Arne Slot’s second season has hardened into a campaign defined by caution and awkward compromises. The Premier League winning manager, who once criticised opponents for defending in low blocks and relying on long balls and set pieces, adopted a back-five for only the second time in his Liverpool tenure against Paris Saint-Germain on Wednesday evening. The change coincided with a 2–0 first-leg defeat.

Slot had shown open frustration earlier in the season after a narrow FA Cup win over Barnsley, accusing the third-tier side of altering their approach. “We’ve played 30 games this season and I’d say 28 of my prematch meetings, I could just throw in the bin,” he said at the time.

Against PSG the Reds struggled to create. Liverpool managed three off-target shots across the entire contest and none in the first half. The PSG goalkeeper Matvey Safonov “didn’t dirty his gloves once.” Slot conceded the team spent much of the evening on the back foot. “We were in survival mode for large parts of the game. But maybe also in the period of the season where we were in survival mode,” he said. “PSG was the better team,” he added. “But we didn’t give up and that’s why we have a chance now still in this tie.”

Slot kept Mohamed Salah on the bench, explaining his decision: “In the last part of the game it was more about surviving us than having a chance,” and:

“I think this was a 20–25 minutes where we only defending and Mo has so many qualities, but to be 20–25 minutes defending in his own box, I think it is better for him to save his energy for games coming up.

“Because they kept us alive by not scoring a few open chances. And now we can bring the tie back to Anfield. Not unfortunately, but in between there’s still a very important game to be played for us against Fulham. Just in terms of the system, you’ve not used it before.”

PSG coach Luis Enrique said to Canal+ that he had not expected the formation change: “It’s a surprise because it’s the first time Arne Slot has played with three at the back this year,” and later told TNT Sports, “Arne Slot is a great coach.”

Reaction from pundits was sharp. Jamie Carragher told CBS Sports: “That was like watching a team from a lower division.” Steven Gerrard noted Liverpool had frustrated PSG “for large periods of the game,” but judged the attack “toothless.”

A round-up of the latest transfer developments covers a wide set of enquiries, proposed swaps and target lists circulating this window.

River Plate have approached Manchester United over Alejandro Garnacho as they attempt to bring him back to his homeland. Chelsea are reported to be interested in facilitating a one-year loan for the winger.

Paris Saint-Germain are cautious about losing Bradley Barcola to Arsenal and would consider replacing him with Chelsea youngster Estêvão. A bid of $116 million (€100 million, £87 million) is being prepared for that move.

Arsenal are concerned about Gabriel Martinelli’s contract and will reluctantly listen to offers for the winger to raise funds for a replacement. The Gunners have also been linked with Como centre back Jacobo Ramón, for whom Real Madrid retain a buy-back clause.

Galatasaray hope to sign Mohamed Salah on a free transfer and envisage reuniting him with his Liverpool teammate Virgil van Dijk. A swap proposal involving versatile right back Roland Sallai has been put forward as one option.

Tottenham Hotspur manager Roberto De Zerbi has identified Manchester City goalkeeper James Trafford as a primary target and remains hopeful the England international could join even if Spurs are relegated.

Manchester United are monitoring Aston Villa midfielder Amadou Onana as a potential alternative to Nottingham Forest’s Elliot Anderson. United are also preparing for an overhaul in goal, with André Onana expected to depart and the exit possibly to include deputy Altay Bayındır.

Harry Maguire turned down an offer from Inter Miami and agreed a contract renewal with Manchester United, with the centre back expressing a desire to finish his career at Old Trafford.

Newcastle United are reported to be more likely than Chelsea to complete a deal for Borussia Dortmund goalkeeper Gregor Kobel.

West Ham United are tracking Palmeiras striker Heittor Vinicius, 18, in an attempt to reach terms before the teenager has made his senior debut.

Real Madrid are pursuing Liverpool midfielder Alexis Mac Allister and are exploring a swap that would send Eduardo Camavinga to Anfield. Chelsea have formally approached Real Madrid over winger Vinicius Junior amid concerns Madrid would prefer to sell rather than risk losing him for free in 18 months.

Bayern Munich striker Harry Kane has asked his agent to open discussions with Barcelona about a future transfer.

Steven Gerrard has admitted he still feels the absence of Luis Díaz and believes Michael Olise would be an ideal long-term option for Liverpool’s wide positions. Speaking on TNT Sports ahead of the Champions League quarterfinal first leg, Gerrard reflected on Díaz’s impact and the challenges facing the Reds.

“I wouldn’t mind Díaz back. I’m missing him, I’m missing him.” The remark underlined how Díaz’s form has left a gap at Anfield since his departure. That sense of loss was reinforced when Díaz opened the scoring in Bayern’s 2–1 win over Real Madrid in the Champions League.

Díaz, now 29, has been clear about his move to Germany. “Deciding to join Bayern was the right choice,” he said after the team’s massive Champions League victory. “I’m really happy and I enjoy every match. I feel great, I’m in good shape, and that means I’m ready to help the team.”

Bayern’s strong season explains Díaz’s contentment. They are in contention for three trophies: favourites for the DFB-Pokal, holding the advantage in their Champions League tie with Los Blancos, and sitting nine points clear at the top of the Bundesliga.

Liverpool’s season has unfolded differently. The Reds were unable to challenge for the Carabao Cup, were eliminated by Manchester City from the FA Cup, sit in fifth place in the Premier League, and now face Paris Saint-Germain in the Champions League quarterfinals. The club said goodbye to Díaz and Trent Alexander-Arnold last summer, and one year on Mohamed Salah has confirmed his impending exit after a tumultuous 2025–26 campaign headlined by a public falling out with manager Arne Slot and the club.

Liverpool must now identify a replacement for the departing winger. Gerrard pointed to Bayern’s Michael Olise — who has 46 goal contributions this season — as an outstanding candidate. “All day long. But the problem is, why would he leave Bayern? A big club challenging for the big honors and they are probably the strongest Bayern team we have seen for a while.”,

Gerrard’s comments framed the dilemma: Liverpool need quality on the wing, but attracting players from Europe’s leading clubs presents a difficult challenge.