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Arsenal Eye Nico Paz as Real Madrid Loom

The transfer market might be shut, but the plotting hasn’t stopped.

Arsenal are closely watching the rise of Nico Paz at Como, with the 22-year-old Argentina forward emerging as a serious long-term option. There is a problem, though – and it’s a big one. Real Madrid still hold an €80m (£68.7m) buy-back clause, a safety net that keeps the Spanish giants firmly in control of the player’s future and turns any Arsenal move into a high‑stakes waiting game.

While Arsenal monitor in Italy, Liverpool and Aston Villa are running their own checks on Cher Ndour. The 22-year-old Fiorentina and Italy midfielder has drawn interest from both Premier League clubs, who see a tall, technical operator with room to grow. No bids yet, but the scouting presence around Fiorentina is thickening.

Sunderland, meanwhile, simply refuse to walk away from Geny Catamo. The Championship club failed to land the 25-year-old Mozambique winger from Sporting in the summer, but the pursuit is still alive. Their recruitment model leans heavily on upside and resale value; Catamo fits that profile, and Sunderland are not ready to close that chapter.

Monaco are taking a different stance with Lamine Camara. They believe they can command around €70m (£60.1m) for the 22-year-old Senegal midfielder, who was a serious target for Chelsea before a move to Stamford Bridge collapsed on deadline day. Liverpool have also been linked, but anyone coming back to the table now will find Monaco’s valuation firmly set.

In Germany and England, Lukas Nmecha’s patience is running thin. The 25-year-old Germany forward will look to leave Leeds United when his contract expires at the end of the season if his game time does not improve. For Leeds, it’s a clear warning: either carve out a role for him or risk losing him for nothing.

Celtic are casting their eye over Anfield. The Scottish champions are keeping tabs on Liverpool left-back Luke Chambers, 22, as they weigh up a possible January move. With Celtic always alert to young, technically sound full-backs who can be developed and flipped, Chambers has moved onto their radar.

Wilfried Zaha’s future has taken another twist. The 33-year-old Ivory Coast winger, now a free agent after leaving Galatasaray and following two loan spells with MLS side Charlotte FC, has been offered to Malaga. It would be a dramatic change of scene for a player who has spent most of his career in top-flight environments, but at this stage of his career, opportunity and minutes may matter more than status.

At Barcelona, the focus is on locking down assets. Raphinha, under contract until 2028, is already in line for a potential extension to 2030 as the club look to secure the 29-year-old Brazil winger for the long haul. It’s a sign of trust in a player whose end product and work rate have kept him central to their plans.

Barca have also moved decisively with one of their brightest prospects. The Spanish champions have finalised a new deal for 18-year-old Egypt forward Hamza Abdelkarim, tying him down until 2030 with a release clause set at €150m (£128.7m). For a teenager still at the start of his journey, that figure says everything about how highly the club rate him – and how determined they are to keep Europe’s heavyweights at arm’s length.