Anthony Gordon’s imminent €80 million (£69.3 million, $93.2 million) move to Barcelona substantially alters Marcus Rashford’s immediate prospects. Rashford has spent the season on loan at Barça, making 49 appearances and recording 28 goals and assists across all competitions, but Barcelona’s reluctance to activate a $34.9 million (£26 million, €30 million) option and the much larger fee for Gordon make a permanent stay less likely.

Barcelona remain intent on signing a central striker after saying farewell to 37-year-old Robert Lewandowski. Gordon has at times operated as a false nine, but his arrival does not remove the club’s appetite for a genuine No. 9. Rashford “isn’t the ideal choice—Julián Alvarez and João Pedro are—but the Manchester United player is at least capable of playing centrally, despite preferring to be on the left.” Behind the scenes, Barcelona have not communicated a clear decision to Rashford or his camp, and they say they “still see a chance” he could remain. At the same time senior figures view keeping him as “more complicated” than before.

Manchester United have maintained a firm position through the loan: there will be no renegotiation of the option clause and no second loan. If Barcelona decline to activate the clause, Rashford will automatically return to United at the end of the loan. The most practical route for him to stay in Barcelona would be if the club chose to cash in on Raphinha, who produced 29 goals and assists in 2025–26 despite two notable injuries and is less than a year older.

Rashford left his boyhood club in January 2025 on loan to Aston Villa after failing to impress Ruben Amorim in training. The context at United has changed: Amorim has been replaced by Michael Carrick, the team needs a left-sided forward, and Carrick has not ruled out reintegration. If Barcelona do not activate the option and no agreement can be reached with United, a permanent sale seems the likeliest outcome, with Aston Villa, Chelsea and Newcastle among the conceivable destinations mentioned in discussions.

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.