During his first month in charge, Sean Dyche has swiftly got Nottingham Forest back on an upward trajectory, both in the Premier League and Europe. But while he is the third man to take charge of the club this season, will there be more change in the dressing room to go with that in 2026?
With 13 new signings having arrived in the summer, at a cost of around £200million ($264m), there may not be much room to manoeuvre at the City Ground, without players moving out.
The information found within this article has been gathered according to The Athletic’s sourcing guidelines. Sources with knowledge of transfer dealings, who asked to be kept anonymous to protect relationships, have been spoken to before offering the clubs involved the opportunity to comment.
Here, we take a look at what the next two windows might hold for Forest.
Who will make key decisions over the two windows?
The structure of the Forest hierarchy changed following the departure of chief football officer Ross Wilson to Newcastle in October. The club do not currently plan to appoint a direct replacement, although that remains a fluid situation.
Global technical director George Syrianos has been more of a regular presence at the Nigel Doughty Academy, but his role remains different to that of Wilson. Wilson was a key figure as a conduit between the ownership and coaching staff, aiding communication in both directions. Syrianos’ remit remains heavily based around recruitment and he will be a big influence in the next two windows on that front.
Edu, the global head of football, was an influence on Forest’s business last summer, most notably with the addition of players like Omari Hutchinson from Ipswich Town — and will continue to have a big say. Pedro Ferreira, the club’s head of recruitment, will also remain a key figure, as will the Forest hierarchy led by owner Evangelos Marinakis. Dyche will have a say in any arrivals and any departures, with the recently appointed manager already involved in discussions.
Edu had a big say in recruitment over the summer (Crystal Pix/MB Media/Getty Images)
What positions will they be looking at in 2026?
Following the recruitment drive of last summer, there are no obvious areas of need for Forest to immediately address with any urgency during the forthcoming January window. According to club sources, who wish to remain anonymous to protect relationships, the expectation is that it will be a quiet January window at the City Ground.
That comes with a significant caveat that this is Forest and it is rare that a transfer window passes by without at least one surprise. But there is not expected to be anything more than minor tinkering in January.
Injuries aside, Dyche believes he has largely inherited a talented squad with the strength in depth to compete in the Premier League and in Europe.
That dynamic could change over the course of the rest of the season, particularly with growing interest in both Elliot Anderson and Murillo. The club do not intend to sell either during the January window, but are likely to face a more serious test of their resolve in the summer.
The Brazilian has many admirers, but it is Anderson who has evolved into Forest’s most saleable asset, as he continues to make his mark with England.
Murillo has long had a price tag of at least £70million on him, while Forest will likely demand an even higher figure before they would consider doing business over Anderson, who has become one of the brightest talents in the Premier League.
How the rest of the season unfolds under Dyche will also have an influence on Forest’s planning and their stance on sales. But if either player does depart, if Forest are presented with an offer that is too good to refuse, then it could leave them with new priorities.
Who will they be looking to sell?
Forest have the additional demands of European football to contend with and the club do not intend to weaken their prospects via any business they do in the coming weeks.
In different circumstances, Forest might have been willing to listen to any loan interest in James McAtee and Arnaud Kalimuendo, with the duo having struggled for game time.
But the injury situation at the club currently means the club’s stance will remain a cautious one. Both started in the 3-0 win over Malmo last Thursday.
Striker Kalimuendo has made seven substitute appearances in the top flight, while McAtee has started one game, coming off the bench four times. Both are regarded as bright prospects and any opportunity to aid their development with first-team football is most likely to still be at the City Ground.
McAtee has struggled for game-time (Shaun Botterill/Getty Images)
What moves have they made already?
It is expected to be a quiet window, but one player who is currently set to join up with the Forest squad is Brazilian defender Cuiabano, who will see his loan spell at Botafogo come to an end this month. The 22-year-old has made 27 appearances in Serie A this season.
Which players’ contracts are expiring? Who will they renew?
Willy Boly is the only senior player who will see his contract expire at the end of the season. The 34-year-old, who will turn 35 in February, last started a Premier League game in August 2024. His experience and influence make him a valued figure in the dressing room — and he is currently part of the Europa League squad and is a regular face on the bench.
But he has also made only two appearances so far this season — with his only start coming in the Carabao Cup defeat at Swansea — and it is unlikely that his deal will be extended.
Douglas Luiz and Oleksandr Zinchenko are on loan from Juventus and Arsenal respectively and a decision must be made over their future. Both are currently sidelined with injury, although Forest will be obliged to sign Luiz permanently if he makes a certain number of appearances.
Dyche has had little opportunity to forge an opinion on them. Their injury record will be a factor in Forest’s thinking, as the club decide what their future looks like. Dyche does not want to see his squad overburdened with players who are struggling for fitness.
What is their PSR position? What sort of budget do they have?
Forest remain confident that they are on the right side of Premier League profit and sustainability regulations; that there will be no repeat of the four-point deduction they were handed in March 2024 for breaches of PSR.
The club have historically made good sales, to bolster their spending power — last summer they sold Anthony Elanga to Newcastle for an initial fee of £52million, but also recouped £22million for Danilo when he joined Botafogo and £11million for Ramon Sosa when he signed for Palmeiras. They will need to walk a similar path next summer.
That £200m investment last summer was intended to give Forest the strength in depth to compete and, while it is unlikely that the club will do no business in January, it is also very unlikely that there will be a flurry of activity.
Forest could be in danger of falling foul of UEFA spending rules on two different fronts. But the punishments for such breaches — if, indeed, there are any — would come in the form of financial penalties, rather than any kind of points deduction.
What will be the manager’s priority?
Dyche’s priority is not to add to his squad, but to get the players he already has firing on all cylinders.
Three potentially key players have not featured at all under the former Everton and Burnley manager. Dilane Bakwa has been sidelined with a groin problem since early October, Ola Aina will not return from a hamstring problem until late December at the earliest and Chris Wood — last season’s 20-goal top scorer — last featured for Forest in the 3-0 defeat to Chelsea that was Ange Postecoglou’s final game in charge.
Zinchenko was injured in Dyche’s first game in charge, against Porto, and has not featured since. Douglas Luiz has an ongoing hamstring issue which is proving difficult to overcome, with the Brazilian having most recently broken down in the 2-2 draw with Manchester United on November 1. Taiwo Awoniyi has had several injury issues while Morgan Gibbs-White — who has quickly established himself as an influential figure under Dyche — has been sidelined himself.
“There has not been a point where we have had everyone fit. It has been tricky,” said Dyche in his press conference ahead of Malmo. “It looks like a pretty strong squad, when you look at the challenges in front of us. I have been very pleased with the mentality and belief they have in each other and the belief in what we are trying to achieve. We just want that to continue and get players fit again, while also making sure that we are not losing other players.
“January is forever an awkward window. There is no guarantee that you will get the right players who will fit, in January. This club is constantly keeping an eye on ‘what ifs’. We have been stretched with injuries and there will come a point where we cannot be that stretched; where we will need everyone to be fit.”