When you think of a Premier League club being busy in the transfer market these days, the first team that springs to mind is Chelsea.
No club has come close to the sums Chelsea have invested in new talent — well over £1billion ($1.26bn) — since the Todd Boehly-Clearlake consortium took over two years ago.
So with two more windows to come in 2025, the first of which runs from January 1 to February 3, what are Chelsea looking to do next year? Is the revolving door of incomings and outgoings going to continue or are there signs that things could calm down?
This is a piece explaining what The Athletic has heard about Chelsea’s business in the winter and summer windows of 2025.
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What positions will they be looking at in 2025?
Just like at the start of this year, do not expect too much from January. Chelsea were very happy with the size and make-up of the squad when their business ended in the summer and the intention has always been to stick with what they have for the rest of the campaign.
This means anyone hoping Chelsea make another attempt to acquire Victor Osimhen, who is on loan at Galatasaray from Napoli, is going to be disappointed. Chelsea are not expecting to sign the Nigeria international or any other centre-forward in January and will look at the position with the close season in mind instead.
Chelsea will not go for Osimhen (Ahmad Mora/Getty Images)
The only way that might change is if an extraordinary offer is made for, say, Christopher Nkunku and Chelsea have to replace him. But they do not want to sell Nkunku and it is hard to see how clubs can afford the minimum £52million valuation. Also, any major injuries to key players, including Nicolas Jackson, could have an impact on short-term thinking.
The aim is for the squad to be assessed over the coming months and then make important decisions from there. They believe they are well-stocked for midfielders, so up front and defence are the priorities.
With so much work done on a complete restructure of the squad over the last few years — it is now the youngest in the Premier League — the strategy is geared towards identifying a smaller number of targets. Transfer targets will also depend on who leaves.
Are there any players they are already looking at?
Chelsea pursued several strikers last summer and there is a new name to add to the list they are keeping an eye on.
Ipswich Town striker Liam Delap is being monitored and with good reason. He has scored an impressive six goals in the Premier League this season, which is all the more noteworthy because the England Under-21 international is playing for a promoted side competing at the bottom of the table.
He turns 22 in February, so fits in with Chelsea’s mantra of buying young players with potential to improve.
Head coach Enzo Maresca and co-director of recruitment and talent Joe Shields know Delap well. They worked with him when he was coming through the ranks at Manchester City’s academy.
It should be stressed though that he is one of 5-10 players Chelsea are observing and/or sent scouts to watch their matches.
Who will they be looking to sell?
Trying to resolve Ben Chilwell‘s situation will be a priority. The left-back was part of the ‘bomb squad’ in pre-season and only stayed because no loan or permanent transfer was agreed. Both avenues, albeit preferably a sale, will be explored again.
Chelsea will want to move Chilwell on (Mike Hewitt/Getty Images)
It is a similar story for Carney Chukwuemeka, who has made just three substitute appearances under Maresca. Attempts will be made to sell loanees Raheem Sterling (Arsenal), Trevoh Chalobah (Crystal Palace), Armando Broja (Everton) and David Datro Fofana (Goztepe) for good. The last two players have options to buy included in their loan agreements, but that is not binding.
Talented academy youngsters Alex Matos and Harvey Vale are looking to leave in January, and 19-year-old Deivid Washington needs a loan to develop.
What moves have they made already?
Chelsea have wingers Estevao Willian (Palmeiras) and Kendry Paez (Independiente del Valle), defender Aaron Anselmino (Boca Juniors) as well as goalkeeper Mike Penders (Genk) able to join up with the squad for 2025-26. All four have already been bought but remained at their clubs to get more experience. A decision will be made closer to the time whether they will go out on loan for 2025-26, but Estevao is expected to be part of the senior setup.
Chelsea’s loan agreement with Manchester United for Jadon Sancho this season also included an obligation to buy worth between £20million and £25m. The final sum depends on how well he and the club do.
Midfielder Andrey Santos, who is impressing on loan at Strasbourg for a second successive season, is being earmarked for a squad place too.
Who will make the key decisions over the two windows?
Chelsea have a structure in place, supported by the owners, involving co-sporting directors Paul Winstanley and Laurence Stewart, 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.
The club believe they are ahead of budget commercially and on track for where they wanted to be on the sporting side. 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)
