Arsenal

Budget £30m

What they need For all Arsène Wenger's talk about buying a striker to cover for the absence of Robin van Persie, Arsenal would benefit enormously from a dependable goalkeeper capable of underpinning a title challenge with more confidence than the shaken Manuel Almunia. Depending on the injury situation in midfield, they may also have to scour the market for a midfielder with more experience than the promising Aaron Ramsey. If Philippe Senderos is allowed to leave, a centre-back will be needed.

Possible ins Marouane Chamakh (Bordeaux, £4m), Edin Dzeko, right, (Wolfsburg, £25m), Carlton Cole (West Ham, £10m), Igor Afinkeev (CSKA Moscow, £20m), Robert Green (West Ham, £5m)

Possible outs Philippe Senderos (Roma, £2m), Jack Wilshere (Burnley, Fulham, West Ham, loan)

Aston Villa

Budget £5m plus money from sales

What they need Strength in depth is no longer a problem for the manager, Martin O'Neill, whose numbers have swelled since this time last year, although in an ideal world he would like to add a defensive midfielder to his ranks. Nigel Reo-Coker was supposed to be that player but he has struggled to make an impact and has been a peripheral figure since his training ground dust-up with O'Neill earlier this season. He looks set to leave along with a number of fringe players. Emile Heskey has been linked with his former club Liverpool.

Possible ins A holding midfielder

Possible outs Nigel Reo-Coker (Fulham, £5m), Craig Gardner (Birmingham City or Wolverhampton Wanderers £3m), Emile Heskey (Chelsea, Liverpool, £3.5m), Marlon Harewood (loan), Ciaran Clark (loan)

Birmingham City

Budget Up to £40m

What they need Alex McLeish would like to strengthen his squad and a target man to compete with Cameron Jerome is his priority. With Carson Yeung's millions burning a hole in his pocket, convincing a top-class striker to come to St Andrew's promises to be more difficult than funding the deal. McLeish is also expected to revive interest in bringing in Michel from Sporting Gijón, while a couple of the squad players, such as Kevin Phillips and Lee Carsley, could well move on

Possible ins Charles N'Zogbia (Wigan Athletic, £8m), Aiden McGeady (Celtic, £7m), Marc Janko (Red Bull Salzburg, £7m), Kevin Kurányi (Schalke 04, £5m), Craig Gardner (Aston Villa, £3m), Michel (Sporting Gijon, £3m)

Possible outs Kevin Phillips (Middlesbrough, £500,000), Lee Carsley (Wolverhampton Wanderers, £500,000)

Blackburn Rovers

Budget Precious little

What they need To satisfy or to replace Benni McCarthy. The South Africa striker is keen to leave Ewood Park in a bid to secure regular first-team football in a World Cup year, but Sam Allardyce can ill afford to weaken his attack. Injury to David Dunn has given McCarthy the chance he craves, either at Blackburn or in the shop window, although the Rovers manager would need guarantees over a replacement to allow the veteran to go. The left side of midfield would also have to be strengthened if Morten Gamst Pedersen were to leave.

Possible ins James Beattie (Stoke City, swap with Jason Roberts), Stuart Holden (Houston Dynamo)

Possible outs Benni McCarthy (Fulham, Porto, £3m), Jason Roberts (Stoke City, swap with Beattie), Morten Gamst Pedersen (£1.5m)

Bolton Wanderers

Budget £6m

What they need The big problem is scoring goals although there is a genuine interest in signing the midfielder Guti from Real Madrid on loan – if he can be persuaded to move to a club of Bolton's standing. First, however, the club must identify a new manager to replace Gary Megson, who was sacked this week. The new man may have different targets in mind as Bolton battle against relegation. One area that needs strengthening is defensive midfield, with Sean Davis having been ruled out for the rest of the season with a knee injury

Possible ins Guti (Real Madrid, loan), Miguel Veloso (Sporting Lisbon, £6m)

Possible outs Nicky Hunt (£250,000), Mustapha Riga (£300,000), Danny Shittu (£1m)

Burnley

Budget £3m, at the very most

What they need Players with the right mentality to buy into Owen Coyle's down-to-earth philosophy and sufficiently technically adroit to fit into Burnley's purist passing style. Ideally, a striker, a central midfielder, a left-back and a centre-half would be Turf Moor-bound but Coyle does not anticipate more than "one or two additions". He has made it known he would like Jack Wilshere on loan from Arsenal and Tottenham's Gareth Bale. He would also like to make David Nugent's loan from Portsmouth a long-term deal but wages are a stumbling block.

