million in add-ons. City have also negotiated a 30 per cent sell-on clause and buy-back option.

In a market they have excelled at in recent years, City have now brought in another medium-sized fee for a player who was not involved in the first team.

What positions/players are they still looking at?

Right-back remains one area where City could potentially add a new face, but Newcastle’s Tino Livramento is not someone who is a realistic target this summer for City.

A goalkeeper could be on the cards, however, if Ederson or Stefan Ortega leave the club. The Brazilian goalkeeper has been a mainstay for nine years but was the subject of interest from Saudi Pro League clubs last summer. He stayed and said last month that any talk of him leaving was “fake news”, but clubs are interested in him.

City have not received any offers yet, but if they lose one, then attention could turn to bringing back Burnley goalkeeper James Trafford, who they sold for around £19million in 2023.

He excelled last season as part of a promotion-winning defence that only conceded 16 league goals in 46 games. He would be on the short list of goalkeepers City would consider.

Newcastle are interested in Trafford, but as of yet, no bids have been made.

Which players could be leaving?

The lack of exits means City are carrying a very large squad. Buyers are still to be found for England duo Jack Grealish and Kalvin Phillips, while the future of Ederson has been thrown into doubt.

James McAtee is also expected to depart, with Eintracht Frankfurt and Nottingham Forest keen. City and Forest are engaged in positive ongoing discussions but no official bid has been made yet.

It was thought that some of the younger players could be loaned out due to numbers, but it is very unlikely that Nico O’Reilly or Oscar Bobb will leave the club this summer.

Jordan Campbell

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Manchester United

What has happened this week?

Finally, action after several weeks of apparent stasis. United broke their stalemate with Brentford over Bryan Mbeumo by agreeing a fee of £65m plus £6m in add-ons. Mbeumo was at Old Trafford on Saturday and Carrington on Sunday to go through his medical, carry out media, and sign paperwork. He officially joined on Monday.

United also agreed terms with Barcelona on Marcus Rashford’s loan. United will save the entirety of his salary during the campaign, with Barcelona covering. Sources close to the deal have told The Athletic that Rashford has initially taken a 25 per cent pay cut for the duration of the loan, before bonuses are taken into account. He can earn more based on his performances. His gross annual salary at Barcelona is about €14m a year (before bonuses). Barcelona also have a €30million option to make his loan spell permanent.

A summit in Iceland, where Sir Jim Ratcliffe, chief executive Omar Berrada, and director of football Jason Wilcox held face-to-face talks, accelerated matters.

United were back on the pitch, drawing 0-0 with Leeds United in their first pre-season friendly in Stockholm. The squad fly to Chicago for their U.S. tour on Tuesday.

Have Man Utd got a priority now that Mbeumo is done?

After committing to a combined spend of £133.5m on two forwards, United’s focus is on sales. They can afford the outlay on Mbeumo and Matheus Cunha, but need to balance the books to further reshape Ruben Amorim’s squad.

Finding clubs for Alejandro Garnacho, Jadon Sancho, Antony and Tyrell Malacia is paramount, given they are training separately from the first-team and are not part of Amorim’s plans.

United have at least been helped financially through sell-on clauses for former players moving on. After Alvaro Carreras and Anthony Elanga netted United nearly £13m, ex-youth midfielder Maxi Oyedele’s transfer from Legia Warsaw to Strasbourg added £2.1m to the club’s bank account courtesy of a 40 per cent sell-on clause.

What positions/players are they still looking at?

As my colleague David Ornstein reports in his One To Watch, United have several strikers on their list of potential targets, although none are advanced. Spending significantly on a centre-forward would require Rasmus Hojlund leaving, and that possibility remains open.

Benjamin Sesko, 22, is among those United have kept tabs on — having first looked at signing him aged 16 from Domzale in Slovenia — and talks were held last summer, with communication open this year, but he is not currently the subject of serious attention. The cost of signing Sesko due to the fee inevitably demanded by Leipzig, plus his wages, is deemed incompatible with United’s budget and his performances in the Bundesliga last season.

Over the weekend, reports in Portugal put United as being close to an agreement with Sporting CP over Viktor Gyokeres. But United sources insisted the club had not made a bid and would not be doing so. Amorim likes Gyokeres, but the player’s focus has been Arsenal, with a deal close.

United have looked at several midfielders, with Amorim wanting the position strengthened, but conversations are at a preliminary stage.

