The Transfer DealSheet: Latest on Man Utd, Arsenal, Liverpool, Real Madrid and more.
Welcome to the 12th installment 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 transfer period is open and will last until September 1.
The information found within this article has been gathered according to The Athletic’s sourcing guidelines. Unless otherwise stated, our reporters spoke with more than one person briefed on each deal before giving the clubs involved the opportunity to respond. Their responses, as they were provided, have been included.
We aim to provide you with reliable analysis of what is going on at Europe’s top clubs, as well as the most recent market information.
This year, Chris Weatherspoon, The Athletic’s football finance writer, will contribute to our transfer market analysis.
Last week, we discussed Alexander Isak’s situation, Liverpool’s pursuit of Giovanni Leoni, and the latest on Gianluigi Donnarumma.
This week, we look at two Crystal Palace players being pursued by top Premier League clubs, a striker who is still on Newcastle United’s radar, and Manchester United’s options after they decided not to pursue Carlos Baleba.
This article is long but detailed, so enjoy it all — or search for the club or player you want to read about.
David Ornstein’s One To Watch
Crystal Palace has spent the entire summer dealing with uncertainty surrounding their two best players, Eberechi Eze and Marc Guehi.
However, as the transfer window enters its final fortnight, outcomes — either positive or negative — are rapidly approaching, and the impact will extend far beyond the gates of Selhurst Park.
Tottenham Hotspur are in a one-horse race for Eze, and while no agreement was reached after additional talks on Monday, discussions continue, and there is a good chance the move will happen. Palace have been looking into potential replacements for some time, and The Athletic revealed last weekend that they had made contact with Leicester City about Bilal El Khannouss.
A bid was also made for Christos Tzolis of Club Brugge, who is determined to keep his forward. Palace has also targeted Wolverhampton Wanderers attacker Hwang Hee-chan.
This would not be to fill Eze’s void, but rather to provide depth up front, especially given Eddie Nketiah’s injury-induced absence. There is no deal in place for Hwang, but Palace is in talks with their Premier League counterparts and hopes to reach an agreement.
Liverpool identified Guehi as a market opportunity, and initial talks began with Palace, though the situation has not progressed significantly. The ball is in the Palace’s court.
If they don’t want to lose Guehi as a free agent — he has no intention of renewing a contract that is set to expire in June 2026 — they must approve the captain’s sale.
Even so, the England centre-back must decide whether he wants to fight for a starting spot at Anfield during a World Cup season or wait out his final year before deciding on his next destination.
If he leaves Palace now, Guehi is only interested in Liverpool, who believe they already have four elite central defenders and are unlikely to look for an alternative if they fail to sign the 25-year-old.
What would Guehi bring to Liverpool?
He was developed at Chelsea’s academy and is a calm presence both on and off the ball, reading the game with ease.
Guehi, who is deployed on the left side of Oliver Glasner’s back-three system, can play off both feet as he looks to punch the ball forward from defence, as evidenced by The Athletic’s player radar, which compares key attributes with positional peers across Europe’s top five leagues (pass progression, 80 out of 99).
While he does not seek trouble defensively (front-foot defending, 22 out of 99), Guehi’s poise means that he frequently wins battles, with a high tackle success rate (68 out of 99) when compared to Europe’s centre-backs.
Mark Carey
What else we’re hearing
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- Newcastle maintains a strong interest in Jorgen Strand Larsen as they seek to strengthen their attack before the market closes. Strand Larsen’s transfer is not progressing as quickly as other options, but the 25-year-old striker is one of a few names being considered.
- At this point, discussions are taking place through intermediaries rather than between clubs, and Strand Larsen is interested in the possibility of leaving Wolves, though he is not actively seeking to do so David Ornstein
- The unexpected sale of Serie A top scorer Mateo Retegui to Al Qadsiah in the Saudi Pro League has made Atalanta even more hesitant to sell Ademola Lookman to a rival, Inter, despite the player’s stated desire to depart. However, the club is looking for offensive reinforcements. Atalanta continues to monitor Rasmus Hojlund’s situation and has considered bringing him back to Bergamo. James Horncastle Napoli are expected to use the last two weeks of the transfer window to find a replacement for Romelu Lukaku. The 32-year-old Belgian suffered a torn quad muscle last week and faces up to three months on the sidelines
- Napoli moved for an alternative big man earlier this summer, signing Udinese’s Lorenzo Lucca, who was supposed to replace Lukaku but now has to step in. The departures of Giacomo Raspadori and Giovanni Simeone leave Napoli short on attacking options.
- Giovanni Manna, Napoli’s sporting director, will need to do more to appease Conte, who has been extremely relaxed this off-season. James Horncastle Roma and Aston Villa have reached an agreement in principle for Leon Bailey’s loan signing. The loan fee will be around €3 million (£2.6 million, $3.5 million), and the Italian club will cover Bailey’s wages in full for the duration of the deal, with the option to sign him permanently for around €22 million.
- Talks had previously focused on Bailey’s obligation at the end of the season, but after further discussions, Roma now has the option to make his move permanent. Jacob Tanswell Alex Oxlade-Chamberlain is in talks with Besiktas about terminating his contract as he seeks to return to England.
- The 32-year-old wants to leave Turkey after two seasons and has attracted interest from Premier League and Championship clubs, including Birmingham City.
- Oxlade-Chamberlain wants a fresh start in the UK and is willing to accept a wage cut. Gregg Evans.
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