We are almost three quarters into the January window and it feels a little... flat? Almost the entirety of the Premier League is struggling to find attractive business at affordable prices, with another quiet trading period expected for top flight sides.

Newcastle United are therefore not alone as club chiefs focus on outgoings, rather than incomings, before the early February deadline. Miguel Almiron is poised to depart in the coming days, while Eddie Howe is hopeful of keeping Lloyd Kelly at the club in the face of significant transfer interest from abroad.

But do Newcastle *need* to spend this month? Well, it would certainly help. The sixth-placed side are firmly on course for a European finish and Howe's squad is beginning to look a tad devoid of game-changers and depth.

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However, PSR continues to dominate the thinking of the Tyneside outfit and any big incoming this month will require an unpopular outgoing further down the line. As such, Howe and sporting director Paul Mitchell are keeping their powder dry, while plotting for a summer spree.

Thankfully, Newcastle's Premier League counterparts are opting for a similarly cautious approach during the winter trading period. Arsenal, Liverpool, Manchester United and Chelsea are yet to make any moves, while high-flying Nottingham Forest have been restricted to signing goalkeeper Wayne Hennessey on a free transfer up to this point.

Both Chelsea and the Red Devils are expected to seek additional recruits this month but both clubs require outgoings to make that a reality. Elsewhere, Tottenham have spent just £12.5m on Ukrainian stopper Antonin Kinsky, while Aston Villa have signed Donyell Malen for £20m but sold Jaden Philogene for the same amount.

Further down the table, it has been an equally limited period for Everton, Fulham and West Ham United Meanwhile, Brighton have spent just £11m and Wolves have parted with £16.6m.

“The market is not easy,” Pep Guardiola told a press conference last week. However, Manchester City are the only top flight side to buck the trend of late, re-opening their chequebook in a bid to get their season back on track.

It has been an uncharacteristically chaotic campaign for Guardiola's side of late but that could all change as the champions go in search of top transfer targets. City have officially signed exciting youngster Claudio Echeverri from River Plate in a deal that was agreed in the summer.

The 19-year-old cost £12.5m. Guardiola's men have also beaten Newcastle to top Uzbek talent Abdukodir Khusanov, who arrives in England for £34m, and signed highly-rated youngster Vitor Reis from Palmeiras for around £33m.

Despite that £80m spree, there is talk that City aren't done in the winter market as a resolution nears regarding their 115 charges. In terms of sustainability, the Etihad outfit's lavish revenue streams mean they are nowhere near breaching the limit over the latest three-year period.

Overall, January is always a tough month to do business in. Squads are settled, players cost a premium and there's no guarantee replacements will be found for those who depart. With all that in mind, coupled with PSR limitations, it is set to be another quiet month across the board.

This, after the window of January 2024 saw Premier League clubs spend just £100 million gross on transfers - £715m lower than the record amount that changed hands during the window one year earlier in 2023.

Many Newcastle fans believe there is a pot of money waiting to be spent after the drawn out Marc Guehi chase in the summer. While that may be true, any incoming of that nature would require a decent chunk of outgoing business to balance the books.

“The days when teams don’t sell big players are gone,” Howe said last month. “I think our revenue streams aren’t where we want them to be. We’re still trying to grow them, so I think that trading in and out is going to be essential.

“Hopefully it’s not going to be players that we’re forced to sell but you can’t guarantee anything. The issue with PSR and our position is that nothing is clearcut. Nothing is absolutely fixed; there will be lots of twists and turns in January. But we want to try and improve the squad.”

A summary of January business done so far:

Arsenal - 0 ins, 0 outs.

Aston Villa - Borussia Dortmund attacker Donyell Malen in for £20m, Jaden Philogene joins Ipswich Town for the same price.

Bournemouth - Two teenagers - Julio Soler and Matai Akinmboni - signed for a combined fee of £10m.

Brighton - £11m spent on Diego Gomez from Inter Miami.

Chelsea - Trevor Chalobah recalled from Crystal Palace. Blues set to sign Mamadou Sarr from sister club RC Strasbourg but player will remain on loan in France.

Crystal Palace - Championship talent Romain Esse, 19, signed for £12m.

Everton - Nothing.

Fulham - Zilch.

Ipswich Town - Ben Godfrey signed on loan, Jaden Philogene brought in.

Leicester City - Woyo Coulibaly joins in a £1.9m deal from Parma.

Liverpool - No ins or out yet.

Manchester City - £12.5m Echeverri, Khusanov £34m, Reis £33m. More arrivals on the way, Kyle Walker set to depart.

Manchester United - No incomings despite links. Mega-money flop Antony departing on loan.

Nottingham Forest - Wayne Hennessey on a free. £22m bid tabled for Brentford's Yoane Wissa.

Southampton - Brazilian star Wellington signed for free. 'Undisclosed' deal for Joachim Sanda of Valenciennes.

Tottenham Hotspur - £12m spent on competition for Guglielmo Vicario...

West Ham United - Nada.

Wolves - £16.6m paid to Reims for Emmanuel Agbadou.