Real Madrid have already got their big January deal over the line. The Spanish giants have agreed a fee with Palmeiras to sign Brazilian teenager Endrick for €60 million (£53m/$64m), securing the signature of one of the most promising youth talents in the world.
He appears to be an ideal fit, too. Karim Benzema is still among the best strikers out there, but, at 35, he doesn't have too many years of top-level football left.
Endrick, although only 16, is being lined up to be the Ballon d'Or winner's long-term replacement. The bad news for Madrid fans is the striker will have to wait 18 months before he moves to Santiago Bernabeu.
In the meantime, there's work to be done. Madrid have a terrific squad, but there are a few flaws.
Luka Modric and Toni Kroos are world-class midfielders, but both are into their 30s, and at least one could depart this summer.
Furthermore, until Endrick arrives, there's no obvious deputy for Benzema through the middle, which could cause a problem if the Frenchman's injury problems continue.
Multiple sources have suggested that it could be a quiet few weeks for Madrid, although the Spanish giants certainly don't lack the resources to make a deal happen, should an opportunity present itself.
GOAL has taken a look at some potential targets for the month ahead...
Madrid have been linked with Milinkovic-Savic for a couple of years now, and there are reports that Florentino Perez could step in to make the move happen this winter.
Now might be an opportune time for any potential suitors, too, with Milinkovic-Savic only having 18 months remaining on his contract, and having turned down a handsome extension offer last summer.
Since then, whispers of potential destinations have emerged. Juventus are reportedly in the mix, but with their ongoing financial struggles, a massive deal for the midfielder might be tricky to pull off.
Milinkovic-Savic is 27, and in his prime. He could be brought in to lead Madrid's midfield of the future, and there does seem to be some interest.
Boey might not be the biggest Galactico-type signing, but the right-back has impressed immensely in Galatasaray's Turkish Super Lig title hunt.
A modern attacking full-back with valuable recovery pace, Boey could offer cover for Dani Carvajal and also operate as a long-term starter when the Spaniard retires.
He's only 22, too, so there's plenty of upside, and although Galatasaray have indicated they'd be reluctant to sell, a good enough package could force their hand.
Another solid full-back option who could serve as back-up for Carvajal, Porro has enjoyed an excellent couple of years at Sporting, generating interest from clubs across Europe.
He seems like the right type of player to contribute down the Madrid right, especially if the Spanish side need some attacking thrust. Porro has tallied five league assists so far in the 2022-23 campaign, while he scored his first goal of the season in the 3-0 win over Pacos Ferreira on December 29.
His defensive game certainly needs some fine-tuning, but with the likes of Eder Militao and Antonio Rudiger in the line-up alongside him, there should be plenty of positional support. And at 23, he still has plenty of time to develop his craft.
Most of the talk around Enzo Fernandez heading to Santiago Bernabeu is dependent on how successful Madrid are in the pursuit of England star Jude Bellingham.
Bellingham is the jewel of this year's market and an object of fascination for many clubs across Europe. A lot can change, but Madrid are currently leading the race for his signature.
Should that change, however, that's where Fernandez comes in. The Benfica midfielder - who excelled at the World Cup - could be a viable alternative if Madrid's Bellingham pursuit falls short.
He won't come cheap; Benfica have allegedly placed a €120 million (£105m/$127m) release clause in the Argentine's contract. But his marauding performances in Qatar make him one of the most exciting young talents in the world and suggest he's more than capable of stepping into a high-pressure situation.
There is a chance that any deal for Fernandez could drag out until the summer, with Madrid willing to go down to the wire on the Bellingham pursuit. Or, alternatively, Los Blancos might just buy both, starting with Fernandez now.
There have been rumblings for quite some time that Carlo Ancelotti doesn't entirely trust Ferland Mendy. The Frenchman's form has been inconsistent for the last year or so, with reports suggesting the full-back might be allowed to leave for the right price.
While it would be admittedly unusual for Madrid to part with their first choice full-back - in the middle of his prime - it appears that they already have a replacement lined up in Fran Garcia. The Rayo Vallecano star was highly rated in the Madrid academy but struggled to get into the first team, stuck behind Marcelo and Mendy. With no apparent future at the club, he was shipped off to Vallecano in 2019.
But now, after impressing for the Spanish club, he could be on his way back.
Garcia offers defensive quality, but is also an attacking threat - largely due to his electric pace. Real still own 50 percent of his rights, and could bring him in for less than his estimated €15m valuation. A deal certainly looks likely.
The player has previously said that he wants to re-join his boyhood club, and Vallecano might be tempted to cash in. It's just a question of when the clubs can come to an agreement.
Gvardiol's transfer situation is a strange case. For most of last summer, it appeared that the RB Leipzig defender was certain to sign for Chelsea, with a fee reportedly already sorted for the Croatian centre-back. But the two sides never fully came to an agreement, and Gvardiol stayed with the Bundesliga club.
Interest in Gvardiol has surged since then, especially after he starred for Croatia in their run to a second straight World Cup semi-final. And now, Madrid might just have the upper hand in his signature.
Indeed, the defender publicly admitted that he would like to play for Madrid someday, and he also has a good relationship with national team-mate Luka Modric. Leipzig would command a handsome fee for his services - but Madrid should be in the mix.
The most immediate question is how he would fit in. Madrid already have Eder Militao, Antonio Rudiger and David Alaba in central defence, all of which have at least two full seasons remaining on their current deals. Still, given Madrid's policy of signing young talent with long-term upside in mind, now might be the right time for a deal.
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