Winter frees on the way

This limits clubs to players who have either been injured or out of favour for much of this season, or those from teams that failed to qualify for Europe.

Smith said Chelsea are looking to strengthen their defence and midfield, but he insisted that Champions League eligibility is also a priority. That would appear to rule out David Trezeguet, the Juventus striker with whom the club were linked last week, or a renewed bid for Arsenal's Thierry Henry. More realistic candidates for the Abramovich collection are Bayer Leverkusen defender Lucio and Charlton's Scott Parker.

Arsenal are more focused on a new stadium than new faces and, with Arsene Wenger's side flying in all competitions, there seems little need to freshen the squad.

They will, however, be keeping tabs on the unfolding crisis at Leeds, which could see Alan Smith or Mark Viduka become available at knock-down prices. Real Mallorca's Samuel Eto'o is a long-term target.

But it promises to be a busy month at Tottenham. During last year's window, the struggling clubs, like Birmingham, Bolton and West Ham were the most active - and Spurs are now in that category. The South American duo of Diego, from Brazilian club Santos, and David Pizarro, Udinese's Chilean midfielder, are on a list of up to eight possible recruits. David Pleat has identified midfield as the key area that needs improving, although Spurs have dismissed speculation over Michael Carrick of West Ham.

Chris Coleman has worked wonders with Fulham's small squad but he is unlikely to be given much cash to improve it. They are talking to Arsenal about a permanent deal for Moritz Volz, with Crewe full-back David Wright a possible alternative.

Charlton, with Gary Rowett and Richard Rufus still injured, are in the market for a new centre-back. Alan Curbishley is thought to be eyeing up Ajax's Petri Pasanen and Birmingham's Darren Purse.

But one thing is for sure, you won't be crushed in the stampede to pay Rivaldo £120,000 a week to coast in the Premiership.