Real Madrid concluded a turbulent January transfer window without making a single signing despite an injury crisis and damaging defeats that exposed squad depth issues. Madrid sent only Endrick on loan to Lyon in their sole piece of transfer business.

Manager Xabi Alonso was dismissed on January 12 following a Supercopa de Espana final loss to Barcelona, but replacement Alvaro Arbeloa has shown little improvement. Madrid were eliminated from the Copa del Rey by second-division side Albacete in Arbeloa's debut match.

The club lost 4-2 at Benfica last week, dropping out of the Champions League top eight and into the playoffs. They face the Portuguese side again over two legs before month's end, adding fixtures to an already exhausted squad.

Real Madrid has not signed a first-team player in a winter window since acquiring Brahim Diaz from Manchester City in January 2019. Club officials argue the market is inflated during this period and quality options are too expensive.

Senior figures believe the current squad is complete enough to compete for all titles, though only La Liga and the Champions League remain as possibilities. Madrid rejected continuous player offers from agents and did not pursue any deals.

A consensus exists that Madrid need at least a center-back and an organizing midfielder. Antonio Rudiger and Eder Militao have suffered recurring injuries due to the intense schedule. Summer signing Dean Huijsen has sustained two muscle injuries while academy product Raul Asencio has played for weeks while not fully fit.

The midfield lacks creativity following the departures of Luka Modric, who was not offered a renewal last season, and Toni Kroos, who retired in 2024. Alonso requested a central midfielder last summer, and sources close to the former manager complained the club failed to provide necessary reinforcements.

A source present at Valdebebas told The Athletic in January that Madrid need "a right-back, a centre-back, a right winger and, above all, a central midfielder." Most fans and media commentators share this assessment despite management's confidence.

Madrid are monitoring Paris Saint-Germain's Vitinha and Chelsea's Enzo Fernandez for summer moves, though both are considered nearly impossible financially. Vitinha renewed his contract until 2029 while Fernandez is under contract until 2032.

Como's Nico Paz holds strong potential for a summer return. Madrid possess an option to buy back their academy product in June for approximately $9 million. AZ's Kees Smit and Crystal Palace's Adam Wharton have also received positive reports.

Left-back Fran Garcia wanted to join Bournemouth on loan in January but Madrid blocked the transfer. Midfielder Dani Ceballos has requested departures in each of the past two summers. David Alaba is expected to leave when his contract expires in June.