The final stretch of the transfer window rarely produces calm, and Friday's rumour mill is living up to every expectation. From a high-profile Carabao Cup absence setting tongues racing to a Portuguese winger being pulled between Galatasaray and the West Midlands, there is plenty to chew on before the window slams shut.

Fernández absence fuels City speculation

The story that dominated Thursday evening was Enzo Fernández's conspicuous omission from the Chelsea squad that beat Luton in the Carabao Cup. Chelsea's head coach had publicly stated before kick-off that the 25-year-old Argentine midfielder would feature. He did not. The noises out of west London since have only strengthened the belief that a move to Manchester City is on its way to becoming a done deal. Chelsea are understood to be holding firm at £120m. City are also reportedly circling Everton's Iliman Ndiaye, with the Toffees placing an £80m price tag on the forward.

Alvarez and Arsenal — the deal with moving parts

Mikel Arteta maintains publicly that he is content with his current Arsenal squad, but talk of a move for Atlético Madrid's Julián Alvarez refuses to die down. The Argentine striker has made no secret of his desire to leave the Spanish capital and has missed two days of training, inflaming an already fractious situation with Atlético fans. While Atlético's preferred destination for Alvarez is Barcelona, the Spanish champions have been told the player will never be sold to them. Arsenal are believed to be in talks with Atlético, who value the striker at £128m. Gabriel Jesus heading the other way is reportedly being mooted as part of any potential arrangement.

Leão: Villa or Galatasaray?

Milan have accepted a £38m offer from Galatasaray for Rafael Leão, yet the matter is far from settled. Aston Villa are still very much in the picture, holding talks with the Portuguese winger over a season-long loan deal that would carry an obligation to buy. Milan, understandably, would rather pocket a permanent fee in this window rather than wait, which gives Galatasaray's offer an edge in terms of simplicity. But Leão's own preferences may yet prove decisive, and Villa's Premier League pull should not be underestimated.

Elliott looks to Italy for revival

After a difficult loan spell at Aston Villa — restricted to just nine appearances — Liverpool midfielder Harvey Elliott is being linked with a move to Serie A. Both Napoli and Lazio are said to be interested in offering the young Englishman the fresh start his career presently requires. It is the kind of move that could prove transformative if the right fit is found.

Woltemade, Forest's Muñoz bid, and more

Newcastle's Nick Woltemade, who cost the club £69m on arrival from Stuttgart, could head to Napoli on loan after cutting a marginalised figure on Tyneside. His style has been flagged as incompatible with Matthias Jaissle's demanding pressing system, a concern that appeared borne out in Newcastle's midweek cup victory over West Brom.

Elsewhere, Nottingham Forest have bid £22m for Crystal Palace right-back Daniel Muñoz, whom manager Oliver Glasner worked with closely during his time at Selhurst Park. Everton may complicate that pursuit. Manchester United continue their search for a centre-back, with Southampton's Taylor Harwood-Bellis and Chelsea's Tosin Adarabioyo both understood to be on their radar. Beto could leave Everton for Fiorentina, who have also sounded out Manchester United over Joshua Zirkzee. Leeds United's reserve goalkeeper Lucas Perri is on his way to Torino, with Standard Liège's Matthieu Epolo emerging as a potential replacement at Elland Road. And Roma's teenage forward Robinio Vaz is reportedly attracting interest from Hull City.

With the window closing, the next 72 hours promise to deliver answers — and almost certainly a few more questions.

Frequently asked

Is Enzo Fernández joining Manchester City?
A move to Manchester City is strongly rumoured following his absence from Chelsea's Carabao Cup squad on Thursday night. Chelsea are reportedly seeking £120m for the Argentine midfielder, and talks are believed to be advanced.
Is Rafael Leão going to Aston Villa or Galatasaray?
Milan have accepted a £38m bid from Galatasaray, but Aston Villa are in talks with Leão over a season-long loan with an obligation to buy. The situation remains unresolved, with Milan preferring a permanent sale.
Where is Harvey Elliott going on loan?
Following a difficult loan spell at Aston Villa, the Liverpool midfielder is being linked with a move to Serie A. Both Napoli and Lazio are reported to be interested in signing the young Englishman.