Five huge Premier League January transfers that could happen: £70m Arsenal swoop & £72m Chelsea coup

The minutes and hours are ticking down until the January transfer window opens for business and managers across the Premier League get a chance to wheel and deal.

After an intriguing opening half to the season, several clubs are expected to make big money moves over the next month to boost their squad and further their chances of success over the final months of the campaign.

The speculation across the media has been ramped up in recent days and there are believed to be several eye-catching deals bubbling under the surface ahead of the official opening of business. As we prepare for the transfer window to open, we identify five big money moves that could come to fruition during the first month of the new year.

Ivan Toney - Brentford to Arsenal

The England striker is in the final weeks of the lengthy ban he received for 232 breeches of the Premier League's gambling rules. After admitting to the offences, Toney was handed an eight-month suspension and landed a £50,000 fine - but he is now just two weeks away from returning to action.

Despite Thomas Frank's insistence he wished to retain his star frontman, the former Newcastle United and Peterborough United striker has been at the heart of ongoing transfer speculation and there has been growing talk Brentford could be tempted into a sale if they receive a sizable offer for Toney in January. Arsenal have been named as potential suitors for the striker and could make a move to resolve their own issues at the top end of the pitch by submitting a big offer for Toney over the coming weeks.

Ousmande Diomande - Sporting CP to Chelsea

Chelsea's ongoing bid to scoop up the best up and coming prospects in world football has reportedly led them to consider a move for Sporting's talented young defender Ousmane Diomande. Still only 20-years-old, the powerful centre-back is said to be under consideration as a long-term replacement for Thiago Silva.

The Ivory Coast international only joined the Portuguese giants last January after they agreed a deal with Danish side Midtjylland on the back of what had been a successful loan spell with Liga Portugal 2 outfit Mafra. After taking his time to settle into life with Sporting, Diomande has forged a reputation as one of Portuguese football's most consistent defenders and that has brought him on to the radar of several clubs around Europe. A buyout clause of just over £70m has been reported.

Serhou Guirassy (Stuttgart to the Premier League)

Firstly, we should apologise for the vagueness of where the in-form striker could be heading should he opt to make a move during the January transfer window. After plundering his way to 19 goals in just 16 appearances in all competitions during the first half of the season, the Stuttgart frontman is believed to be on the agenda of several Premier League clubs ahead of the January transfer window.

Newcastle United, Tottenham Hotspur and Manchester United have all been linked with the 12-times capped Guinea international and the reported presence of a £15m release clause in his current contract will only add to the intrigue over a possible deal. Guirassy has already spoken of his admiration for the Premier League and insisted he would not 'close any doors' on a move elsewhere.

Speaking to the Guardian last month, he said: ”I cannot hide these things. Everyone knows the Premier League is one of the most competitive leagues in the world but, at this time, I don’t close any doors. There are some very big teams in Europe and it’s not focused only on the Premier League. At Stuttgart, we have such a good team and everything is possible in football. If we can continue to be humble like we have been so far then we have a good chance.”

Kalvin Phillips (Manchester City to Newcastle United)

Although it is unlikely this will be a permanent move, the figures being reported behind a potential loan switch from the treble winners to St James Park are enough to make this list. First and foremost, Phillips needs regular first-team football and is in the unenviable position to be providing backup to Rodri, a player widely regarded as one of the best holding midfielders in world football.

With Euro 2024 now just months away, the former Leeds United star knows he must look elsewhere to get regular game-time and he is not short of suitors if recent reports are to be believed. A number of Premier League clubs and Serie A giants Juventus. However, it is Newcastle's name that just won't go away and the Magpies battle with Financial Fair Play regulations means a loan move for an established Premier League star would work for all parties.

Yet the most recent reports have suggested City are demanding a loan fee of around £7.5m for Phillips and the midfielder may well have to take a wage cut or hope his parent club pay a proportion of his wage if a temporary switch to North East is to come to fruition.

Andre - Fluminense to Fulham

The highly-rated Brazilian midfielder has been the subject of transfer speculation for a number of months and only further enhanced his reputation by helping Fluminense to their Copa Libertadories Final win over Boca Juniors last month.

Some of European football's biggest clubs are reportedly considering a move for Andre and the likes of Manchester United, Liverpool and Arsenal were said to be leading the race to bring the 22-year-old to the Premier League.

Speaking last week, he said: “I watch the Premier League and it’s a big dream to play there. I’m focused on finishing the season with Fluminense. But my dream is clear: to be a Premier League player.”

However, it is Fulham, rather than the three former Premier League champions that are growing 'increasingly confident' of agreeing a deal with the Brazilian club and the midfielder over the coming weeks according to the latest reports.