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January is shaping up to be important in the context of Newcastle United ’s season, on and off the field. It will be another month dominated again by three letters — three letters the club hate, according to Darren Eales, Newcastle ’s outgoing chief executive. PSR.
The Premier League ’s profit and sustainability rules. Those three letters will once more restrict Newcastle’s ability to manoeuvre, regardless of the wishes of Eddie Howe, the head coach. This upcoming window will, once again, be primarily about what Newcastle can do, incoming-wise, rather than what they necessarily want to do.
Here’s what The Athletic has heard about Newcastle’s January transfer plans ...
What positions will they be looking at in January? The same as previous windows: right-sided forward, centre-back (and possibly) goalkeeper. Newcastle have not pivoted focus, which might deflate those supporters who believe a striker should be the priority following Callum Wilson ’s latest injury. Anthony Gordon and William Osula are deemed sufficient backups to Alexander Isak .
There is an acceptance that it is less than ideal, but Newcastle do not have the PSR capacity to bring in a proven striker. Instead, right-winger and centre-back are the positions Newcastle feel can be strengthened. On the right flank, Miguel Almiron is available for transfer, Jacob Murphy has never cemented his place, while none of Gordon, Harvey Barnes or Joelinton is the long-term answer.
In central defence, lowering the age profile is necessary and, while Sven Botman’s first-team return is imminent and Dan Burn has performed well, a long-term successor to Fabian Schar is required. Advertisement Howe wants a genuine challenger to Nick Pope in goal, but at least one exit would be necessary to facilitate an incoming, given Newcastle have five senior shot-stoppers. However, despite Howe desiring another goalkeeper, the soundings are that is highly unlikely, even if Martin Dubravka departs.
Newcastle have been tracking players in every position, with scouting trips across Europe and beyond. They will be nimble and might respond to opportunities to bring in long-term targets in other positions. Which players do they want? The Marc Guehi saga dominated August and Newcastle remain keen admirers.
The feeling on Tyneside is that a January transfer would be difficult — though it is not being ruled out entirely, even if Botman’s return lessens the immediate need. Paul Mitchell, the sporting director, is aiming to widen the geographical landscape from which Newcastle recruit and fresh centre-back targets across Europe have been identified. Juma Bah , the 18-year-old defender who is on loan at Real Valladolid from AIK Freetong, is among them, although he is seen as one for the future, rather than a first-team-ready recruit.
AC Milan ’s Malick Thiaw has been watched long-term, while contact was made with Bayer Leverkusen over Edmond Tapsoba in August. At right wing, the club enquired about Nottingham Forest ’s Anthony Elanga during the previous window. Brentford’s Bryan Mbeumo has been linked but, while there is some admiration, it would be expensive and complicated.
Moves for PSV’s Johan Bakayoko and Monaco’s Maghnes Akliouche appear unlikely this January. Burnley ’s James Trafford , the 22-year-old Newcastle offered £16million ($20.2m) for in June, fits the profile of goalkeeper Howe wants.
That deal is more likely to be revisited come the summer, though. Most names currently being linked are viewed internally as unrealistic when it comes to January. Newcastle admire the players mentioned above, but the expectation inside the club is that, unless a significant exit occurs, any mid-season arrival is likely to be a younger profile of player, with a lower salary, rather than a marquee name.
Who will they be looking to sell? Almiron is available and Newcastle are looking for around £10m-£12m for the Paraguayan. Clubs in the Saudi Pro League and MLS have shown interest over the past two windows, but there is a reluctance to match the 30-year-old’s salary. River Plate are interested and other South Amercian clubs are monitoring his situation.
Newcastle are not looking to loan Almiron out, despite Premier League clubs being linked, and would want a permanent transfer. An exit is probable, but not yet certain. Advertisement Dubravka is wanted by Saudi side Al Shabab and, given his contract expires in June, Newcastle would be willing to listen to bids.