United are considering signing a goalkeeper, but Andre Onana’s hamstring injury is not thought to impact the process. Onana is due to fly to Chicago with his team-mates to be around camp while he continues his recovery, and he aims to be back in time for the game against Arsenal on the opening weekend.

Which players could be leaving?

Aside from the four players currently exiled from the senior setup, plus Hojlund, as outlined, Harry Amass is due to go out on loan. Amass, 18, broke into the first team at the end of last season but stayed in Manchester instead of travelling to Stockholm for United’s friendly against Leeds and will also miss the U.S. tour as talks progress on his next move.

The aim is to get him regular minutes rather than flit in and out of the team. United have Patrick Dorgu, Luke Shaw, and new 18-year-old signing Diego Leon in his position. Amass is attracting interest from clubs in the Championship, League One and Europe, but there is no rush to decide his destination.

Laurie Whitwell

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Why Rashford’s loan move makes financial sense for United

While United won’t get a fee for Rashford’s departure — or at least not yet — they’ll still save a chunky wad of cash this season. Rashford’s £325,000 weekly wage after bonuses, plus employment costs, translates to an annual bill of £19.4m for United. His guaranteed wage is unknown but plainly sizeable. A reasonable estimate puts the cost to United still at around £15m per year.

By any club’s measure, that’s a lot of money; it’s a particularly large amount to pay for an unwanted player at a club who are already taking the hit of no European football this year.

That level of saving shouldn’t be sniffed at. Though United would have preferred to get a fee for him, that might yet happen. The deal includes an option for Barcelona to buy Rashford for €30million (£26m) over the next year.

On the face of it, that doesn’t represent particularly great value for a player some talked of being worth multiples more not too long ago. Indeed, it’s a big drop in just six months; Aston Villa’s option to buy him, which became moot the moment they too missed out on Champions League qualification, was set at £40m in January.

There are plenty of reasons why Rashford’s value has tumbled and, with United unable to change the past, it’s worth considering whether that €30m option is about as much as they can hope to get for him now.

Using data from Twenty First Group (TFG), a sports intelligence firm, provides interesting context. TFG quantify player worth in two ways: price and value. Price is an estimate based on market factors (eg, Rashford’s contract length, the presence of Barcelona as the buyer); value is an intrinsic measure, based solely on Rashford’s existing ability, assessed by TFG.

They put Rashford’s intrinsic value today at €33m — similar to the purchase option Barcelona will hold. On a market basis, the value is higher; they reckon buying Rashford today should cost Barcelona €46m, or €37m in a year.

All those figures exceed the option in place. They are just one firm’s view, but they suggest United have fallen short, in turn reflecting their position as sellers with minimal bargaining power.

Whether or not a deal actually goes through will depend on how well Rashford’s year in Spain goes. Barcelona have taken several players on season-long loans in recent years, only for them to return to their parent clubs afterwards, though that doesn’t mean a good season won’t pique others’ interest in the England international.

United’s ideal would have been to sell Rashford for a fee this summer. Instead, they’ve gone with an option that at least removes any costs related to him for a season. As an academy graduate, Rashford’s book value, and therefore his annual amortisation costs, are minimal.

The alternative — keeping him around, highly paid and not played — would have been worse. Rashford’s wage meant potential suitors comprised a narrow field. He has got the move he wanted. United will enjoy the eight-figure saving and will hope that, for all parties, he thrives in Spain.

Chris Weatherspoon

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Newcastle United

What has happened this week?

A lot — but, after a week or so of uplifting news with Anthony Elanga signing and then Newcastle stepping up their ambitious pursuit of Hugo Ekitike, the narrative has returned to one of negativity and frustration.

Newcastle launched a bid worth around €75million for Ekitike and, while Eintracht Frankfurt have suggested an agreement was not reached, some on Tyneside felt a deal was close to being struck. That is before Liverpool entered the bidding and Ekitike — like Bryan Mbeumo, Dean Huijsen, Liam Delap and Joao Pedro before him — opted to go elsewhere, rather than move to Tyneside, as Newcastle believe the Frenchman’s camp had indicated he was willing to do.

To compound the situation further, not only did Newcastle miss out on Ekitike, but Alexander Isak‘s future came under intense scrutiny. Liverpool communicated an interest in acquiring the Sweden international for around £120m, though Newcastle have been adamant for months that Isak is not for sale.

