Newcastle United know this month could be make or break for their top-four push come the end of the campaign. In January 2023, the Magpies parted ways with Chris Wood and Jonjo Shelvey before sanctioning a move for Anthony Gordon later that month.

The Toon sacrificed first-team players in order to strengthen Eddie Howe's squad in the long run, and a repeat of that this month would be an ideal scenario. However, that's easier said than done.

Howe has already gone on record to make it clear Newcastle must sell before looking to invest into their squad this month. Martin Dubravka, Miguel Almiron and more recently, Lloyd Kelly have been linked with moves away from St. James' Park, but none of those deals are as clear cut as Newcastle would like.

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Here, ChronicleLive takes a look at some of the deals the Magpies may look to get over the line before the January transfer window closes.

Unlocking spending power and complying with PSR

Although Newcastle are not at risk of breaching any of the Premier League's profit and sustainability rules, they, along with the rest of the top flight, know they're under increased scrutiny from the powers that be. Which is why this month is huge in terms of unlocking the Magpies' spending power.

Though Howe is hopeful of keeping Dubravka, the club know they can't afford to be too sentimental with an eye on the future. Almiron looks like the man most likely to leave St. James' Park this month with interest from the United States, Brazil and across Europe, though interested parties need to be convinced to part with the £12million asking price and then match his wage demands.

There are a number of hurdles in Newcastle's way but they need the first domino to fall before they can flex their transfer muscles.

Lloyd Kelly opportunity

Jose Mourinho and Fenerbahce's interest in Lloyd Kelly came out of the blue earlier this week, but it's an opportunity Newcastle should look to take full advantage of. The first approach from the Turkish outfit fell below the Magpies' asking price, but after signing on a free transfer in the summer, it gives the Toon an opportunity to flip a tidy profit for someone who isn't first choice.

The former Bournemouth centre-back is on a reported £150,000 per week and behind Dan Burn in the pecking order, presenting the Magpies with an opportunity to shift a relatively high earner and invest into a longer term signing. Again, that's in an ideal world and football doesn't work that way, but Howe has already stressed the importance of player trading.

“The days when teams don’t sell big players are gone,” said Howe ahead of last month's trip to Brentford. “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.”

As previously mentioned, in the case of Wood, Newcastle weren't afraid to move on a player who had recently signed for the club in order to sign a key target in January 2023.

£34million defensive reinforcement

One of those key targets could be Sporting defender Ousmane Diomande. Reports of Newcastle scouting the defender date back to March last year, with the Ivorian international on Steve Nickson's list of options as a right-footed centre back.

Though he'd bring different qualities to Kelly, with Sven Botman back fit, Dan Burn can also move across to left-back should Lewis Hall pick up an injury, while Matt Targett is also still in the building. The Toon have plenty of options at left-back which makes Kelly's proposed departure a viable option.

Diomande has been linked with the likes of Arsenal, Chelsea, Manchester City and Manchester United, with his stock high across Europe. At 21-years-old the Ivory Coast international has Champions League experience under his belt and would be a shrewd addition in the heart of defence with his best years ahead of him.

For a similar fee to what they paid for Botman earlier on in PIF's tenure, Newcastle would be exploring - in theory - the 'cheaper' European market that sporting director Paul Mitchell hinted at last year. Rated by transfermarkt at £34million, it would surely be an impressive signing for the Magpies if they were able to sign him for that fee, at half the price they were quoted for Marc Guehi last summer.

However, It is understood that Diomande has a £67million minimum release clause in his Sporting deal that allows him to leave if a bigger club comes in for him.