The transfer window opened on New Year’s Day, and the monthlong scramble to make any final personnel moves for Premier League season is well underway. For clubs vying for a top spot, it’s a chance to reinforce in the push for a trophy — or multiple. For teams looking to escape relegation, it’s an opportunity to bring in reinforcements to finish the job.

But it’s not just about the movement of players between clubs. Now is the time for clubs to worry about stars approaching the end of their contracts — whether hitting free agency in summer 2026 or 2027 — and extend them on new terms before they are persuaded to join elsewhere.

In this edition of Keep, Dump or Extend, Mark Ogden and Gab Marcotti examine the questions facing Manchester City on all fronts, from contract renewals to transfers.

Manchester City: Keep, Dump or Extend?

• League position, as of Jan. 6: 2nd, 42 points. (Last year’s finish: 3rd, 71 points)
• Realistic goal: Chase success in all four competitions (Premier League, Champions League, FA Cup, Carabao Cup)

1. Where would Antoine Semenyo fit into the team if his £65 million move from Bournemouth is completed?

Ogden: This will be a strange signing as City are already loaded with attacking players, although Semenyo is undoubtedly an exciting forward who will score goals. But the same could be said of Jérémy Doku, Savinho, Rayan Cherki, Omar Marmoush and even Phil Foden.

Semenyo has enjoyed success at Bournemouth in a team that hits opponents on the counterattack. Those opportunities would be less frequent in a City side that dominates in the opposing half, but ultimately, Semenyo has proved he can score, meaning he would just add to Pep Guardiola’s options.

Marcotti: He wouldn’t be my choice, but I guess the thinking is that he is proven in the Premier League, is a pressing machine and can play across the attacking front. Cherki, Doku and Savinho simply don’t track back off the ball the way Semenyo does. (Neither does Erling Haaland, for that matter.)

If you subscribe to the idea that some of City’s struggles in midfield (and, to some degree, at the back) are down to the front men’s work rate, or lack thereof — consider Chelsea‘s equalizer on Sunday — then he’s a good option to have in the squad.

2. Phil Foden’s contract expires at the end of the 2026-27 season. Time to extend his deal?

Ogden: Foden is 25, just on the cusp of his peak years. He is a top player, somebody with a proven record of scoring and creating at the highest level, so City really should be prioritizing a new contract for him.

The one issue could be Foden himself. With uncertainty over Pep Guardiola’s future and Foden having already won everything at City, maybe there is a temptation to run his contract down and try a new challenge as a free agent.

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Marcotti: I see no real urgency here. Let’s not forget his difficult season last year after a stellar campaign two years ago. Before committing long term, I’d want him to show he’s back to where he was in 2023-24 (or close to it). It’s not as if clubs are lining up yet to try to lure him away in 18 months’ time.

I do think City would want to wrap this up before the summer, ideally. But they can wait and see whether anything develops with Guardiola or with the 115 charges against the club — both factors that will impact whatever decision they take.

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3. Pep Guardiola’s future: Is it an unavoidable distraction?

Ogden: It feels like we have this conversation every year at this stage: Will he stay or will he go? There have been at least three occasions when Pep seemed to be in his final season at the Etihad, but he signed a new deal each time.

He is under contract until June 2027 and is only 54, so there is really no reason to believe this season will be his last as City manager. But with Pep, you never know. He could just wake up one morning and decide he’s had enough.

Marcotti: Guardiola is in the rare position where he can write his own ticket, and City just have to accept that. He’ll go when he wants to; contracts don’t really matter.

But I think it’s smart to have some sort of succession plan in place — not necessarily in terms of names, but profiles. Because between him getting bored and the 115 charges, the day you hope will never come might sneak up on you. City will want to be prepared.

4. Do they need to strengthen in January, with Marc Guéhi and Elliot Anderson potential options?

Ogden: Both players would immediately strengthen City, with Guéhi bolstering their defense and Anderson taking away the uncertainty over Rodri‘s future in midfield. January moves would make sense.

Guéhi had seemed set to run down his Crystal Palace contract and take advantage of free agent status in the summer, but money talks and City can certainly make a deal happen. As for Anderson, Nottingham Forest would want a huge fee — around £100 million — to even consider letting him go midseason, so I don’t see that happening.

Marcotti: I think they definitely need help at the back, especially given Josko Gvardiol‘s injury. John Stones‘ fitness is not something you want to rely on, and both Nathan Aké and Aboukadir Khusanov have shown their limitations this season. I think you definitely take a run at Guéhi though from his perspective, you can see why he would want to wait until the summer, when he could pick his club and pocket most of the transfer fee that City would need to pay now.

If there’s somebody you really like? Go ahead, pay the January transfer premium and go for it now. Otherwise, I’d consider bringing back one of their central defenders on loan. Manuel Akanji is at Inter and doing well, so that might be tough, but it’s worth a shot. Then there’s Juma Bah at Nice and Vitor Reis at Girona. They’re both 19 and raw, but have been playing regularly.

If Rodri can stay fit, you don’t need to add another midfielder. Nico González is a good enough backup and Mateo Kovacic will be returning in February. Anderson is great, but not for that fee.

5. John Stones and Bernardo Silva are out of contract this summer. Time to let them go or try to extend?

Ogden: Stones has made just 34 Premier League appearances since August 2023 and can no longer be relied upon to be fit, so there’s not really any logic in handing him a new contract. He’s only 31, but City must plan for the future.

As for Bernardo, he has made 83 league appearances during the same period and is much more durable. I’d offer him a new contract, but when asked about his future this season, he said he has already made his decision, which hints at a move in the summer.

Marcotti: This is one for the medical staff. Stones has started just four of 20 Premier League games this season, but he has been on the bench another nine times and started four of six Champions League games. Yes, he’s obviously not a bona fide starter, but it’s not as if he hasn’t been available at all. City should see what the doctors say and go from there. If he’s happy with a one-year deal and spot duty, keep him around. He has a different profile from the other central defenders and can definitely contribute when fit.

As for Bernardo, this is his ninth season at the club and he’s always rumored to be on the cusp of leaving. I’ll go with what Pep has always said: If he wants to stay, he’s welcome; if he wants to move on, he has earned the right to do so.