Bayern Munich will not pursue Chelsea winger Callum Hudson-Odoi in January, but the European champions continue to regard him as a long-term transfer target.
The 20-year-old has struggled for game time under Frank Lampard this season but the Blues continue to value him highly. They turned down Bayern's bid in October to loan Hudson-Odoi with an option to buy for £70 million ($91m).
The homegrown star is currently out with a hamstring injury and is targeting a return for Chelsea's games against Arsenal and Aston Villa after Christmas.
For Bayern, Hudson-Odoi remains a key target after they first made an offer for him almost two years ago. Chelsea rejected a transfer request from the youngster late in that winter transfer window after he grew frustrated with a lack of appearances under Maurizio Sarri.
Since then, Lampard helped convince Hudson-Odoi to sign a lucrative new contract after he offered increased chances to players from the Cobham academy.
Hudson-Odoi is again attracting an interest from Bayern but his future is tied to Douglas Costa, who is on loan at Bayern from Juventus. Costa is fighting to convince the German giants to turn his temporary move into a permanent one but there is no obligation for Bayern to sign him.
Chelsea are prioritising the sale of fringe players aside from Hudson-Odoi in January but also continue to track the possibility of signing Declan Rice from West Ham.
Rice is regarded as West Ham's most valuable asset and he would command a huge transfer fee from the Blues' London rivals, who are reluctant to sell him.
Still, Chelsea are buoyed by their last transfer window, where they were able to close difficult deals for the likes of Kai Havertz and Ben Chilwell.
Alternatively, David Alaba has been reportedly linked to Chelsea and he is free to talk to clubs on January 1 if he doesn't agree on a new contract with Bayern.
Before making any big signings, Chelsea will work on offloading players with options being explored for Kepa, who remains extremely difficult to sell.
The £71m ($92m) goalkeeper still has four and a half years left on a contract worth £190,000 per week, which is out of the price range of almost every club in world football.
Similarly, Marcos Alonso's contract and age makes him difficult to sell outright despite him having not played a single minute of football since his half-time row with Lampard away at West Brom.
Inter showed interest in signing the 29-year-old in January, in part due to their manager Antonio Conte's connections from his time at Stamford Bridge. However, the Italian giants were only able to fund a potential deal for a loan with a purchase option.
Similarly, Emerson Palmieri had a deadline-day approach from Juventus that collapsed. Having jumped above Alonso in the left-back pecking order, Emerson is increasingly happy to stay in west London having had assurances over future chances with Italy despite his fringe status at Chelsea.
Chelsea will also offload a centre-back in January, with Fikayo Tomori earning a host of interest from across Europe over a loan move. Newcastle are one of the front-runners for Tomori, who hasn't played since September and turned down a season-long loan move to West Ham on deadline day.
However, Chelsea may block Tomori from leaving if Antonio Rudiger pushes for a move. The Germany international has jumped back up to third place in the central defender pecking order having almost left in October. He has just over 18 months on his current contract.
Andreas Christensen also has only 18 months on his deal at Chelsea, who have received interest from the Bundesliga, Serie A and La Liga clubs. However, he is unlikely to push for a move in the near future.
Furthermore, Billy Gilmour marked his return from a knee injury with a man of the match performance against Krasnodar on Tuesday. The Blues are reluctant to loan out the 19-year-old despite the intense competition in their midfield.
Olivier Giroud had grown frustrated at Chelsea although a recent run in the team is expected to dampen his desire to attempt to leave in January.
In Chelsea's development squad, the Blues will consider loans or permanent deals for both Danny Drinkwater and Baba Rahman who didn't find a move in the summer market.