Chelsea outspent every other Premier League team in the summer transfer market with a total outlay of £220 million ($275m), but the Blues already have their eye on the next batch of recruits to bring to west London.
Manager Frank Lampard is taking an active role in recruitment for the future alongside club director Marina Granovsakaia and is aided by club legend Petr Cech, who offers technical advice relating to transfers.
With the Blues keen to push on and compete for titles – and with constant investment in the first-team needed – Lampard has been typically guarded about his plans.
"Firstly, I don't know about January. I'll consider January when it is here. So I've got the squad and we're working hard on the games that are in front of us," he said in early December.
Chelsea's likely January signings
Chelsea are well stocked in most areas of the pitch and boast a very deep squad following the latest transfer window.
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In attacking areas they have an embarrassment of riches, and so Lampard's side will be more looking for new arrivals in defence.
Thiago Silva has settled well but he is 36 and has just six months left on his deal, with Chelsea holding an option to extend it for another season.
Furthermore, Antonio Rudiger and Andreas Christensen have contracts expiring in 2022, so the Blues could look to bring in a new centre-back for the long term.
West Ham's Declan Rice, although currently playing in midfield, is the main transfer target for that area and he could come in to compete for a defensive role.
Rice left Chelsea at the age of 14 after failing to make it in the club's Cobham academy, but he has since developed into an England international under Hammers' manager David Moyes.
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Lampard ranks Rice as his primary target, but the Irons value him highly and are reluctant to sell. However, there are concerns that the club's financial position has weakened after the coronavirus pandemic, which could force them to consider offers for their most valued asset.
It is unlikely however that West Ham will sell Rice in January since they have improved on last season's performances to compete for a European spot.
Brighton's Ben White is also on Chelsea's shortlist for defenders. At the same time, Bayern Munich's David Alaba is available on a pre-contract in January as talks with the Bundesliga giants over his expiring deal continue to stall.
Elsewhere, Chelsea have long admired Borussia Dortmund's English attacker Jadon Sancho, but it remains unclear whether they will make an offer soon.
Chelsea's likely January exits
The Covid-19 pandemic did not impact Chelsea too badly as they were able to save money via their transfer ban last season.
That said, they have found it hard to sell unwanted players as other clubs tighten their budgets.
Outgoing deals for Rudiger, Fikayo Tomori and Emerson Palmieri all collapsed on transfer deadline day in October, though all three could now move on, with Tomori getting loan interest from clubs around Europe and Premier League teams, including Newcastle.
Rudiger is concerned about his future in the Germany national team ahead of the forthcoming European Championship, which means that he is exploring options to play more regular football.
Emerson now wants to stay at Chelsea and the club would rather sell Marcos Alonso after the Spain international's falling out with Lampard at the start of the season.
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Inter have previously expressed an interest in Alonso but stopped short of making a move for the full-back, with the Blues having asked for up to £30 million ($39m) for him in the past.
Kepa Arrizabalaga could conceivably leave, but the goalkeeper's contract is out of reach for most teams having joined the Blues in a club-record £72m ($91m) deal in 2018.
Callum Hudson-Odoi, for whom Chelsea rejected an offer from Bayern Munich in October, continues to draw interest from the European champions but the Blues will make sure he stays until at least the end of the season.
Outcasts Danny Drinkwater and Baba Rahman could depart either on loan or permanently having failed to find moves in the last window.
How Chelsea will line up after January
It is unlikely that we will see major changes to Chelsea's first-choice XI, with the only real question surrounding whether a host of player sales can cover a major incoming transfer.
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The Blues may also look to make signings should they be subject to an injury crisis, but Lampard is happy with his squad at the moment.
Chelsea's new signings – such as Timo Werner and Kai Havertz – are still adapting to life in west London, but Lampard has plenty of options currently at his disposal.
