What can we expect on transfer deadline day? Balogun, Enzo, Álvarez updates?

Enzo Fernández, Julián Álvarez, Folarin Balogun and Cody Gakpo -- it sounds like a list of big performers at the 2026 Men's World Cup, but fast forward six weeks from that tournament and they are the leading names that could seal headline moves on transfer deadline day. By the time the summer window closes at 11 p.m. BST / 6 p.m. ET on Sept 1, Premier League spending alone is likely to go past the £2.5 billion mark due to the magnitude of the deals that could still be done; a huge figure, but still short of last summer's £3.1 billion total outlay. Manchester City's pursuit of Chelsea midfielder Fernández, who was a Premier League record transfer when he arrived at Stamford Bridge from Benfica for £106.8 million in Jan 2023, could see the Argentina international break the Premier League record again if Chelsea force City to exceed the £125 million figure that Liverpool paid to sign striker Alexander Isak from Newcastle 12 months ago. City have already smashed their own transfer record this summer by completing a £116 million move for Nottingham Forest midfielder Elliot Anderson, but sources have said that Chelsea want a higher fee than that to land the 25-year-old Fernández, so the numbers will only go higher and higher. If Chelsea, as expected, sanction Fernández's departure, then manager Xabi Alonso will move for Monaco's £40 million-rated Lamine Camara as his midfield replacement. But City, who signed Morocco's World Cup breakout star Ayyoub Bouaddi in an £86 million deal from Lille last week, won't restrict their business just to signing Fernández. Talks are ongoing with Liverpool over a potential £85 million deal for Netherlands forward Cody Gakpo -- a transfer unlocked by Liverpool agreeing a £123 million deal for Paris Saint-Germain's Bradley Barcola -- and Gakpo's arrival at the Etihad will enable winger Jack Grealish to take his pick of a loan move back to one of his two former teams: Everton or Aston Villa. Everton manager David Moyes challenged his board to deliver more signings last week and the message appears to have had an effect because the Blues are closing in on a deal to re-sign Richarlison from Tottenham, will Iliman Ndiaye heading the other way to Spurs in two separate transfers rather than a swap deal. Moyes wants to bolster his attacking options and he retains a strong interest in USMNT forward Balogun, but Everton will need to offload Beto to enable them to raise the finances to complete a €40 million move for the Monaco striker. Forwards are often the big movers on deadline day due to clubs wanting to give themselves the insurance policy of proven goals for the season ahead. But it will take some impressive negotiations by Arsenal to convince Atlético Madrid to allow long-term target Julian Álvarez to leave the Metropolitano for the Emirates. Arsenal manager Mikel Arteta has been pursuing Álvarez since early last season, but Atleti have been resolute in their stance that the former Manchester City forward will not get his wish of a move to Barcelona. Álvarez finally returned to training with Diego Simeone's squad over the weekend following a standoff with the club over his future, so the Argentina forward might now have accepted that he will not leave during this window. But sources have said that Atletico could be tempted to offload Álvarez to Arsenal if Viktor Gyökeres moves in the opposite direction, so that box-office deal could yet happen before the deadline. If it does, Arsenal may need to balance their finances after a busy summer that has seen them sign Newcastle's Bruno Guimarães (£75 million) and Aston Villa's Ezri Konsa (£51 million), so it could raise the prospect of a surprise deadline day move for homegrown youngster Myles Lewis-Skelly. Arteta was adamant earlier this month that the versatile 19-year-old, who can operate at left back and in midfield, would not leave the Gunners, but Arsenal CEO Richard Garlick left the door open by admitting the club could be forced to consider offers if the "right opportunity" arose. Chelsea and Manchester United are both interested in Lewis-Skelly and would be ready to make a late move if Arsenal suddenly displayed a readiness to do business, but right now, Lewis-Skelly looks more likely to remain at the Emirates. United have also monitored Newcastle's Lewis Hall in their search for an upgrade on left back Luke Shaw, but the former Chelsea youngster is expected to stay at St James' Park. Having spent a relatively modest £148 million so far to land three midfielders (Andrey Santos, Youri Tielemans and Carlos Baleba) and a back-up goalkeeper (Karl Darlow), United are expected to be quiet on deadline day unless they can find a left back. But United forward Joshua Zirkzee is likely to move out on loan, with Juventus and Fiorentina both interested in the former Bologna player. Fenerbahce have a long-standing interest in Marcus Rashford, but United manager Michael Carrick has brought the England forward back into the fold following loan spells at Barcelona and Aston Villa and only a huge offer would now tempt United to part with the 28-year-old. Spurs did have an interest in Rashford earlier in the window, but Roberto De Zerbi's team has completed other business and their efforts are now focused on finding clubs for Kevin Danso, Richarlison and Pape Matar Sarr. Sunderland are in talks for Danso and Richarlison is heading back to Everton, while Juventus are negotiating for Sarr. If Spurs can finalize all of those outgoings early enough, they may chase one more attacking signing -- they will move for Gakpo if City fail to seal a deal with Liverpool, and have also been linked with AC Milan's USMNT star Christian Pulisic -- but the likelihood is that the revolving door at the Tottenham Hotspur Stadium will see more exits than arrivals. But with the clock ticking down to the deadline, the biggest focus will be on Argentina pair Fernández and Álvarez; Fernández is almost certain to happen, while Álvarez is an outside bet. It's transfer deadline day, so don't rule anything out.