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Undisclosed transfer fees are really just a way of clubs keeping their cards close to their chest.

It means rivals do not know how much of their transfer budget Team A have spent, nor do they now how much Team B have to re-invest in a replacement player.

It all seems quite pointless in the modern era, where we generally get to hear about most transfer fees through agents or other sources.

Then there are the deals done with overseas clubs which are listed on the stock market, such as by Lyon and Juventus.

A Premier League club might list a deal as undisclosed, then the other club has to tell the stock market the exact fee and any variables. There's even less point in the English club holding back the details of the deal, but they still do.

Nizaar Kinsella
BBC Sport Chelsea reporter

Fulham have agreed deals to sign Hugo Larsson for €25m and Manuel Angel on undisclosed fee from Real Madrid.

Latter signing is the third from Alvaro Arbeloa's former club Real Madrid.

The other players who have joined former Real Madrid youth coach Álvaro Arbeloa are, 22-year-old Gonzalo García for £34 million and 21-year-old César Palacios for £8.5 million.

Both players have permission to do a medical.

Kieran Maguire
Football finance expert speaking on BBC Radio 5 Live

There certainly seems to be a lot of inflation in the market, we saw record levels of spending last season.

But I think we have a unique set of circumstances in the summer of 2026, in the sense that five of what we refer to as the big six clubs have got new managers.

It's their first window, they'll be trying to mould teams and squads into the vision of football that they want - that will come at a significant cost.

We've had six teams in the Champions League for the first time ever. The rewards of the Champions League are very very high, and what we've also seen this summer is the circulatory of transfers in that there has been a much higher proportion of Premier League to Premier League deals and that puts money into the coffers of the receiving club, allowing them to spend, and that creates a ripple across the market.

Sami Mokbel
BBC Sport Senior football correspondent

Image source, Getty Images

Manchester City and Chelsea have entered into final negotiations over the sale of Enzo Fernandez.

Talks over the fee are now said to be advancing with City prepared to meet Chelsea’s minimum £120m valuation.

The final agreement is also subject to Chelsea signing a replacement for Fernandez with Lamine Camara and Manu Kone among the options explored.

Julian Alvarez's potential move to Arsenal could be the biggest deal to watch, with the Atletico Madrid striker's future now hanging in the balance.

The 26-year-old is caught between his desire to leave Atletico and the club's refusal to sell him to Barcelona. But they would do a deal with Arsenal.

The Gunners have had a long-term interest in Alvarez and have been monitoring the dramatic situation, with Atleti looking for a fee of 150m euros (£128m).

Alvarez has missed multiple training sessions and did not travel to face Sevilla on Saturday, with Simeone saying he wasn't well enough.

Simeone, meanwhile, has attempted to keep the door open, saying he will "do everything" he can to make Alvarez feel important when he returns to training.

Image source, Getty Images

Arsenal striker Gabriel Jesus has signed for Barcelona.

Get the transfer klaxon ready...

Dale Johnson
Football issues correspondent

Honest Ahanor's loan move to Crystal Palace is an interesting one.

It comes after the 18-year-old Italy international agreed to sign for Chelsea from Atalanta.

But to work within the Premier League loan regulations, the deal had to be structured in a certain way.

Here's what went down.

The Premier League allows a maximum of two loans from English or Welsh clubs, and only one from any one club.

Palace had already maxed out domestically - Axel Disasi is on loan from Chelsea, and Evann Guessand from Aston Villa.

So, how could the Eagles sign Ahanor? By doing an international loan.

Even though there are pictures of Ahanor signing for Chelsea, he is technically not their player until the summer of 2027.

So Palace can legitimately loan the defender from the Serie A club.

Image source, Getty Images

Premier League and EFL clubs have until 23:00 BST on Tuesday, 1 September to complete their transfers.

The deadlines for other leagues around the world are:

• Ligue 1: Tuesday, 1 September - 18:59
• Serie A: Tuesday, 1 September - 19:00
• Bundesliga: Tuesday, 1 September - 19:00
• La Liga: Tuesday, 1 September - 22:59
• Scottish Premiership: Thursday, 3 September - 17:00
• Women's Super League: Thursday, 3 September - 23:00
• Saudi Pro League: Sunday, 6 September - TBC

(All times BST)

Fifa rules state a transfer window cannot last more than 16 weeks in a calendar year.

Image source, Getty Images

Liverpool midfielder Harvey Elliott is expected to join Valencia on loan for the rest of the season.

The 23-year-old spent last season on loan at Aston Villa but made only one Premier League start for them.

Valencia, who finished ninth in La Liga last season and did not qualify for Europe, had been working to find a financially viable way of making the loan deal work.

Elliott is yet to undergo a medical at Valencia. La Liga's transfer window closes on Tuesday at 23:00 BST.

The Spanish club want Liverpool to cover half of the midfielder's wages. It remains unclear what the exact wage split will be.

Sources indicate there is no option or obligation for Valencia to buy Elliott in the terms of the loan deal.

Nizaar Kinsella
BBC Sport Chelsea reporter

Image source, Getty Images

Chelsea striker Shim Mheuka is set to complete a season-long loan move to Celtic.

The 18-year-old will soon travel to Scotland after undergoing a medical ahead of what would be his first senior loan spell.

As first reported by BBC Sport, Mheuka has also signed a new Chelsea contract until 2033, committing his future to the club as he continues his development.

Mheuka attracted interest from at least a dozen clubs this summer, including sides from Europe's top five leagues, Scotland, the Netherlands and the Championship.

However, a move to Celtic Park was ultimately chosen after careful deliberation by Mheuka and Chelsea officials.

Dale Johnson
Football issues correspondent

There are a few things to keep in mind when it comes to loan deals.

First, Premier League clubs are only permitted to loan two players from a team in England or Wales at any one time.

There is a maximum of four over a season which enables clubs to switch loans in January.

However, if a club turns a loan deal into a permanent transfer, that no longer counts to the tally and another player can be signed on a temporary basis.

Players on loan cannot play against their parent club.

And if the loan is made permanent during the season, the clubs can put an agreement into the contract that the player cannot face their former club in 2026-27.

There are a couple of Fifa rules to keep in mind, too, especially for clubs with lots of players:

- There is a limit of three loans to or from any one club at the same time. So as Strasbourg have already loaned Filip Jorgensen and Genesis Antwi from Chelsea, they have one slot remaining.

- A maximum of six players can be loaned out and six loaned in at any given time during a season. So for Premier League clubs, it could be two from England or Wales, and another four from elsewhere

Players aged under 21 and club-trained players do not count in the six-player limit.

Image source, Getty Images

Teenager Honest Ahanor will join Chelsea next season, but the Atalanta defender will play the rest of this campaign on loan at Crystal Palace.

The Blues have agreed a deal worth up to £40m for the 18-year-old Italy international.

But he will not arrive at Stamford Bridge immediately and will instead join Palace before officially becoming a Chelsea player next summer

Image source, Getty Images

Sami Mokbel
BBC Sport Senior football correspondent

Crystal Palace are attempting to hijack Sunderland’s move for Lyon’s Malick Fofana.

The winger had agreed to join Sunderland in a deal worth €35m - but Palace have made their own proposal.

It is now up to the player to decide.

Image source, Getty Images