It's that time of year again where every Newcastle fan spends more time refreshing Twitter than actually working. The January window is always a bit of a circus, but 2026 feels particularly frantic on Tyneside. Between the constant "here we go" whispers and the cold reality of Profit and Sustainability Rules (PSR), separating the signal from the noise is a full-time job.
Honestly, the mood at the club is a weird mix of ambition and anxiety. On one hand, you’ve got the fans dreaming of the next big superstar arrival. On the other, Eddie Howe is basically operating as a part-time accountant, trying to balance the books while his squad starts to look more like a hospital ward than a football team.
The defensive crisis and the Giorgio Scalvini link
You've probably seen the headlines about the backline. It’s getting ugly. With Fabian Schar out for three months and Tino Livramento facing an eight-week layoff with a hamstring issue, the Magpies are down to the bare bones. It’s no wonder the Newcastle FC transfer rumours have shifted almost entirely toward Serie A lately.
The name that won't go away is Giorgio Scalvini. The Atalanta center-back was a £50m+ target last summer, but word is his price tag has dropped to somewhere around £35m. Newcastle have been scouting him for what feels like forever. He’s 22, he’s tall, and he’s exactly the kind of ball-playing defender Howe loves. But—and it’s a big "but"—Newcastle haven’t pulled the trigger yet. They're playing a waiting game, likely hoping Atalanta get desperate as the deadline nears.
Then there’s the Marc Guehi saga. Yes, it’s back. After the failed pursuit in the summer of 2024, reports suggest the club hasn't fully closed that door. However, with Crystal Palace always demanding a king's ransom, it feels like a move that might be more realistic for the summer unless a major departure happens first.
Midfield targets and the Brazilian wonderkid
If you think the defense is a mess, the midfield situation is just as thin. Eddie Howe has been pretty vocal about not having enough bodies in the engine room. This is where things get interesting. Steve Nickson, the head of recruitment, has been spotted in South America again.
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The big rumour right now? Allan Elias from Palmeiras.
The 21-year-old is a massive talent with an £86m release clause. Obviously, Newcastle aren't paying that. But there’s a feeling that Palmeiras might take something closer to £32m if the structure of the deal is right. He’s a versatile kid—can play as a defensive mid or out on the wing. Napoli are also sniffing around, having already had a £30m bid rejected, so Newcastle would need to move fast if they want to win that race.
Other names being tossed around:
- Ibrahima Sory Bangoura: The 22-year-old from Genk is on the radar.
- Kees Smit: A 19-year-old Dutch prodigy at AZ Alkmaar who Newcastle tried for last year.
- Davide Frattesi: Still linked, though his playing time at Inter has fluctuated.
The James Trafford situation
The goalkeeping department is another area of constant speculation. It’s kind of ironic—James Trafford chose Manchester City over Newcastle back in July, thinking he’d be the number one. Then City signed Gianluigi Donnarumma on deadline day and Trafford has barely touched the grass since.
Howe is a massive fan. He’s been chasing him for two years. Before the Carabao Cup semi-final against City, Howe was uncharacteristically complimentary about him, which is usually a sign that something is cooking behind the scenes. Pep Guardiola has been playing it cool, saying he wants Trafford to stay, but the player is 23 and needs to play. It’s highly unlikely City let him go mid-season, but don't be surprised if a "loan with an obligation to buy" deal starts being discussed for the summer.
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Who could actually leave?
You can't talk about incomings without mentioning the "PSR problem." To buy big, Newcastle sort of have to sell. The sale of Alexander Isak for a British record fee last September gave them some breathing room, but it didn't solve everything.
Bruno Guimaraes is the name that keeps the Geordie faithful awake at night. Rumours from Spain suggest Jurgen Klopp—if he ends up at Real Madrid as some speculate—would make Bruno his first target. It’s mostly noise right now, and club sources insist Bruno is happy. But we've seen this movie before. If a £100m+ bid lands, the owners will have a very difficult decision to make.
More likely departures:
- Jamaal Lascelles: The club captain is being linked with an exit to find more regular minutes.
- Kieran Trippier: Still attracting interest, though his leadership is vital right now with the injury crisis.
- Matt Targett: Currently on loan at Middlesbrough, there’s talk of a recall just to provide some emergency cover at left-back.
Why the January window is a trap
The reality is that January is a terrible time to do business. Prices are inflated by 20% to 30% because nobody wants to lose their best players mid-season. Howe knows this. He’s warned fans that reinforcements are "far from guaranteed."
The club's strategy has shifted. They aren't just looking for a quick fix; they want players who will still be starters in three years. If the right player isn't available at the right price, they'd rather suffer through the current injury crisis than saddle themselves with a bad contract. It’s a disciplined approach, even if it drives the fans crazy when they see the bench filled with teenagers.
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What to watch for in the final days
Keep an eye on the loan market. Newcastle are experts at the "loan with a view to permanent" deal (think Lewis Hall). This allows them to get the player they need now without hitting the PSR limit until the next financial year.
If a deal for a defender like Scalvini happens, it’ll likely be one of these complex structures. Also, watch the Brazilian market. Steve Nickson doesn't fly to Sao Paulo for the weather; when he’s there, it usually means a move is being prepared.
Actionable insights for the window:
- Track the "recall" news: If Matt Targett is officially recalled from Middlesbrough, it’s a massive hint that the club couldn't find a budget-friendly left-back in the market.
- Watch the bench: If youth players like Leo Shahar or Alfie Harrison start getting serious minutes, it’s a sign that Howe is being told to "make do" until the summer.
- The February 2nd Deadline: This year, the window closes on a Monday at 7pm GMT. Expect the heavy activity to start around January 29th once the cup fixtures are out of the way.
- Follow local journalists: For the most accurate updates, stick to guys like Lee Ryder or Craig Hope, who are actually at the training ground, rather than "insiders" on social media.
The next few weeks will define Newcastle's season. Whether they can navigate the injury crisis and keep their European dreams alive depends entirely on how they play this high-stakes game of transfer poker. Stay tuned; it's going to be a bumpy ride to the deadline.
Disclaimer: Transfer rumours are subject to rapid change based on club negotiations and player availability. Values and interest levels are based on current reports as of January 2026.