Just over a week before the winter transfer window reaches its conclusion, Wolverhampton Wanderers received a nuanced reminder that, while late business is needed, they have a delicate balance to strike.
The first half against Manchester City at the Etihad Stadium made it clear that Rob Edwards’ bottom-of-the-table squad would benefit greatly from the kind of “freshening up” he has advocated since he arrived back at Molineux in November.
The second half underlined why drastic changes at this stage would be both unnecessary and potentially counterproductive.
Wolves still hope to do some business in the final week of trading, with technical director Matt Jackson and interim chairman Nathan Shi looking to pull off deals to help Edwards tweak the dynamics of his squad.
As the days tick down to the deadline, the task becomes harder, but Edwards played down the prospect of ending the window with the same players he currently has at his disposal.
“There’ll probably be a bit going on, but we’re across it all, so let’s see what happens,” said Edwards after his side’s 2-0 defeat by City. “I expect there to be a bit of action.”
Quite what that action amounts to remains a matter of uncertainty with just a few days remaining before the deadline, but it is likely to be dictated largely by outgoings.
Wolves have a little wriggle room to add players, but any significant incomings are likely to be in response to outgoings.
“I thought the players showed top resilience and character, and then quality in that second half to keep going and keep fighting.”
Rob Edwards’ thoughts after defeat at City 🗣️ pic.twitter.com/BVZAVVmn6r
— Wolves (@Wolves) January 24, 2026
Despite taking his place among the substitutes on Saturday, Emmanuel Agbadou is the first-team player closest to the exit.
Besiktas are keen to take him to Turkey, the defender is keen on going and Wolves are happy to allow it. No deal has yet been finalised, but there is a willingness from all parties, which makes a parting of the ways likely.
That would free up a squad place and some funds. As Edwards has Matt Doherty available and Toti due to return from injury in the next few weeks, it is possible he would opt to strengthen elsewhere in the squad rather than replacing Agbadou like-for-like.
He remains short of holding midfield options, for example.
Jorgen Strand Larsen is the player around whom much of the final-week speculation is likely to centre, with Leeds United having an offer rejected last week and other Premier League clubs, including Crystal Palace, also maintaining a strong interest.
Wolves are comfortable to keep the Norway international, but there is also a realisation at Molineux that he is unlikely to be around next season when they will almost certainly be in the Championship, that Tolu Arokodare has done well as a starting centre-forward in recent weeks, and that Strand Larsen’s relationship with supporters, while improved of late, remains delicate.
For those reasons, Wolves would be open to selling at the right price, which they understand will be some way below the £55million they rejected from Newcastle United in the summer.
If Strand Larsen were to go, Wolves would need some backup for the willing but still raw figure of Arokodare.
The other two players capable of commanding sizable fees, Joao Gomes and Andre, could be sold if Wolves receive the kind of offer they felt might not come again in the summer, when wholesale changes are expected following their almost certain relegation.
So far, interest in Gomes has been higher than that in Andre, with Atletico Madrid and Napoli both keen, but no bids have yet been forthcoming.
Should that change, the player’s wishes would come into play, and there lies a delicate balance.
Gomes is looking for a World Cup spot with Brazil (Brett Patzke – WWFC/Wolves via Getty Images)
On one hand, he needs to perform on the grandest stage possible to secure a World Cup squad place with Brazil. On the other, he enjoys playing in the Premier League.
Irrespective of any bids, that latter preference means it is possible he would opt to stay until the summer and assess his options then.
From Wolves’ point of view, there is no doubt that the internal dynamics have changed from a month ago, when they were locked in a spiral of defeats and fans would have gladly accepted a major clearout to draw a line under a depressing period.
Now, performances have improved, Edwards has engendered a new-found fighting spirit. There is a feeling within the club that the core of the current squad could help forge a competitive end to the season.
Saturday might have brought to an end a five-match unbeaten run but there was still enough spirit and fight, particularly in a front-footed second-half display, to ensure Edwards and his players were applauded off at the final whistle by travelling supporters.
Such qualities will not be enough to keep them in the league, barring a miracle set of results. But they might be sufficient to carry some momentum and positive vibes into the summer, which might be important in setting the tone for what Edwards and his team will hope is a promotion challenge next season.
It makes sense to begin that rebuild now, with some shrewd acquisitions that might serve the club in the present, and also in the Championship. But there is also a danger that too much, too soon, could disrupt the current positive vibes for the remainder of the season and potentially demoralise players before preparations for next season even begin.
The next few days will present such a delicate challenge for Jackson and co.