There are just six days left of the January transfer and Leeds United's only signing so far is teenage striker Mateo Joseph Fernandez, a player signed for the under-23s side.
The Whites have made two bids for RB Salzburg's Brenden Aaronson, with the second of those believed to be for £20million. However, noises coming out of Salzburg have not been positive and while news hasn't broken of the second bid being rejected, it's now been several days since that bid was made and the player has joined up with his national team. This complicates the situation further, making it more difficult for a medical and finalisation of contracts, in the now unlikely event that a deal be agreed.
With that in mind and the fact that it seems to be the case that Leeds have decided to go for Aaronson and no other targets, it seems likely that the window could tick away without Leeds making any additions to their squad.
Despite the well-documented challenges of doing deals in the January window, it's hard to shake the feeling that this is a missed opportunity and something that the club will come to regret.
This is because Leeds seem to have reached the end of the cycle with a number of key members of their squad. Seven of the first-team were signed before Marcelo Bielsa arrived. Of those seven, five of them are now over the age of thirty and Leeds signed Rodrigo two summers ago, who has also turned 30 during his time at the club.
To put it simply, many of these players are or will be on the downturn in terms of their playing output. For some, this will mean picking up injuries more regularly or struggling to maintain any consistency of form. Leeds have already had 27 individual absences through injury from those players this season, whilst players like Luke Ayling and Mateusz Klich haven't been able to hit the consistency they've shown in the past. It doesn't seem a jump to suggest that this kind of downturn is to be expected given that these players are all moving into the twilight years of their careers. If that is the case, it will not improve next season, it will only get worse.
Therefore, Victor Orta will have little choice but to undergo a rebuild of the playing squad.
As many of these players are promotion heroes and have been pillars of Bielsa-ball, it will be a very hard thing to do from a sentimental standpoint but the Whites can't afford to go further backward next season or they risk relegation back to the Championship - with the club currently sitting nearer to the drop zone than most fans are comfortable with during what has been an injury-hit campaign.
In the squad rebuild Orta will have to lead, it may be that four of five first-team players are needed and that presumes both Raphinha and Kalvin Phillips remain at the club. Should either of those be lost, they would also need to replace a star player performing a key role.
As it stands, there are arguments to be made that Leeds need a right-back to challenge or replace Ayling in the long-term, particularly if Cody Drameh is not the answer following Bielsa's recent comments on this month's loan exit.
On the other side, Leeds have Junior Firpo as the only specialist left-back over the age of 18 at the club. A capable backup is needed, particularly given Firpo's injury troubles. Dallas has often filled in there, but given how much football he's played for the last three seasons, an injury is inevitable for him at some time soon so they cannot rely on him.
Moving forwards, it's possible that Leeds need a signing in all three midfield positions. There has never been a dedicated backup for Phillips ever since he was repurposed as a defensive midfielder. Lewis Bate looks a very exciting option as a number eight and Adam Forshaw looks easily able to play at Premier League level but has suffered horrendous injury issues in recent years. The club either backs Bate to cover when Forshaw is out or they will need a signing there. Meanwhile, the pursuit of Aaronson shows they want an attacking midfielder.
Finally, the team has struggled badly for goals without Patrick Bamford. Joe Gelhardt is a fantastic option for the future and he should continue to get more minutes but it might be smart to look for another player more of Bamford's ilk so there is appropriate cover when he is out. Gelhardt can still be developed through substitute appearances and a small number of starts.
Making this number of signings in one summer could pose challenges, however. If a couple don't settle in well, then the team could go backward, regardless of the intentions in the rebuild. Crystal Palace had to perform a rebuild like this last summer and they signed excellently, with Odsonne Edouard, Michael Olise, Joachim Andersen, Will Hughes and Marc Geuhi coming in permanently and Conor Gallagher joining on loan. All of those signings have been successful in improving their team so far but there was a high chance this could have gone wrong and seen Palace fall into a relegation battle.
Leeds could mitigate at least part of this risk if they make even just one signing this month. They would then allow that player time to integrate into the culture of the club and the city, as well as getting to know their teammates and the competition. That's one player less having to go through that in the summer.
It may be the case that a breakthrough is made on the Aaronson deal in the next few days but should the window close without Leeds doing anything to refreshing a creaking squad, it could be an opportunity missed that they may well come to regret.
