London, January 1:

The January transfer window has opened, which gives clubs their first opportunity to buy or sell players since the end of August.

Several deals have already been agreed, including Portsmouth midfielder Lassana Diarra’s £20 million move to Real Madrid, and can be rubber-stamped from 1 January. This year’s window has been extended until February 2 because 31 January falls on Saturday. A record £150 million was spent by Premier League clubs in January 2008.

But that figure could be eclipsed this season if, as expected, Manchester City boss Mark Hughes is given major funds to strengthen his squad by his club’s billionaire Arab owners. Any buys by City could kick-start activity from other Premier League sides but the Eastlands club are yet to delve into the market.

Blackburn striker Roque Santa Cruz is believed to be top of Hughes’ wish-list but Rovers boss Sam Allardyce says he has not received any offers for the Paraguay star. Tottenham manager Harry Redknapp has underlined his desire to sign new players, and has already had a bid of around £6 million rejected for West Ham striker Craig Bellamy as well as confirming his interest in Pompey striker Jermain Defoe and Middlesbrough winger Stewart Downing.

But teams such as Manchester United and Chelsea insist they will not be buying and others, like Portsmouth and the Hammers, may be forced to sell some of their stars to balance the books. Wigan are keen to keep hold of England striker Emile Heskey, who is out of contract in the summer, while Newcastle striker Michael Owen and his Magpies team-mate goalkeeper Shay Given are also in demand.

Most Premier League managers have already had their say over how they see the next month.