When the 25-year-old was then left out of the squad for the deflating 4-0 friendly defeat at Celtic on Saturday — Eddie Howe, the head coach, stressed the striker’s minutes are being managed during pre-season, though he admitted that at least part of the reason behind his omission was the constant speculation — the rumour mill went into overdrive.

Yet the message from the top of the club that has been reiterated is that Isak is not for sale — contract-extension talks, which had been postponed, are still planned to resume later this summer — and that he will travel to Singapore and South Korea later this week as part of Newcastle’s pre-season tour party.

Sean Longstaff, meanwhile, completed his transfer to Leeds United, which is worth an initial £12m with a potential £3m more in add-ons.

Newcastle are close to completing another elite-pathway signing, too, with Park Seung-soo present in the stands at Celtic Park on Saturday. The 18-year-old winger is set to join from Suwon Bluewings, following the arrival of Antonio Cordero from Malaga.

Would Yoane Wissa be a good alternative to Ekitike?

Newcastle are reassessing their options across multiple positions, given they have missed out on their top targets.

One of those is in attack, where a younger, versatile profile such as Joao Pedro or Ekitike was being sought. Now, Newcastle are considering alternatives, with Brentford’s Yoane Wissa among them, even though he was not under active discussion as a target 10 days ago.

Wissa scored 19 Premier League goals last season and has the versatility to play across the frontline. He is experienced in the top flight and would be able to deliver immediately, so, in that regard, moving for the DR Congo international makes a lot of sense.

However, Wissa turns 29 in September, so he is significantly older than the preferred age profile for recruits of 24 and under, while he may miss a significant portion of the season in early 2026 due to the Africa Cup of Nations. Brentford’s asking price could also be a major hurdle.

Moves for other Premier League and European strikers are also being explored — Dominic Calvert-Lewin, a free agent after leaving Everton, is one, though Aston Villa’s Ollie Watkins is not presently under consideration — but Newcastle are keen not to rush into making a signing for the sake of it.

Although they are confident they will make additions this summer, despite receiving multiple knockbacks so far, there is a recognition that Newcastle cannot afford to bring just any player in. Howe believes they must remain calm and ensure they spend money on the “right players” who will improve the squad.

No bid has yet been made for Wissa, though Newcastle may formalise their interest soon if they determine he is their next-best option.

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 Longstaff would also ideally be recruited.

Newcastle have pursued James Trafford for more than a year but have struggled to make substantive progress during negotiations with Burnley this summer, given their divergent respective valuations of the goalkeeper. Manchester City, his former club, have Trafford on a list of possible goalkeeper options. Newcastle risk losing out on another key target.

Should Newcastle fail to sign Trafford, there is no guarantee they will move for another goalkeeper, despite scouting Lille’s Lucas Chevalier, among others.

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.

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. Chelsea’s Axel Disasi is not under consideration, while Juventus’ Nicolo Savona is not an active option, either.

Which players could be leaving?

Isak will not be departing, Newcastle insist — though it is not just their star striker who they have no need or appetite to sell. The consistent and firm message has been that Newcastle will rebuff interest in Sandro Tonali, Bruno Guimaraes, Anthony Gordon and Tino Livramento, who is repeatedly linked with Manchester City.

However, 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 profit and sustainability rules. 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 was loaned out. Vlachodimos was not included in the Newcastle squad for Saturday’s defeat at Celtic.

Martin Dubravka had been expected to leave and may still do so, though if Newcastle do not sign another goalkeeper, Dubravka is likely to stay.

Matt Targett is available, despite starting at Celtic, and so is Isaac Hayden, whose deal expires next summer.

Joe Willock has two years left on his contract and has been linked with moves elsewhere, though Howe would ideally like to keep the former Arsenal midfielder, especially following Longstaff’s exit.

Chris Waugh

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Tottenham Hotspur

What has happened this week?

Even if it has been a slow week in the transfer market, this was the week that felt like the Thomas Frank era truly began at Tottenham Hotspur.

The whole squad are now back in pre-season training, and Frank took his first friendly in charge when Spurs beat Reading 2-0 on Saturday. The pre-season Asia tour, the UEFA Super Cup and then the start of the Premier League will be here before we know it.

In the transfer market, it has been a quieter week than the previous one.

The Morgan Gibbs-White situation remains unresolved. No other players have come in. The only solid news has been departures. Alfie Dorrington has gone back to Aberdeen on loan, while Republic of Ireland goalkeeper Josh Keeley has joined League One Luton Town on a permanent deal.

