Summer will bring the familiar long negotiations and headline-grabbing speculation as clubs pursue a handful of marquee targets. Here are five stories most likely to shape the window.

Yan Diomande’s rise has been swift. Up until November 2024 he was in a youth academy in Florida, then moved from the United States to Leganés before an eye-catching switch to RB Leipzig last summer. The 19-year-old has recorded 13 goals and nine assists in an astonishing debut season with Leipzig and is now attracting Liverpool and Paris Saint-Germain. Reports value him around €100 million (£87m, $116m). Diomande will represent Côte d’Ivoire at the World Cup, a factor likely to complicate and prolong any transfer.

Enzo Fernández publicly cast doubt over his future during the March international break after flirting with Real Madrid. Speculation over his Chelsea exit has intensified with Manchester City joining the race and Enzo Maresca seen as the likely successor to Pep Guardiola. There is a sense that Chelsea’s final day defeat to Sunderland was Fernández’s last outing for the club, and he looks increasingly unlikely to spearhead Xabi Alonso’s revolution at Stamford Bridge. Chelsea are reportedly demanding around £120 million ($161 million), and the player’s participation at the World Cup for Argentina will delay any resolution.

Julián Álvarez remains a central talking point. Having stayed at Atlético Madrid for the 2025/26 campaign, the 26-year-old appears destined to leave Spain’s capital before next season. Barcelona are favourites and are preparing to launch a first official bid of roughly €100 million (£87m, $116m), though Atlético may seek more. Arsenal are also interested despite already possessing Viktor Gyökeres, Kai Havertz and Gabriel Jesus.

Elliot Anderson’s stock has risen sharply after a breakthrough season with Nottingham Forest and an England call-up for the World Cup. Interest from Manchester City and Manchester United looks significant, with City seemingly in the driving seat despite Guardiola’s exit. It could take about £100 million ($134 million) to complete that move. Anderson’s midfield compatriot Adam Wharton finished the campaign by leading Crystal Palace to Conference League glory, adding to the FA Cup won last term, and Palace face Europe-wide interest. Real Madrid, Arsenal, Liverpool, Man City and Man Utd have all been mentioned, with Palace valuing Wharton at approximately £100 million ($134 million).

Barcelona moved quickly once La Liga wrapped for 2025–26, reaching an agreement with Newcastle United to sign Anthony Gordon. The transfer has immediate consequences for Marcus Rashford, who spent 2025–26 on loan at Barcelona and had been hoping the club would exercise a buy option that was priced below market value.

There has been long-standing hesitance at Barcelona about committing to Rashford permanently. The club instead spent more than double that option on Gordon. Part of the rationale is accounting: amortization spreads the cost of a transfer fee and a player’s salary across the length of a contract, reducing the club’s annual burden.

Barcelona could have spent just $35 million to sign Rashford on a permanent basis, but a higher annual salary and a shorter contract would not necessarily have been materially cheaper overall. The Gordon deal will pay Gordon slightly less than Rashford is believed to have been on during the loan and also spreads the transfer fee over two years more. Rashford was reportedly hoping Barcelona would offer him a five-year contract on less money instead, if it meant lowering the annual expense so he could stay.

Sporting factors also played a part. Gordon, Liverpool-born, produced 12 goal involvements in 12 Champions League appearances this season, compared with eight in 26 Premier League matches. He also scored against Barcelona in the league phase, one of three appearances against the club he will now join. At more than three years younger than Rashford, Gordon offers room to improve and a potential resale in three or four years. By contrast, the draft argues, an investment in Rashford now could be almost completely lost by 2029, with the forward approaching 29.

Barcelona have not formally ruled out signing Rashford and the player is reported to be holding on to hope. One anonymous club official told The Athletic that a deal is now “more complicated” than it was before Gordon happened.

Anthony Gordon looks set to be Barcelona’s headline summer signing after closing in on an €80 million (£69.3 million, $93.2 million) transfer. The move is likely to be completed before he joins England for the 2026 World Cup, with his future “almost certainly” resolved in the coming weeks.

If the transfer goes through Gordon will become just the third Englishman to play for La Blaugrana. Beyond the significance of the switch lies a secondary question that has captured attention: which shirt will he wear at Camp Nou?

Gordon’s squad numbers have changed frequently across his career. He made his Everton debut in 2017–18 as No. 70 before being promoted to No. 42 two seasons later. In 2020–21 he took No. 24 for the first half of the season, then reverted to No. 42 while on loan at Preston North End for the second half of that campaign.

He wore the No. 10 in his final Everton season and has also worn that number since joining Newcastle. In his first season at St James’ Park he adopted the No. 8 jersey while waiting for Allan Saint-Maximin to vacate his preferred number. Internationally, Gordon has been assigned a variety of numbers for England, including No. 18, 17, 11 and 7.

At Barcelona, a few notable options exist. The No. 9 shirt is the most high profile, vacated by Robert Lewandowski when he departs as a free agent this summer. That shirt has been worn by a line of celebrated forwards: Luis Suárez, Zlatan Ibrahimović, Samuel Eto’o and Ronaldo. With Barça targeting a new striker, the club may prefer to leave No. 9 unassigned for the short term.

Other available options include No. 12 and No. 14, both currently free. The No. 14 was worn by Marcus Rashford during his loan spell in Catalonia, leaving Gordon with clear alternatives should he choose not to pursue the No. 9. His history of changing numbers means several outcomes remain possible once the transfer is finalised.