The decision will rest between Dubravka and Howe. Pope’s knee injury complicates matters — Howe might want a replacement before allowing Dubravka to leave. Selling an academy graduate would represent ‘pure profit’ from a PSR perspective, so Newcastle would have to consider offers for Sean Longstaff .
With a 12-month extension prolonging his deal to 2026, Newcastle could command a reasonable fee for the 27-year-old, even if Howe is loath to lose him. Crucially, Newcastle must reduce their wage budget, so significant earners Kieran Trippier and Wilson might be moved on. The former was keen to leave during the summer and still desires a new challenge.
The latter’s injury makes a mid-season exit unlikely. Isaac Hayden , who does not train with the first-team squad, is still available for a transfer. Selling a fringe player will make incomings more likely but it does not guarantee arrivals.
Newcastle’s delicate PSR position means it might be prudent to free up space in the wage budget, regardless of signings. Newcastle will bring in long-term targets if they can, however. Despite reports linking Bruno Guimaraes with Manchester City , Newcastle have had no contact yet and are determined to keep hold of the Brazilian and their other star men, Gordon and Isak .
That said, it seems inevitable that Newcastle will have to sell one of their elite players at some point. Will anyone move out on loan? Lewis Miley , the 18-year-old midfielder, will not be leaving Newcastle temporarily because Howe considers him a first-team player. Alex Murphy , the 20-year-old defender, might head out to the EFL , while Garang Kuol , the 20-year-old Australia forward, also needs a loan move.
GO DEEPER The making of Lewis Miley, by those who have watched his rise What moves have they made already? In October, Newcastle announced the signing of Vakhtang Salia from Dinamo Tbilisi. The 17-year-old Georgia Under-21 forward will officially join in August 2025, when he is expected to head out on loan. Who will make the key decisions in January? That remains to be seen because, after a chastening first window as sporting director, having only arrived on July 4, the onus is on Mitchell to dovetail with Howe and bolster a first-team squad in need of quality and a refresh.
Mitchell claims to have followed a “predetermined strategy” during the summer but, like Howe, insists “natural collaboration” is the way forward. Last month, at a fan event, Mitchell stressed that “contrary to common belief”, he does not have the “final decision on player trading”. Although Howe retains that veto on incomings, that does not necessarily mean he will always get his first choice.
January will be a test of Howe and Mitchell’s relationship . What is their PSR position? What sort of budget do they have? PSR remains a significant impediment for Newcastle. “It’s unforgiving for us,” Eales said at a fan event last month .
“We’re walking on a tightrope.” It is in Newcastle’s interest to plead poverty, but the universal message, publicly and privately, from senior figures is that PSR is a genuine constraint in January . Wages are a constant in the calculation and, following pay rises for Gordon and Joelinton and with no high-earners moved out, Newcastle must balance their costs .
Advertisement There is internal frustration that the reality is perhaps not being fully absorbed by those outside the club, given reports of £80m bids for West Ham ’s Mohammed Kudus and outlandish suggestions they could acquire Sporting Lisbon’s Viktor Gyokeres — deals Newcastle are simply incapable of doing due to ongoing financial restrictions. Any big-money links in January are unrealistic (especially if there are no outgoings). That is not to say there is no money to spend.
Some supporters point to Newcastle’s willingness to spend £50m-plus on Guehi as evidence of a large transfer budget. There is said to be some wiggle room but any substantial purchase would need to be offset. That would have been the case had Guehi signed.
Newcastle are determined to avoid a repeat of June and a scramble to balance their books at the 11th hour. Since Mitchell arrived in July, the sporting director has looked to tweak Newcastle’s “trading model”, believing it is necessary in a PSR world. In practice, that means a greater focus on signing younger players with sell-on potential — and becoming far better at trading outwards.
Newcastle’s viewpoint is that summer windows represent better value anyway — and the hierarchy are reluctant to invest too heavily now and risk depleting their spending capacity for the next window — so the off-season should be far busier than January. (Top photos: Miguel Almiron by Matt McNulty; and Edmond Tapsoba by Lars Baron; both via Getty Images).
