As of December 11, 2025, Tottenham Hotspur, under manager Thomas Frank, are gearing up for an active January transfer window. Reports indicate the club has significant funds available for at least one major attacking signing, with a focus on wide forwards over central strikers. It’s at times like these that some fans will envy the American system.
Thomas Frank has publicly stated that the club “will definitely be in the market” during January. Reports indicate the new ownership (following Daniel Levy’s departure in September 2025) is prepared to back Frank with substantial funds, potentially up to £100 million through recent investments and financing deals, to make “statement” signings and address squad weaknesses, particularly in attack.
Transfer activity comes alongside ongoing injury issues and a desire to bolster the squad following a mixed start to the season. The new hierarchy post-Daniel Levy’s departure is pushing for “statement” additions, though competition from rivals like Manchester United, Liverpool, and Arsenal could complicate deals. Here’s a run-through of some of the favoured targets.
Antoine Semenyo – Tottenham enquired in the summer; £65m release clause activates in January. Viewed as a versatile, energetic upgrade for the flanks, also eyed by Man Utd, Arsenal, Liverpool, Chelsea, Newcastle.
Rodrygo (Real Madrid winger) – A “dream” target on Spurs’ shortlist; the Brazilian is reportedly open to a Premier League move, with Tottenham among clubs monitoring his situation.
Ivan Toney (Al-Ahli striker, ex-Brentford): Persistent links, given Frank’s prior knowledge of him from Brentford. Direct talks have reportedly occurred, and Spurs are open to a deal. Tottenham have held informal talks with Toney’s camp.
Earlier reports suggested the player was open to a Premier League return, potentially with a significant pay cut from his reported £400k/week tax-free salary, to boost his chances of an England recall for the 2026 World Cup.
Samu Aghehowa (Porto forward): On the radar for a potential big-money move (around £70-87m), though more likely wide-forward than pure striker.
Jonathan David (Lille striker): Long-term interest continuing into January.
Other mentions: Kenan Yildiz (Juventus), Yehor Yarmoliuk (Brentford), Malick Fofana (Lyon), and defensive options like Jan Paul van Hecke (Brighton) or Brazilian talents.
While January windows are typically cautious, Tottenham’s strong PSR/FFP headroom (bolstered by Champions League participation) and ownership change suggest a more aggressive approach than in recent years. Outgoings, such as Yves Bissouma, could also free up additional resources.
Overall, evidence points to notable spending rather than minimal activity.
