Inside Spain: Trent Alexander-Arnold, Arsenal midfielder links and what on earth is going on with Dani Olmo?

Inside Spain is a weekly instalment brought to you by Football España, providing an insight into all of the major stories coming out of the rich and intense climes of La Liga and beyond.

With no games until the third of January, and the transfer window yet to open, you might have expected a quieter Christmas break in Spain. Lo and behold, Barcelona enter stage right.

As things stand, Barcelona will be unable to play Dani Olmo or Pau Victor for the rest of the season due, after the end of the year deadline passed without them being registered. Originally they had been registered using the salary cap space of Andreas Christensen, due to an emergency injury rule. But with Christensen back from injury, Barcelona had to find the finance to register Olmo and Victor otherwise.

The added element to this is that players cannot be registered twice, meaning if La Liga takes down their registration, they not only cannot play for Barcelona for the rest of the season, they cannot be be loaned out either. Olmo also has a contract clause allowing him to leave for free for if he is not registered – having cost €55m just four months ago, and with his entire €48m salary from his six-year deal. A €103m mistake. That is why you have seen Bayern Munich, Paris Saint-Germain, Arsenal, Manchester City and Chelsea all linked to him.

As of Thursday afternoon, Barcelona say they are optimistic that La Liga will register them. They say they had submitted the documents for the €100m sale of VIP boxes for the next 20 years at Camp Nou (once it opens), but it was La Liga that asked for extra guarantees, hence the delay. Nevertheless, they are certainly playing fast and loose, and President Joan Laporta is risking his tenure.

"I have to admit that when I signed for #FCBarcelona I did not imagine that I'd win only one Liga, one Copa del Rey and one Super Cup after 4 years. I expected at least double that, so that disappoints me."

??Frenkie de Jong to Voetbal International. pic.twitter.com/AQpqRJO1rL

— Football España (@footballespana_) January 2, 2025

Then there is Trent Alexander-Arnold – also potentially available on a free. Liverpool might be briefing that he is not leaving, and that he can still sign a new deal, but Real Madrid feel confident enough that Alexander-Arnold wants the move to go public with their intentions. Either they sign him on a free next summer, or they get him at a lower price this January. That’s why a bid now is a free hit in their eyes, with Carlo Ancelotti pushing for reinforcements given Lucas Vazquez is their only right-back available currently.

Los Blancos are also on the hunt for other positions: Alphonso Davies is listening to Bayern Munich’s offer before theirs though. Real Madrid have agreed terms with him, but won’t renegotiate, and are less optimistic about that deal. They have reportedly sounded out William Saliba – with a positive response – for a potential future deal. Barcelona are also looking at Thomas Partey as a potential option at the end of his contract (we know, the money is an issue).

Going the other way, Espanyol are holding firm on their €25m asking price for Joan Garcia, the goalkeeper Arsenal moved for last summer. Their financial struggles might force them into an uncomfortable negotiating position. Finally, Frenkie de Jong has said that he would leave Barcelona if he does not feel like he could contribute effectively… To which many Barcelona fans have pointed out that he did not get off the bench against Leganes or Atletico Madrid in their last two games. His contract is up in 2026, and talks for an extension are likely to be difficult.

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