Football Transfer Watch — 2026-07-25

Confirmed Deals

Valentín Barco → Chelsea

• From: RC Strasbourg | Fee: Not disclosed (deal agreed since May)
• Contract: Multi-year deal
• Why it matters: The Argentine left-back completes Chelsea's defensive strengthening this window, following months of negotiations. Barco will be integrated into Todd Boehly's evolving project at Stamford Bridge.

Gonçalo Ramos → AC Milan

• From: Paris Saint-Germain (via Benfica) | Fee: Club record, significantly exceeding €50 million with add-ons
• Contract: Long-term agreement
• Why it matters: AC Milan breaks its transfer record to land the Portuguese striker, bypassing Rafa Leão's previous record signing fee. Ramos provides elite attacking depth for the Italian giants.

Hot Rumors & Negotiations

Aurélien Tchouaméni ↔ Manchester United

• Status: Exploration phase; Real Madrid midfielder being targeted
• Reported fee: Not yet specified
• Likelihood: Early-stage interest; depends on Real Madrid's willingness to negotiate

Maxence Lacroix ↔ Chelsea

• Status: Defensive target identification; Chelsea assessing Palace defender
• Reported fee: Not confirmed
• Likelihood: Active monitoring; Palace likely to demand substantial fee for England defender

Eduardo Camavinga ↔ Manchester United

• Status: Exploratory talks; Real Madrid midfielder under scrutiny
• Reported fee: Not yet discussed
• Likelihood: Unlikely unless Real Madrid faces financial pressure; Spanish club unlikely to sell key midfielder

Transfer Market Analysis

The 2026 summer transfer window is proceeding amid the backdrop of the FIFA World Cup running through the season, adding complexity to recruitment timelines. Premier League clubs have accelerated activity, with defensive reinforcements emerging as a priority across multiple sides. Chelsea's movement on both Barco and Lacroix reflects their urgent need to stabilize the backline before the campaign begins.

Manchester United's reported interest in Real Madrid's midfield assets—Tchouaméni and Camavinga—signals their ambition to strengthen central areas, though securing players from the Spanish champions will require substantial investment. AC Milan's club-record spending on Ramos demonstrates Italian clubs' renewed financial confidence in the market, marking a shift from their traditionally cautious approach.

The market remains active with particular focus on positional gaps: defensive depth for Premier League sides, creative midfielders, and attacking reinforcements for European champions. Spending patterns suggest clubs learned from the 2025 window—the record £3 billion+ expenditure in England's top flight appears on track to be challenged this summer.

What to Watch Next

• Chelsea's defensive recruitment: Lacroix deal expected to progress or collapse within days; Palace's asking price will determine feasibility
• Manchester United's Madrid negotiations: Whether talks advance from "exploration" to formal bids for Tchouaméni or Camavinga in coming weeks
• World Cup impact: How player performances at the mid-window World Cup affect valuations and urgency for remaining signings before the September 1 deadline
• Premier League deadline day (Sept 1, 11pm BST): Final rush of activity expected; deals currently in negotiation stages likely to either complete or expire