Biggest transfers to watch for on deadline day, from Julian Alvarez to Man City chasing Enzo Fernandez

With clubs making final preparations for the 2026/27 season recently under way, the final day of the transfer window provides an intriguing conclusion to the summer business.

Premier League titans and minnows alike are making a push to fill the final holes in their squad, while giants across Europe also seek solutions to various problems.

Billions of Euros have already been shelled out in England in particular, with recognizable clubs like Barcelona, Arsenal, Real Madrid, Manchester City, Tottenham, and many others spending huge totals on player acquisitions. Yet there is still business to be done as the deadline draws nearer.

The Sporting News brings you five deals to keep an eye out for on Deadline Day this summer, with a few that seem likely to go through, plus others that have made headlines but seem far from completion.

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Top transfer deals to look out for on Deadline Day 2026

Julian Alvarez to Barcelona

Atletico Madrid have held firm so far on Julian Alvarez, with president Miguel Angel Gil Marin making it clear in no uncertain terms that the club will not sell to Barcelona.

Yet Alvarez's attempts to push through a transfer have made the situation very toxic, and it's yet unclear how this will end. Alvarez seems to only want Barcelona but could potentially be swayed by a move to Arsenal if the Gunners are willing to pony up the money and Atleti feel the relationship with Alvarez is unresolvable.

Atleti's stance to this point makes an Alvarez deal highly unlikely, even if it would be awkward for him to stay. Still, it's one to watch as a transfer of this caliber would be seismic, and Atleti's acquisition of Jonathan David gives them room to manoeuver at the striker position.

Likelihood: 2/10

MORE: Atletico Madrid fans make stance on Julian Alvarez clear

Enzo Fernandez to Man City

Heading into Deadline Day, reports have indicated that Chelsea are pushing to complete a sale of Enzo Fernandez to Manchester City, with the Argentine midfielder seemingly wanting out for some time.

City have already secured midfield reinforcements in Elliot Anderson and Ayyoub Bouaddi, but a deal for Fernandez would indicate a different type of acquisition, one that isn't so Rodri-coded. Reports on Monday indicated that after plenty of late-window posturing, Man City have finally opened club-to-club discussions with Chelsea regarding Fernandez.

It seems this move is highly likely to go through, unless the clubs run out of time at the negotiating table.

Likelihood: 8/10

Folarin Balogun to Everton

After a mildly successful (and highly controversial) 2026 FIFA World Cup showing, U.S. international Folarin Balogun has been looking for a move away from AS Monaco, eyeing a step up on the European stage.

There were brief links to Barcelona, according to French publication L'Equipe back in mid-August, as well as discussions of a move to Aston Villa, but both clubs went in another direction. On Monday, reports broke that Monaco had agreed to terms with Premier League side Everton, and all that was left to complete was for Balogun to agree to personal terms with Everton.

It's a bit surprising that Everton were willing to meet Monaco's valuation of €50 million, given their initial bid reportedly amounted to just €18 million, but it seems this deal is close to conclusion, unless the player himself backs out, which is rare but not unheard of.

Likelihood: 9/10

Malick Fofana to Arsenal

Throughout the entire summer transfer window, Arsenal have been searching for a more concrete solution at left wing. They have sent both Leandro Trossard and Gabriel Martinelli packing, while bringing in only Christos Tzolis, who profiles more as a depth piece than a long-term solution at the position.

After kicking the tires on a sensational but ultimately failed swoop for Vinicius Jr., the Gunners have left it to Deadline Day to find an answer. Their final punt appears to be a speculative move for Lyon youngster Malick Fofana, a 21-year-old who doesn't exactly pop off the stat sheet but does seem to have growth potential.

With Lyon failing to secure Champions League football this season, this transfer seems only down to Arsenal and if they wish to meet Lyon's valuation, which is reportedly hovering around €30 million given Lyon's somewhat precarious financial position after European disappointment. It's not the most exciting move of all time, but it is one with a high ceiling and low floor.

Right now, still in the early stages of a potential move, it's hard to gauge how likely it is to come off, but there's many more steps to go.

Likelihood: 3/10

Christian Pulisic to Tottenham

U.S. star Christian Pulisic always seems like an easy target for transfer rumors, but this summer's Deadline Day could present the 27-year-old with an intriguing opportunity.

With AC Milan failing to secure Champions League football this season, missing out on qualification thanks to a late-season collapse at the end of last year, Pulisic could consider his future in Italy. Now, according to English tabloids, Tottenham have made a late enquiry into his future.

Pulisic is an important piece of AC Milan's squad, especially with Rafael Leao departing for Galatasaray, but if he wishes to return to the Premier League, this opportunity could provide Pulisic with a chance to make it happen while still in the prime of his career.

At the end of the day, Pulisic is settled in Milan, and it would take a lot of moving parts to see this deal come off so late in the window.

Likelihood: 2/10