Is Gibbs-White going to happen, or are Spurs going to have to move on?

After a dramatic end to the previous week, when it felt as if Gibbs-White was right on the brink of becoming a Tottenham player, things have certainly slowed down over the last week.

Gibbs-White played for Forest in their friendly against Monaco this weekend and was due to be part of the Forest squad that went to Portugal for a pre-season camp this week, but did not travel on Monday due to private reasons.

His team-mate Ola Aina said that Gibbs-White was “keeping it professional” at Forest this week. But ultimately Gibbs-White’s future remains uncertain. Forest were certainly frustrated that Tottenham’s £60m bid matched a confidential release clause in Gibbs-White’s contract. But the situation has been stuck in limbo for the last week.

The question is whether the combination of Tottenham’s interest and the clause is enough to get the deal done. Or whether Spurs eventually have to shelve this particular idea and look in another direction.

What positions/players are they still looking at?

Many fans will ask if they still need an upgrade in the middle of the pitch. Regardless of what happens with Gibbs-White, the bigger issue Spurs have had for the last few years is in the No 6. Against Reading, they started with Rodrigo Bentancur and Pape Matar Sarr in front of the defence, with Yves Bissouma coming on at half-time.

The one name in that area of the pitch that Spurs have been linked with is Joao Palhinha, the 30-year-old Bayern Munich midfielder. He is available this summer, but Spurs’ preference would be for a loan rather than a permanent move.

Spurs look secure at centre-back now, with Luka Vuskovic impressing against Reading, and Kota Takai still to come into the mix too. They could still want some more depth at full-back, although Kyle Walker-Peters, with whom they were linked, has gone to West Ham United.

Which players could be leaving?

There are still question marks over the future of two of Spurs’ highest-profile players, captain Son Heung-min and vice-captain Cristian Romero. Son only has one year left on his contract after Tottenham triggered an extension at the end of last season. Romero has two years left and has been the subject of interest from Atletico Madrid, although they have decided this month to turn their attention to other targets, believing that Spurs want to keep Romero and would like to extend his contract.

Frank picked Son and Romero for his first friendly as Spurs manager. Romero started as captain before Son took the armband for the second half. And when Frank gave his pre-match press conference — his first public engagement in his new role — he kept his cards close to his chest regarding the futures of those two players.

“If a player has been at a club a long time, then there will always be a decision for the club to take,” Frank said when asked about Son. “Right now, he’s here, that’s what I’m focusing on,” Frank said of Romero. “He’s here and very committed. I know he’s looking forward to the season.”

Beyond those two, it also remains to be seen what will happen in the cases of Bissouma, Bentancur and Richarlison, experienced players whose roles under the new manager remain unclear.

Jack Pitt-Brooke

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Barcelona

What has happened this week?

Barcelona have agreed a deal to sign Marcus Rashford on loan for the season. The agreement was struck on Saturday between all parties and will include a buy option. Manchester United will not be covering Rashford’s salary at all, with the player taking a pay cut to facilitate his arrival at Barcelona.

Rashford landed in Barcelona on Sunday and went through the medical checks at the Joan Gamper training complex the next day. He is expected to join the team’s training session this week and to travel to South Korea and Japan for Barcelona’s pre-season tour. Barcelona have an option to buy Rashford for €30million (£26m).

Hansi Flick men completed the first week of training sessions, with Marc-Andre Ter Stegen still to feature in them. The goalkeeper has a back injury, which is stopping him from training with the rest of the team, and increases the uncertainty around his future.

Club sources admit Ter Stegen could have surgery, potentially ruling out a departure of the 33-year-old this summer. However, if his injury keeps him sidelined for at least four months, Barcelona could apply for the long-term injury exception in La Liga’s salary limit rulebook and use a chunk of Ter Stegen’s salary to sign a new player.

Barcelona also confirmed last week that their return to the Camp Nou has been delayed. It was meant to be reopened for the Joan Gamper pre-season trophy game on August 10.

Is Rashford’s imminent arrival the only sort of signing Barcelona can afford?

Well, on paper, Barcelona can’t register any new signing now, unless they offload some of the players on the wage bill and find new sources of income. Any signing beyond Rashford will only add another problem in that department.

Club sources told The Athletic they don’t expect any other major piece of business once the signing of a new attacker, almost certainly Rashford, is completed.