Possible ins Gareth Bale (Spurs, loan), Jack Wilshere (Arsenal, loan), David Nugent (Portsmouth, purchase outright)

Possible outs None, except possibly the odd fringe player on loan

Chelsea

Budget In excess of £50m

What they need Carlo Ancelotti has vowed to prance around the club's training pitches naked if he enters the market, but this could be Chelsea's last transfer window for a year. Does an ageing squad need refreshing? Beyond Nicolas Anelka and Didier Drogba, Chelsea lack an experienced goalscorer, while neither Joe Cole, still sharpening his match fitness, nor Deco has truly flourished in the hole behind the forwards. Likewise, is Mikel John Obi mobile enough for the anchor role?

Possible ins Sergio Aguëro (Atlético Madrid, £35m), Adam Johnson (Middlesbrough, £6m), Edin Dzeko (Wolfsburg, £25m), Jerko Leko (Monaco, £8m), Philippe Mexès (Roma, £5m), Emile Heskey (Aston Villa, £3.5m), Franck Ribéry (Bayern Munich, £35m), Giampaolo Pazzini (Sampdoria, £15m)

Possible outs None, unless youngsters are loaned

Everton

Budget Money raised through sales

What they need David Moyes's duty-bound optimism over Everton's extensive injury list has begun to waver in recent weeks as his long-term absences suffer relapse after relapse. With no sign of recovery for Mikel Arteta, Everton remain in desperate need of invention and craft, while Joseph Yobo's departure to the African Cup of Nations creates more problems for an already weakened defence. The club's most important business, however, concerns keeping players, with Louis Saha and Steven Pienaar both out of contract at the end of this season

Possible ins Landon Donovan (LA Galaxy, loan confirmed), Luca Toni, right, (B Munich, free), Milan Jovanovic (Standard Liège, £3m)

Possible outs Yakubu Ayegbeni, James Vaughan

Fulham

Budget Money raised through sales

What they need Roy Hodgson has used his squad expertly this season, juggling the unfamiliar demands of Europa League football with a coherent challenge to maintain last year's Premier League progress. He is unlikely to be too busy with immediate first-team additions, but may look to bolster his squad. He may seek more cover in central defence and support for Bobby Zamora given the injury problems that have afflicted Andrew Johnson.

Possible ins Alan Hutton (Spurs, £5m), Adam Johnson (£6m), Gary O'Neil (£2.5m, both Middlesbrough) Maxi Pereira (Benfica, £2m), Paul Scharner (Wigan, £2m), John Arne Riise (Roma, £2m), Nigel Reo-Coker (A Villa, £5m), Ariel Borysiuk (Legia Warsaw, £2m), Jack Wilshere (Arsenal, loan), Benni McCarthy (Blackburn, £3m)

Possible outs Toni Kallio (Sheff Utd, £1m). Kagisho Dikgacoi, David Elm, Seol Ki-hyeon, Eddie Johnson, Fredrik Stoor are all effectively available for loan or transfer

Hull City

Budget Zero

What they need In Phil Brown's fantasies, a new right-back, centre-half, central midfielder and prolific striker. In reality he will almost certainly be unable to strengthen as the club are deeply in debt and Adam Pearson, the new chairman, has placed the accent on cutting wages. This will be easier said than done. Brown is using his contacts in Spain to try to find a decent loan deal. In an ideal world he would sign Sol Campbell and Rangers' Kris Boyd. What Brown really needs is Jimmy Bullard to stay fit

Possible ins In unlikely event of sales, Sol Campbell (free agent), Kris Boyd (Rangers, £1m), Daryl Murphy (Sunderland, minimal), Spanish loans

Possible outs Pearson would like to see the back of several but don't bet on any actually leaving

