If January is a month for restraint and cutting back, football begins each year dutifully following the memo. Another transfer window might have opened across Europe but, in stark contrast to the lavishness of summer, spending will be mostly reluctant and circumspect.

There is still time for Arsenal to elevate their Premier League title hopes with an unprecedented January spending spree, which would have Liverpool looking nervously over their shoulders. The north Londoners are currently six points adrift of their Merseyside rivals having played an extra game.

Rumours have been swirling for the past few weeks linking Liverpool with potential signings. The Reds had a quiet summer, making only one permanent signing foll