After a spend approaching $750 million over the previous two transfer windows, Chelsea‘s priorities in this transfer window were pretty clear. In order to remain compliant with financial sustainability rules — those of both the Premier League and UEFA (when they next qualify for European football) — they needed to cut the wage bill and generate funds from sales. And they needed to reduce a bloated squad that, including loans, had ballooned to around 40 players (a figure higher than they needed, given the lack of European football this season).
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All this while giving Mauricio Pochettino a squad competitive enough to get them back into Europe — ideally the Champions League, but at a minimum the Europa League. They got to work straight away and Laurence Stewart and Paul Winstanley, the co-sporting directors, have been aggressive and efficient in that regard. They have made two signings thus far — Christopher Nkunku and Nicolas Jackson — and we expect them to bring in two to three more players: another forward and one or two central midfielders. But that may take some time as it will depend on which players they can move out.
Editor’s note: This is the fourth in a series of stories over the coming weeks applying the same “who to keep, who to extend and who to move on” approach to all the top clubs in the Premier League and Europe. You can find our Manchester City edition here, our Arsenal edition here and our Liverpool edition here.
Goalkeepers
Edouard Mendy (31 years old, contract expired in 2025) — transferred to Al Ahli for €18.5 million
MARCOTTI: They had to make a choice between Mendy and Kepa Arrizabalaga and they opted to shift the former. It’s not a big fee for a guy who led them to a Champions League crown three years ago, but then again, he lost his starting spot last season. With his deal expiring in 2025, his valuation was only going to fall.
Kepa Arrizabalaga (28, 2025)
OGDEN: He’s on big wages and hasn’t exactly pulled up trees, so there’s no need to extend. Maybe he’ll blossom under Pochettino and then you can assess what you want to do. But for now, I’d ride out.
Verdict: Keep and extend his contract
Pierre-Emerick Aubameyang (33, 2024)
OGDEN: He simply doesn’t fit and achieved little last year. I’m pretty sure somebody will pick him up, though you may need to release him and it may be late in the window.
Verdict: Release, loan or find a new club
Romelu Lukaku (28, 2026)
MARCOTTI: He’s made it clear he wants to stay at Inter, and unless Pochettino goes out of his way to convince him to stay, which is unlikely, it’s best to move him. Chelsea will take a loss, regardless of whether they loan him and have to pay part of his wages or sell him for a reduced fee, but it’s better than keeping him around with that salary for another three seasons.
Verdict: Loan or move on a permanent transfer
Callum Hudson-Odoi (22, 2024)
OGDEN: He’s had injuries and I don’t think he’s a Pochettino-type player. Nottingham Forest have expressed an interest; sell and get what you can.
MARCOTTI: He’s been injured most of the past three seasons, which is a real shame because he was a major prospect. Unless you get significant money for him, which I’m not sure you will, I’d leave this to medical folk. If they think they can bring him back it’s worth extending him for a year or two and giving him a pathway back into the first team.
Verdict: Split (find a new club/ keep and extend)