Liverpool

Budget Sales unless cash is released

What they need An exacting season has taken its toll on Emiliano Insúa at left-back and Rafael Benítez's problems at full-back and wide right remain, with Dirk Kuyt struggling. Those weaknesses are secondary, however, to the lack of cover for Fernando Torres, whose hernia could linger until the World Cup and must be compensated for with Champions League qualification in the balance

Possible ins Emile Heskey (Aston Villa, £3.5m), Kenwyne Jones (Sunderland, £10m), Ruud van Nistelrooy, left, (Real Madrid, loan), Scott Parker (West Ham, £7m), Roman Pavlyuchenko (Tottenham Hotspur, swap)

Possible outs Ryan Babel (Ajax, loan or swap), Andriy Voronin (several Bundesliga clubs, £3m), Andrea Dossena (Napoli, Zenit St Petersburg, Atlético Madrid, £3.5m), Philipp Degen

Manchester City

Budget £150m

What they need City have not conceded a goal since Roberto Mancini took over but the new manager will not be fooled. Before that, they had let in nine in the previous three Premier League matches, with only one clean sheet since August. Mancini could do well with two more centre-halves and a pair of full-backs. He may also want another right-winger, a possible replacement for Robinho – who is keen to leave – and a greater aerial presence in attack given Roque Santa Cruz's injury problems

Possible ins Angel di María (Benfica, £30m), Simon Kjaer (Palermo, £12m), Iván Córdoba (Internazionale, £4m), Maicon (Internazionale, £25m), Mario Balotelli (Internazionale, £25m), Matthew Upson (West Ham United £12m), Giorgio Chiellini (Juventus, £20m)

Possible outs Benjani Mwaruwari (Stoke, Portsmouth, £1m)

Manchester United

Budget £10m, or more if Nani is sold

What they need Sir Alex Ferguson said recently that he would not buy in the January transfer window but United still need another striker. They have already been knocked back in one area after offering the Portuguese winger Nani, left, as the bait in a cash-plus-player exchange for Benfica's Argentinian winger Angel di María. The 21-year-old Senegalese forward Mame Biram Diouf will arrive at the club this month. He was signed from Molde in the summer but immediately loaned back to the Norwegian club, where he has scored 38 times in 73 appearances

Possible ins Hatem Ben Arfa (Marseille, £8m), Steven Defour (Standard Liège, £15m), Simon Kjaer (Palermo, £12m)

Possible outs Nani (£10m)

Portsmouth

Budget Less than zero

What they need To lift the player registration embargo in place since October by a concerned Premier League before the manager Avram Grant can contemplate recruiting fresh faces. Even then the manager's ability to strengthen will depend on who is sold and taken off the wage bill, and which players might fancy a move to an unstable, bottom-placed club. The Israeli manager, though, is conscious that survival will be virtually impossible if he loses his better players. If the embargo is lifted Grant may have to settle for loans and free transfers

Possible ins Depends on the above

Possible outs Kevin-Prince Boateng (£6m, Sunderland), David James, (£1m, Tottenham), David Nugent (Burnley, loan deal made permanent)

Stoke City

Budget Money raised through sales

What they need Tony Pulis has talked about bringing in two impact players and recent results, which have led to rumblings of discontent, will have intensified his search. The Stoke manager is in the market for a right-winger and a striker. The latter is likely to be a replacement for James Beattie, who is expected to leave, possibly joining Blackburn in a swap deal involving Jason Roberts, following his changing-room confrontation with Pulis a couple of weeks ago

Possible ins Andy Carroll (Newcastle United, £4m), Jason Roberts (Blackburn Rovers, swap with James Beattie), Kenwyne Jones (Sunderland, £10m), Jermaine Pennant (Real Zaragoza, £4m)

Possible outs James Beattie (Blackburn, swap), Dave Kitson (£2.5m), Andrew Davies (£750,000)

Sunderland

Budget £20m

What they need A left-back and perhaps a right-back too. Possibly another centre-half to be part-exchanged with Anton Ferdinand, a wide midfielder and an extra striker. If the cash is available Steve Bruce could also be in the market for a new goalkeeper. Bruce pruned Sunderland's squad appreciably last summer but it has seemed over-stretched. He might be prepared to sell Kenwyne Jones but only if the alternatives he craves become available