What positions/players are they still looking at?

Not many, as the main demands from Flick have been handled with the arrivals of Joan Garcia and Marcus Rashford.

Now the German manager believes the team is well-equipped up front and in midfield, where he has plenty of options with the return of Marc Bernal.

You can make a case that there are more weaknesses to be dealt with in the defensive line, but with no current departure expected for the likes of Andreas Christensen or Ronald Araujo, they won’t happen.

Which players could be leaving?

The first name on the list is Ter Stegen. The club would like him to leave this summer. Flick has already told the German he won’t start as his number one choice next season, but the money he is owed in the next three years of his current deal — which includes salary deferrals — point towards a contract termination as the only potential way for Barcelona to part ways.

Andreas Christensen is another player Barcelona are open to letting go, but the player wants to stay for the last year of his contract — even though he might be the fifth-choice centre-back.

Pau Victor, 23, is expected to be on the move. Multiple European clubs have enquired about his situation, but Barcelona have set a €10m price tag that prevented any progress from being made. The player is open to leaving, especially after the arrival of Rashford.

Pol Ballus

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Real Madrid

What has happened this week?

Alvaro Carreras was officially presented last Tuesday, arriving for €50million from Benfica. With the signing of the Spanish left-back, the club has now invested more than €180million this summer, including the arrivals of Franco Mastantuono (€63.2m), Dean Huijsen (€58m) and Trent Alexander-Arnold (€10m).

Defender Lucas Vazquez gave his official farewell last Thursday at an event accompanied by president Florentino Perez. According to sources close to the 34-year-old, his idea is to continue competing at an elite level. Segunda side Deportivo La Coruna (the club of his hometown, Curtis, in the region of Galicia) would love to see him in their shirt, a switch evoking Santi Cazorla’s move to Oviedo.

Madrid have lost experience this summer — is this a concern?

Yes, and it is a worry that is not new. From the start of last season, it was apparent within the dressing room that Madrid had lost leadership with the departures of Karim Benzema, Toni Kroos and Nacho Fernandez in recent years.

Although he was less talkative, the departure of Luka Modric to Milan has only exacerbated this situation.

Nevertheless, there are players within the squad who are considered to be capable of carrying the baton in the coming seasons.

As Jesus Vallejo (who was at Madrid until last season) acknowledged in a recent interview with The Athletic, both Dani Carvajal and Federico Valverde can now lead the team.

The club has specialised in recent years in signing promising young players and those whose contracts are due to expire. Madrid may try to sign some experience from outside, although nothing else is understood to be advanced for this summer.

What positions/players are they still looking at?

Club sources believe that, for the moment, the squad will remain as it is — pending the presentation of Mastantuono, which is planned for mid-August when he turns 18.

However, sources close to the first team believe there is an “overbooking” of forwards and there could still be some exits. For example, in the coming weeks it we should follow closely the situation with Rodrygo. As reported last month, the Brazilian’s future at the club is unclear.

Which players could be leaving?

After the renewal of Thibaut Courtois’s contract until 2027, it remains to be seen what his alternative in goal, Andrii Lunin, will do. The Ukrainian has commented on several occasions at Valdebebas that he wants to stay at Madrid, and everything indicates he’s staying, but his agents are still keeping an eye on the market.

It is also interesting to see what happens with Fran Garcia. His camp feels the club wants him to stay despite the arrival of Carreras. Club sources say he has a contract until 2027 and that it makes no sense for players in that situation to be told that they have to stay.

Twenty-year-old central defender Jacobo Ramon is close to signing for Como. If the deal goes through, the Serie A side will follow the same strategy as they did when they signed Nico Paz from Madrid last summer. They will buy 50 per cent of his rights, and Madrid will keep the other 50 per cent. According to sources at the Italian team, the deal is valued at €2.5million plus add-ons.

But he is not the only player from Madrid’s academy who is close to trying his luck elsewhere. Mario Martin, the 21-year-old midfielder, has strong interest from several teams, especially Getafe, who hope to close the deal in the next few days.

Dani Ceballos, as he publicly acknowledged last week, is open to leaving the club. Although he has always been linked with Real Betis, it remains to be seen whether they will make a formal offer because the 28-year-old midfielder has a contract until 2027. Sources close to the situation think there could be news in the next few days.

(Top photos: Alex Pantling/UEFA, Stefan Matzke/sampics/Getty Images; design: Dan Goldfarb/The Athletic)