We're almost three weeks into the January transfer window and you'd be forgiven for forgetting that fact given Newcastle United continue to keep their powder dry ahead of what could be a busy summer.

The Magpies are currently focusing on outgoings as Paul Mitchell attempts to stave off PSR worries, while Eddie Howe plots how to continue the charge towards the top four with his current crop of players. Newcastle's defeat to Bournemouth on Saturday was perhaps a reminder of the club's squad depth not being as strong as initially viewed.

As we enter the last two weeks of the window, we're expecting more outgoings as Newcastle identify targets that they may be able to purchase in the dying stages of the trading period or the summer window - and Chronicle Live has taken a look at how Howe's squad options may look come February 4th.

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Young guns for hire

Newcastle's transfer team and loan manager Shola Ameobi have been hard at work finding suitable loan destinations for some of United's younger talent. In the first few weeks of the window, the Tyneside outfit have shipped out Travis Hernes to Denmark, while Charlie McArthur has moved to fourth-tier Carlisle United in search of regular minutes.

Fellow under-21 defender Alex Murphy is set to follow suit in the coming days, joining Bolton Wanderers on a short-term loan deal until the end of the season. The Irish youngster, 20, has been a semi-regular figure in Howe's senior side in recent seasons but has struggled for minutes so far this term.

There is also potential exits on the cards for Garang Kuol, who has endured injury issues in recent months, and Alfie Harrison who signed this time last year from Manchester City. Both youth talents could benefit from the right type of temporary move away from St James' Park this month.

While none of the aforementioned quintet are going to earn regular minutes in Howe's side this season, their exits do have a knock-on effect on the type of business Newcastle can do this month. For example, with fifth-choice centre-back Murphy leaving, there is now an added reason to keep hold of Lloyd Kelly who is attracting interest from Juventus and Fenerbahce.

Senior stars for sale

Two additional names continue to dominate the Newcastle United news cycle at present - in the form of Kelly and Miguel Almiron. Starting with the defender, there is an expectation the north east outfit could cash in on the former Bournemouth star should an attractive offer arrive.

Howe's side are said to value Kelly at around £20m-£25m this month, which would look tremendous on the club's balance sheet given he was signed on a free transfer little over six months ago. Shifting Kelly's wages off the books will also free up resources for any future recruits.

However, with Murphy departing, Newcastle suddenly look a tad short in terms of defensive depth. Upon Kelly leaving, Howe would only have Sven Botman, Fabian Schar, Dan Burn and Emil Krafth as senior options at the heart of the defence.

Further up the pitch, it is expected that Almiron has played his last game at St James' Park. The Paraguayan was an unused substitute in Saturday's 4-1 thrashing at the hands of Bournemouth and was given the Wor Flags treatment with his own banner wheeled out in the Gallowgate End.

Atlanta United are moving to make an emotional reunion possible, re-signing the 30-year-old to bolster their MLS squad this month. Almiron, who initially had his heart set on a European switch, is said to be open to the move before the month is out.

These two first-team exits should, in theory, unlock spending power for Newcastle in the coming days but the word coming out of St James' Park is that sporting director Mitchell would like to keep spending to a minimum before the summer.

However, fresh transfer targets are being tracked in both of these positions.

Spending power and targets assessed

PSR continues to dominate Newcastle's thinking despite those potential exits mentioned above. Even with a hypothetical £30m from prospective sales from Kelly and Almiron, the Magpies are attempting to go into the summer with a financial war chest at their disposal.

With a £73m loss set to be scrapped from the rolling three-year PSR period, Newcastle's financial situation will look healthier come July 1, with the sales of Elliot Anderson and Yankuba Minteh saving the club's skin last summer. But that's not what fans want to hear - they want to know what Newcastle can do in the here and now.

In short, not a lot - but it is clear attractive targets are being pursued and the waters are being tested with regards to potential deals. For example, Newcastle held a keen interest in Lens' standout star Abdukodir Khusanov earlier this month, before Manchester City swooped in. That is as clear a sign as any that the club look to have switched their attention from a pricey signing such as Marc Guehi for a cheaper alternative on the continent.

Fikayo Tomori at AC Milan fits that bill and has been linked with a San Siro exit after falling down the pecking order, while a move for around £25m would likely be enough to prise Trevor Chalobah from Chelsea after links to the Stamford Bridge star in the summer.

In terms of replacing Almiron this month, Howe will not want to lose a squad player in attack and be left with only William Osula, Alexander Isak, Anthony Gordon and Jacob Murphy as his only fit options at the top end of the pitch.

Newcastle have tracked PSV winger Johan Bakayoko but the Dutch side are not willing to lose the player this month. The wide man is said to be valued at roughly £30m, which looks achievable in the summer.

Other affordable, attacking targets in recent months include Noni Madueke and Nico Gonzalez from Chelsea and Fiorentina, respectively. Other big-name targets such as Bryan Mbeumo or Anthony Elanga would cost significantly more and are expected to be summer options rather than short-term plays.

That begs the question, with seemingly achievable deals on the club's radar, do Newcastle take a £30m-sized punt late in the month to try and strengthen Howe's hand for the business end of the campaign? It feels unthinkable that two squad players could depart without some form of replacements being sought before the winter trading period comes to an end... despite Newcastle aiming for a big summer of spending.