Clubs across Europe have to wait another two months to sign players but that won't stop potential targets being or discussions being held over future deals.
So, we asked our friends at Football Whispers to round up all the latest news and gossip from the continent…
Germany
Bayern Munich president Uli Hoeness believes the club will be able to sign Manchester City winger Leroy Sane for under £85m next summer because the Germany international will have just one year remaining on his contract. (Sport Bild)
Spain
Kylian Mbappe, Harry Kane and Marcus Rashford remain on Barcelona's radar but the La Liga champions are set to move for Inter Milan forward Lautaro Martinez. The Argentine, who has also been linked with Manchester United, has a £95.6m buyout clause that becomes active next summer. (Mundo Deportivo)
Barcelona defender Gerard Pique insists there is no rift between Lionel Messi and Antoine Griezmann. "Just because he doesn't get on with Griezmann like he does with Luis (Suarez) doesn't mean they don't get on well," the centre-back said. (AS)
Atletico Madrid are in talks to sign Brazilian wonderkid Reinier from Flamengo but may have to pay over £50m to sign the 17-year-old attacking midfielder. (AS)
Borussia Dortmund have watched Valencia's Ferran Torres on several occasions this season and plan to make a move for the winger next summer. The 19-year-old has also been linked with Barcelona and Liverpool. (Marca)
Italy
Roma have made an offer of around £8.5m to make Chris Smalling's loan move from Manchester United permanent but the Premier League club want closer to £17m for the centre-back. (Sky Italia)
Chelsea are interested in Hertha winger Javairo Dilrosun and could make a move for the 21-year-old next summer. The Netherlands international has three goals and two assists in six Bundesliga games this season and is also wanted by Borussia Dortmund. (Calciomercato)
Inter Milan CEO Beppe Marotta does not expect the club to sign players in January despite being linked with Nemanja Matic, Ivan Rakitic and Arturo Vidal. "The January window is poor, there aren't many great opportunities," he said. "I don't know what the market can offer, no great players are available." (Sky Italia)
France
Edinson Cavani is not completely happy at Paris Saint-Germain, according to head coach Thomas Tuchel. The Uruguayan, who is out of contract next summer, has not started a game since his return from injury earlier this month. (L'Equipe)
Nantes are the latest side to show interest in Hatem Ben Arfa. The Frenchman has been without a club since leaving Rennes at the end of last season and has been linked with Ligue 1 and Ligue 2 teams. (L'Equipe)
Belgium
Watford and Wolves are interested in Royal Antwerp defender Aurelio Buta and could make a move for the 22-year-old in January. (Het Nieuwsblad)