A fresh wave of transfer speculation links several Premier League clubs with targets across Europe, with interest touching midfield, defence and forward lines.

Manchester United and Tottenham Hotspur have both been associated with a move for Beşiktaş captain Orkun Kökçü. Manchester United’s interim manager Michael Carrick has suggested Everton’s Kiernan Dewsbury-Hall as a possible option; Dewsbury-Hall is also on Aston Villa’s radar.

Manchester City are reported to be leading the race for Sporting CP midfielder Morten Hjulmand after Juventus ended their interest. Another Sporting player, left back Maxi Araújo, has attracted attention from both Chelsea and Tottenham following scouting reports.

Chelsea are open to offers for striker Liam Delap this summer, with Newcastle United among the interested parties and a fee of around $53.4 million (£40 million) indicated. Arsenal have been linked with Paris Saint-Germain winger Khvicha Kvaratskhelia, but PSG are said to be unwilling to sell.

Liverpool could see Cody Gakpo depart, with Tottenham among the suitors; such a move would free space for Liverpool to pursue Newcastle forward Anthony Gordon. Scouts from Liverpool have also monitored Midtjylland winger Darío Osorio in Europa League action against Nottingham Forest. Separately, Liverpool have renewed contact with Real Madrid midfielder Eduardo Camavinga and are reported to be ahead of Chelsea in pursuit of a summer deal.

Inter Milan’s sporting director has been observing several players across Europe, with Arsenal defender Riccardo Calafiori noted as a recent target. Marcus Thuram could leave Inter despite interest from Saudi clubs; the striker is reportedly keen on a Premier League move, with Aston Villa and Newcastle having made approaches.

Other items of note: Tottenham’s potential relegation could prompt Manchester United to target Archie Gray for a reduced fee. Harry Maguire has reportedly turned down approaches from Everton, Sunderland, Tottenham and West Ham United to sign a new contract with Manchester United. Bayern Munich have shown interest in Barcelona centre back Pau Cubarsí. Barcelona are said to be interested in signing Chelsea midfielder Enzo Fernández, with Chelsea willing to accept Frenkie de Jong as part of a swap. Atlético Madrid are pursuing Brentford striker Igor Thiago, who may be allowed to leave for $57.8 million (€50 million).

Barcelona are reportedly preparing to propose a fresh loan to keep Marcus Rashford at Camp Nou beyond the current campaign, according to the Daily Mail. The Spanish club’s motivation, the report says, is not a lack of interest in the player but a desire to avoid making the full payment for his transfer at season’s end.

United officials felt backed into a corner during the summer when Rashford’s determination to join Barcelona forced them to lower their asking price. The club had been publicly discarded on wages known to be unsustainable and their negotiating power was almost zero. To complete the move, Manchester United agreed to a purchase clause well below Rashford’s true market value.

Rashford’s stock has risen during his time in Catalonia, and a $35 million fee has been widely described as a bargain. Multiple reports have claimed United would refuse to negotiate further this year, warning Barcelona that Rashford will be sold to the highest bidder if they do not trigger the purchase clause.

The latest account suggests United might accept a second loan only if it carried an obligatory purchase clause. That structure would allow United to count the funds toward next season’s spending in the same way as if Barcelona had triggered the option this summer. The key difference would be the timing of the physical exchange of money, which United hope happens this summer but which Barcelona are trying to delay.

Any new loan proposal would likely include a partial payment at the end of the current season with the remainder paid in 2027. That outcome would remain frustrating for United, who believe they could sell Rashford for a higher fee elsewhere, but the player’s determination to stay in Barcelona may make talks with other clubs impossible.

Rashford’s weekly wages of around $435,000 (£325,000) are presented as unsustainable for United, making a sale urgent. The club also needs to offload players to fund a summer overhaul. Central midfield is expected to be a priority, with reports suggesting United could spend as much as $270 million (£200 million) in that area alone after Casemiro’s exit, and further signings could increase the need to raise funds.

The surge in transfer prices and squad valuations has reshaped how clubs are measured. The CIES Football Observatory produces those estimates by weighing a player’s quality, age, position and length of contract, and those individual valuations are then summed to give each squad a market value.

The scale is striking. There are nine clubs with squads valued above $1 billion. At the top is Real Madrid with a squad valuation of $1.78 billion and Kylian Mbappé listed as the most valuable player at $221 million. Barcelona follow with $1.60 billion, Lamine Yamal accounting for $403.9 million of that total. Arsenal and Paris Saint-Germain each sit at $1.55 billion, with Bukayo Saka ($131.5 million) and Désiré Doué ($150.3 million) named as their most valuable players respectively.

Liverpool’s roster is valued at $1.20 billion, most valuable player Florian Wirtz ($149.8 million). Bayern Munich come in at $1.15 billion with Michael Olise ($162.6 million) as their top-rated asset. Tottenham’s squad is valued at $1.03 billion; Xavi Simons is listed as their most valuable player ($98.1 million), despite the club’s current relegation fight and Igor Tudor’s assessment that players “are lacking when we attack, we lack the quality to score the goal. We are lacking in the middle to run and we are lacking behind to stay there to suffer and not concede the goal.”

The list also includes Manchester United ($953 million, Benjamin Šeško $100.3 million) and Inter ($942 million, Lautaro Martínez $117 million). Earlier-positioned squads under $1 billion include Atlético Madrid ($903 million, Julián Álvarez $136.5 million), Juventus ($896 million, Kenan Yıldız $152.5 million) and Brighton ($894 million, Diego Gómez $86.4 million).

Several voices in the game have reflected on the market changes. Karl-Heinz Rumminegge said, “There are some players who do not come with a price tag.” Robert Lewandowski complained, “You are young, you score 10 goals in six months and some club will pay 60 or 70 million,” adding, “Before, you had to achieve something.” Vincent Kompany warned players about hype: “I always tell my players, ‘When there’s hype please don’t believe it, you’re not that good.’”

Whether the valuations mirror on-field quality or the inflation of a transfer market remains the central question CIES data brings into focus.