There is still one week to go in the transfer window. However, so far it has been very quiet in terms of Premier League activity. That might change, especially as clubs have just embarked on their mid-season breaks with few distractions.
So far, Aston Villa have made the biggest moves, bringing in Lucas Digne from Everton and signing Philippe Coutinho on loan from Barcelona. Elsewhere, it has been quiet. Even Newcastle United, who were expected to splash the cash, have been restrained. The additions of Kieran Trippier and Chris Woods are hardly the big names that some of their fans had hoped to see arrive at their club.
None of the major teams has made a move yet. It now looks like Manchester City and Liverpool may be happy with what they have already got to the end of the season.
Tottenham, Arsenal and Manchester United, however, still hope to secure Champions League football next season. The addition of a fresh face or two might provide the impetus they need to get them there.
In terms of the risk/reward calculation, the potential wealth playing in the elite club competition may make the gamble worthwhile.
But January is a notoriously difficult time to sign players. Clubs do not want to lose men, even squad players, without signing a replacement. They are aware that there is still a lot of football to be played later in the season, and they may need these players.
There is also the fear of helping to strengthen a rival.
Meantime, calculations are to be made in terms of players who are out of contract in the summer. Do they move them on now, attempting to secure some fee rather than lose them for free at the end of the season? Or do they keep them around because they can still make a useful contribution in the time they have left?
January has so far seen most clubs play their cards close to the chest. It may be time for some of them to finally show their hands.