BARCELONA

Budget: Nothing.

What does the team need? Barcelona need cover in the full-back positions, if not upgrades on Alejandro Balde and Jules Koundé. They also require short-term competition for Robert Lewandowski and a long-term replacement for the 36-year-old striker. More width would be welcome, too. When Lamine Yamal was absent with an ankle injury, they struggled in that department. A defensive midfielder has also been a long-term need, but young Marc Casadó is covering that hole for now.

Who are the major targets? Dani Olmo and Pau Víctor. Yes: Barça's main goal is to register summer signings Olmo and Victor for the second half of the campaign. They are currently on temporary registrations which expire on Dec. 31. Barça need to make space in their salary cap to extend them. Because of that, there's an acceptance that signings will be difficult. Sporting director Deco's work is more based on next summer, with players whose contracts are expiring, like Bayer Leverkusen's Jonathan Tah and Bayern Munich's Alphonso Davies, being targeted.

Who could be leaving? Ansu Fati and Pablo Torre are two players that have not played as much as they would have liked this season. Their futures will be analysed in January. Defender Eric García is another player who has been linked with an exit, but he looks more likely to stay for now.

Any new contracts? Barça are advancing well in talks to extend Pedri and Gavi's contracts, which expire in 2026. In fact, there are a lot of players moving into the final 18 months of their deals, including Ronald Araújo, Frenkie de Jong and Andreas Christensen. If they don't renew, the club will listen to offers for them in the summer. Iñigo Martínez is out of contract at the end of the season but pushing for a new deal, while back-up left-back Gerard Martín is also set to sign new terms, as much as anything to protect his transfer value.

ATLÉTICO MADRID

Budget: Atlético invested heavily in the squad last summer -- bringing in Alvarez, Conor Gallagher, Alexander Sørloth and Robin Le Normand for a total of around €185m -- so won't be investing much in January.

What does the team need? A full-back on either flank would be welcome, although left-back Javi Galán has won Simeone over in recent weeks, and midfielder Marcos Llorente is now a defacto right-back. A defensive-minded deep-lying midfielder would be useful too, after the failure of Arthur Vermeeren -- signed for €22m earlier this year, and now on loan at RB Leipzig -- to convince the coach.

Who are the major targets? No names have emerged yet as genuine contenders. If a deal does materialise, it would be low-profile and low-risk, given the experience of Vermeeren, who barely featured after his much-hyped arrival in January 2024.

Who could be leaving? An exit for the perennially injured Thomas Lemar -- who was absent for almost all of 2023-24 and has only featured twice this season -- would be welcome, but finding a suitable club willing to take him might be challenging. Antoine Griezmann is expected to leave for MLS at some point, but that's more likely to come in the summer, with Atletico challenging for the LaLiga title, a trophy Griezmann has never won.

Any new contracts? Defender Reinildo Mandava is out of contract in the summer and is no longer a guaranteed starter, so a decision must soon be taken on him, and Giuliano Simeone must be due an improved deal soon, given how impressive he's been since breaking into the team.

REAL MADRID

Budget: Madrid don't like spending in January, and their planning for the summer involves high-profile free transfers rather than big fees. But they have some money to spend, if required.

What does the team need? A right-back is badly needed, with first-choice Carvajal ruled out for the rest of the season with an ACL tear, and backup Lucas Vázquez proving to be a defensive liability, as evidenced in Saturday's 3-3 draw at Rayo Vallecano. Youngster Raúl Asencio and midfielder Aurélien Tchouaméni have also been filling in at centre-back, although David Alaba's long-awaited return from injury should help there.

Who are the major targets? Alexander-Arnold is the right-back Madrid want, but a midseason departure from Premier League-topping Liverpool is highly unlikely, if not impossible. A number of young centre-backs have been linked with Madrid, but none have solidified as being a serious option for January.

Who could be leaving? Nobody, at present. The squad has been hit so hard by injuries this season that even bit-part players like midfielder Dani Ceballos have been called upon to feature regularly, while coach Carlo Ancelotti has insisted youngsters Arda Güler and Endrick will not be allowed to depart on loan.

Any new contracts? There's nothing urgent, with the only players with deals expiring in 2025 being Luka Modrić, 39, Vázquez, who renews year-on-year, and Jesús Vallejo, who has no future at the club. Asencio has impressed since coming into the first team and will need a new deal soon.