This period is key for many teams as they fix problems or strengthen their squads for the remainder of the campaign.
However, they don't have long to do so and any business has to be done quickly with the deadline looming after only a couple of weeks…
When does the January transfer window close?
The January transfer window will shut on Thursday, February 1 at 11pm this season.
That means the market will be open for just over four weeks for all the major teams in Europe including the Premier League.
To make sure that no deals can be done outside of the window in England, other leagues across the continent have agreed to the same deadline.
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La Liga, Serie A, Bundesliga and Ligue 1 will all see their window close on February 1.
It's the same for the Championships and the rest of the EFL.
As well as signing and selling players, clubs will also have to be aware of contracts in the January transfer window.
Any stars with contracts running out in the summer can enter talks with another club ahead of a potential future exit on a free.
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In the Premier League, some of those whose deals are running out include Thiago Silva, Raphael Varane, Jorginho, Fabian Schar and Anthony Martial.
So Chelsea, Manchester United, Arsenal and Newcastle will all have to be wary of approaches for their players.
And business is known to go down to the wire in the January window with a huge move going through on Deadline Day last year.
Enzo Fernandez signed for Chelsea for a British record £107million in the final hours of February 1.
Marcel Sabitzer, Pedro Porro and Keylor Navas were also among the late arrivals in the Premier League with the window slamming shut soon after.