Possible ins Maynor Figueroa (Wigan, £6m), Robbie Keane, Michael Dawson, Alan Hutton (all Spurs, swap), Adam Johnson (Middlesbrough, £6m), Nathaniel Clyne (Crystal Palace), Marouane Chamakh (Bordeaux, £4m), Kevin-Prince Boateng (£6m, Sunderland)

Possible outs Anton Ferdinand (Spurs, swap), Kenwyne Jones (Liverpool, Stoke, Tottenham, £10m), Daryl Murphy (Ipswich or Hull, minimal), David Healy (various, minimal)

Tottenham Hotspur

Budget Money raised through sales

What they need Harry Redknapp has lost a goalkeeper in Carlo Cudicini to long-term injury and might look to secure a challenger to Heurelho Gomes. He has also stated Spurs lack depth in the centre of midfield, where Wilson Palacios has had an inconsistent season. Money will have to be generated through sales yet Redknapp can rarely resist wheeling and dealing with his interest in Manchester City's unsettled Craig Bellamy long-standing

Possible ins David James (Portsmouth, £1m), Sandro (Internacional, £8m), Matthew Upson (West Ham, £12m), Scott Parker (West Ham, £7m), Ryan Babel (Liverpool, swap), Anton Ferdinand (Sunderland, swap), Maynor Figueroa (Wigan, £6m), Kenwyne Jones (Sunderland, £10m)

Possible outs David Bentley (Atlético Madrid, £8m or loan), Roman Pavlyuchenko (Liverpool, swap), Alan Hutton (Fulham, Sunderland, £5m or swap), Robbie Keane (Celtic, Sunderland, £8m or swap), Michael Dawson (Sunderland, swap)

West Ham United

Budget Money raised through sales

What they need Gianfranco Zola's attempt to sign the striker Luca Toni from Bayern Munich foundered because of the club's difficult finances and the manager will consider it a successful window if he manages to keep hold of Robert Green, Matthew Upson and Scott Parker, who form the spine of his struggling team. Carlton Cole is the club's only consistent performer in attack so Zola is conscious of the need to hang on to him and strengthen this department, with the Italian reportedly interested in Adrian Mutu, the former Chelsea striker

Possible ins Adrian Mutu (Fiorentina, £5m), Jack Wilshere (Arsenal, loan), central defender and midfielder

Possible outs Robert Green (Arsenal, £5m), Scott Parker (Liverpool, Spurs, £7m), Carlton Cole (Arsenal, £10m), Matthew Upson (Man City, Tottenham, £12m)

Wigan Athletic

Budget £1m-5m

What they need To strengthen everywhere apart from wide midfield. The manager, Roberto Martínez, says: "It is important in January that we help the players that we have already got in with a couple of new faces that can help us in bringing a different dimension in our play. We need to make sure we are as strong as we can be. I'm delighted that we don't have to sell players to balance the books. If there is any movement, it will be for the good of Wigan Athletic." Losing the coveted Maynor Figueroa would be a huge blow.

Possible ins Striker, central midfield and defence

Possible outs Charles N'Zogbia (Birmingham, £8m), Paul Scharner (Fulham, £2m), Maynor Figueroa (Sunderland, Tottenham, £6m), Ben Watson (QPR, loan extension), Olivier Kapo (Boulogne, loan), Richard Kingson, Erik Edman (Championship clubs/abroad)

Wolverhampton Wanderers

Budget £2m plus money from sales

What they need Premier League experience. There is no shortage of energy and hunger in Mick McCarthy's squad but a couple of older heads, as Birmingham have demonstrated this season, can make all the difference to a smaller club's fortunes. McCarthy has said that he is on the look-out for new talent, with a central midfielder high on his wish-list, although working within tight financial parameters will, as always, restrict his options in the market. The return of Dave Edwards, Andy Keogh and Michael Kightly from injury in the New Year will provide some comfort

Possible ins Craig Gardner (Aston Villa, £3m), Lee Carsley (Birmingham City, £500,000)

Possible outs Matthew Hill, David Jones (Championship clubs)