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Another transfer window is about to open so that means Chelsea must be ready to open the chequebook again, right? It is understandable why their own fans, let alone people outside the club, will assume that is the case given the vast sums of money the Todd Boehly-Clearlake consortium have spent in the market since taking over in May 2022. As has been well documented, the bill for the 40-plus new arrivals that have joined the first team and academy is well over £1billion ($1.26bn).
Advertisement With Chelsea competing at the top of the table under head coach Enzo Maresca and being in the title race, despite their public protestations to the contrary, a new signing or two could make the difference. But is that something they are prepared to do. And what about the outgoings? It is often forgotten that Chelsea have also raised several hundred million in revenue from getting players off the books.
This is what The Athletic has heard about Chelsea’s plans for January so far. What positions will they be looking at in January? Chelsea do not intend to be busy. The main priority is thinking about what they will do in the summer of 2025 and 2026.
Anyone surprised by this should look at what transpired in the 2024 January window. The only addition to the senior squad back then was Cesare Casadei and that was simply recalling him from a season-long loan at Leicester City prematurely. The club are very happy with the first team group they have built and the main recruitment drive under this ownership was always planned to start in January 2023 and end in the summer of 2024.
Chelsea sources with knowledge of the situation, kept anonymous to protect relationships, say they will continue to assess possibilities in the market but the thinking is the main core are now together and that they are under no pressure to make any rash decisions. The theory that Chelsea are a centre-back and a keeper away from being able to win the Premier League this season is not a view taken by the hierarchy. That does not mean Chelsea have ruled out doing anything altogether in January, although that includes the possibility of doing a deal in advance with the following summer in mind.
It is a practice they are comfortable with having done so before (see below). Signing a striker is part of their long-term ambitions but unless a replacement is needed because someone is sold, the idea is to add to this department next summer. Advertisement Chelsea have had the added complication of Mykhailo Mudryk failing a drugs test and the head coach has suggested the club will discuss whether they will look to sign a replacement after the club’s final Premier League game of the year at Ipswich Town.
That conversation will take place but Chelsea currently feel they have the depth in the squad to cope with Jadon Sancho , Pedro Neto , Noni Madueke , Joao Felix and Nkunku. Talented academy graduate Tyrique George has also been promoted to the senior squad. The possibility of Raheem Sterling being recalled from his season-long loan at Arsenal early has been ruled out.
Which players do they want? Among the list of five to 10 forward players Chelsea are observing and/or sent scouts to watch their matches, Ipswich Town forward Liam Delap has emerged as a new target in recent months. However, Ipswich will be very reluctant to listen to any offers for the 21-year-old in mid-season because they need him in their battle to avoid relegation. Another attempt to acquire Victor Osimhen, a player they tried to get on loan at the end of the summer window, is not expected in January.
Who will they be looking to sell? Chelsea would ideally like to keep the squad together but are realistic to know some players may look to leave due to a lack of game time. Trying to get Ben Chilwell off the books is the priority. The left-back is one of the highest earners at Stamford Bridge and has played just 45 minutes this season.
Should a suitable bid be made for Carney Chukwuemeka , who has made just five appearances under Maresca, Chelsea will consider it. However, he has a release clause worth £40million. Maresca has suggested that Kiernan Dewsbury-Hall , who joined Chelsea from Leicester for £30m in July, could ask to leave after not starting a single Premier League game.
Defender Axel Disasi ’s situation is one to watch too, although his involvement has increased due to injuries to Wesley Fofana and Benoit Badiashile . Advertisement Casadei is wanted by clubs in Italy. Former academy player of the year Harvey Vale , who rejected a move to Al Ettifaq four months ago, is looking to leave on a permanent basis.
Another fine youngster, Alex Matos , came close to leaving for Getafe last time around and is also expected to be available. Will anyone move out on loan? This category also applies to the names mentioned above, particularly if teams look to do ‘loan with an option/obligation to buy’ deals. Should any go merely on loan, which is still a possibility for Chukwuemeka for example, clubs will have to make a meaningful commitment to play them.
Maresca has made it clear he wants to keep striker Marc Guiu — the 18-year-old scored six goals in the Conference League group phase. But with Chelsea’s involvement in the competition not resuming until March and his participation in the knock-out stages bound to be minimal, Guiu may want to pursue a temporary switch elsewhere. Omari Kellyman , who joined from Aston Villa for £19million in July, has been earmarked for a loan for the rest of the season, although he has been slow to recover from a hamstring injury sustained in September.
Forward Deivid Washington is another that Chelsea want to get first-team experience elsewhere. Some players already out on loan like Lesley Ugochukwu at Southampton and Leo Castledine at Shrewsbury may be recalled in order for them to get another loan elsewhere instead. What moves have they made already? Another reason why Chelsea do not need to add to their squad is because they have four new signings officially completing their moves to Stamford Bridge in the summer.
Deals for goalkeeper Mike Penders (Genk), defender Aaron Anselmino (Boca Juniors), winger Kendry Paez (Independiente del Valle) and exciting Brazilian attacker Estevao Willian (Palmeiras) have already been finalised. Highly-rated midfielder Andrey Santos , who has been on loan at sister club Strasbourg throughout 2024, is also being considered for a squad role for the 2025-26 campaign. Chelsea also have an obligation to buy Jadon Sancho as part of the loan agreement with Manchester United .
Who will make the key decisions in January? Chelsea have a structure in place, supported by the owners, involving co-sporting directors Paul Winstanley and Laurence Stewart, co-director of recruitment and talent Joe Shields and director of global recruitment Sam Jewell. Maresca will have input too. What is their PSR position? The financial accounts for the year ending June 30, 2024, have yet to be seen but Chelsea are confident they will comply with profit and sustainability rules.
This is despite not having a main front-of-shirt shirt sponsor yet. Talks with four or five interested companies are ongoing. (Top photos: Getty Images).
