Image source, BBC Sport

Manchester City full-back Joao Cancelo's season-long loan move to Bayern Munich was the transfer no-one saw coming.

The 28-year-old has played an integral part in the Premier League titles Pep Guardiola's side have won in the past two seasons, but has fallen out of favour and made the switch to Germany with an option to join permanently for 70m euro (£61.5m) in the summer.

The Portugal defender, who moved in 2019 from Juventus for £60m, has played more minutes for City than any other defender this season.

So why has he been allowed to leave? How has he fallen out of favour? Where does it leave Manchester City? What do pundits and fans think?

Click this link to find out more.

Leicester City

Leicester City chairman Aiyawatt Srivaddhanaprabha, after an announcement that the club's owners have turned more than £194m in loans to the club into equity, said: "Maintaining long-term stability is vital for sustainable growth and a fundamental principle that has always guided our investments in the club’s future.

"We want to make sure we continue on that path from the strongest, most secure financial footing. I believe with all my heart in Leicester City and what the club can achieve for our fans, our people and our communities - in Leicester, Thailand and around the world.

"The faith they continue to place in us to run their club responsibly with ambition and integrity guides our decision making and remains vital to us building on one of the most successful eras in the club’s history.”

Leicester City

In other Premier League news today, Leicester City have released a statement relating to loans made to the club by chairman Aiyawatt Srivaddhanaprabha: "Over £194m in loans and related interest has been capitalised into equity issued to King Power International Co Limited (KPI), which is wholly owned by the Srivaddhanaprabha family.

"These loans have been provided by KPI to the Club over the last four years to fund the construction of the Club’s world-class new training ground at Seagrave and to continue to support the club’s investments into its squad and women’s football during the Covid-19 pandemic.

"Their conversion into equity serves to strengthen the club’s balance sheet, reduce its interest costs, and provide further evidence of King Power International’s commitment to supporting the club’s long-term sustainability."

Tottenham Hotspur

Tottenham manager Antonio Conte will have surgery to remove his gallbladder on Wednesday, the club have confirmed.

The 53-year-old Italian was diagnosed with cholecystitis, an inflammation of the gallbladder, after becoming "unwell with severe abdominal pain".

Spurs' next game is at home to second-placed Manchester City in the Premier League on Sunday.

The club have said Conte will return "following a period of recuperation", adding "everyone at the club wishes him well."

Image source, PA Media

Five points clear at the top of the Premier League, with a game in hand to boot, and a young, exciting squad headed by an increasingly impressive manager. All has to be rosy at Arsenal, right?

It's fair to say, however, that the January window hasn't quite gone as ideally as the league leaders, bidding to win a first domestic title since 2004, would have liked.

Of their top two transfer targets, Mykhailo Mudryk chose Arsenal's London rivals Chelsea over the Gunners, while bids for Brighton's Moises Caicedo have been repeatedly rebuffed.

That has led to the arrivals of Leandro Trossard and Jorginho appearing to be second-choice signings to some, but should that necessarily be the case for two experienced top-flight operators?

Has January been a missed opportunity - or did Arsenal already have enough in their ranks to ensure they will get over the line despite their minimal winter business?

Michael Beardmore explores that here.

Image source, Reuters

Simon Stone
BBC Sport football reporter on BBC Radio 5 Live

Chelsea have strengthened a direct rival [after selling Jorginho to Arsenal for £12m].

There have been a couple of instances recently where Chelsea have sold players to Arsenal - David Luiz and Willian - that did not work out very well for Arsenal, at all.

Arsenal will hope that Jorginho does rather better and gives them the momentum to carry on with the form they have been showing and push them to the league title.

Emlyn Begley
BBC Sport

When Benfica signed Enzo Fernandez for an initial £8.8m in June it was uncertain whether the River Plate midfielder would join the club immediately or in January.

It turned out the better question would have been when would he leave? The answer: Seven months later to Chelsea for more than 10 times that amount and as a World Cup winner and also the Premier League's most expensive signing.

Chelsea signed Fernandez on transfer deadline day for a record £107m (121m euros) after just half a season in Europe.

The 21-year-old Argentine's rise has been nothing short of meteoric since returning to River 18 months ago from a loan spell at Defensa y Justicia.

Click here for more on Chelsea's new signing.

Chelsea

Chelsea have confirmed they have completed the signing of Argentina midfielder Enzo Fernandez from Benfica.

Rob Green
Former England goalkeeper on Football Daily

Seventy-five players have come and gone since the summer at Chelsea, including loans, so you just see the size of the scale.

That's including; change of owners last year, change of managers this season, the change of directors and executives, the different levels in terms of the management of the club.

It's one of real change this season.

• Listen to Football Daily's transfer deadline day special

Simon Stone
BBC Sport

After all the noise over the weekend, Brighton did exactly what they said and refused to let Moises Caicedo join Arsenal.

It remains to be seen what the fall-out from Caicedo's stated desire to leave the club will be but first of all, the focus will be on Brighton's Lancing training ground.

Caicedo is expected to return to training today.

Despite all the money spent, not everyone got what they wanted. Morocco forward Hakim Ziyech's proposed deadline day move from Chelsea to Paris St-Germain appeared to collapse as the player waited in Paris because the documentation to complete the transfer was not submitted in time.

Arsenal had a £60m bid rejected by Brighton in their pursuit of midfielder Moises Caicedo, despite the midfielder confirming his desire to leave the club in an open letter on his Instagram. That came after the Gunners were beaten to the signing of Mykhailo Mudryk by Chelsea.

England midfielder Conor Gallagher decided to stay at Stamford Bridge despite interest from Premier League strugglers Everton.

Indeed, despite appointing former Burnley boss Sean Dyche as the club's new manager on Monday, the 19th-placed Toffees did not do any business on deadline day.

Image source, PA Media

Fqiren: Dare I say that Everton made the best Jan signing by getting Sean Dyche onboard. Survival secured. That man had done wonders to weaker squads in the past.

Oh hello... what might this be I wonder.

Simon Stone
BBC Sport

Everton made a deadline-day bid to sign Watford’s Ismaila Sarr on loan. It is understood the offer included an obligation for Everton to buy the Senegal forward.

However, Watford were only prepared to release Sarr, whose contract expires in 2024, if the offer was substantial.

With the Hornets fifth in the Championship and pushing for a return to the Premier League, they declined the offer.

Everton have come under pressure from fans for their lack of deadline-day activity despite appointing Sean Dyche as their new manager on Monday.