This month should be the window of opportunity for clubs that want to show their ambition, with so much still at stake in the Premier League.
Yet 17 days into the winter transfer window, it is shaping up to be a period that some may look back on at the end of the season with a significant sense of regret.
Arsene Wenger predicted one of the busiest January windows in history with the title race wide open, top four places up for grabs and survival imperative ahead of the mammoth television deal that kicks in next season.
While clubs near the bottom of the Premier League table scramble for players that might keep them in the top flight, the arrival of Mohamed Elneny to Arsenal has been the only transfer of significance at the summit of English football.
January is historically a quiet month for the major clubs. The best players in the world rarely move midway through the season and if they do, it’s often at a price well above market rate as we saw last year when Chelsea and Manchester City spent the best part of £60 million between them on Juan Cuadrado and Wilfried Bony.
Perhaps it is those examples that are making top clubs reticent to take a gamble this time. The perceived wisdom now is that January signings might upset squad harmony, while the best players in the world invariably play for leading clubs that will refuse to sell mid-season when they are challenging for trophies domestically and in Europe.
It does not seem that the theory will be tested by the clubs fighting for the Premier League title despite the opportunity that presents itself.
That could be a mistake. An intelligent signing now could be the difference between failure and success and there is not a club in the country that are not in need of improvements.
In an ideal world, for example, Arsenal would sign another central midfielder and a proven striker to boost their title tilt. Manchester City are also searching for a midfielder having tried in vain to sign Paul Pogba last summer, with the Juventus man certain to stay at the Italian champions until the end of the season.
Leicester, for their part, have signed Demarai Gray from Birmingham but manager Claudio Ranieri has said the Foxes - up in the clouds and second only on goal difference - will not bring any more players to the club.
Likewise, Tottenham are not expecting a busy final two weeks of the window, although fans will by baying for their chairman Daniel Levy if the north London club do not sign a striker to reduce the burden on Harry Kane.
Marko Grujic has signed for Liverpool and they have been linked with a string of forwards including Shane Long, but Jurgen Klopp will wait until the summer for a major overhaul of his squad with the Reds currently eight points off the Champions League places.
Manchester United are perhaps the club most in need of January reinforcements. Louis Van Gaal is coming under increasing pressure and a top-four finish is imperative, both for football reasons and for the club to reach their financial objectives.
Executive vice-chairman Ed Woodward is obsessed with making a statement signing such as Gareth Bale, Cristiano Ronaldo or Neymar, but United are lacking quality in several areas of the pitch. Their interest in Atletico Madrid midfielder Saul Niguez is therefore no surprise, particularly with their central midfield hampered by injuries.
Atletico themselves may now be in the market for players as well as their rivals Real Madrid after both clubs were banned from signing players for the next two transfer windows by Fifa.
The expectation is that neither club will panic, but it would set a domino effect in motion if Real Madrid decided to move early for one of their summer targets such as out-of-sorts Chelsea star Eden Hazard.
It means this summer is shaping up to be thrilling, particularly if the Madrid clubs are successful in their attempts to get their transfer bans rescinded.
But the opportunity is there right now for clubs with courage and the January window has the potential to explode into action.
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