It is that time of the year when teams try to temp up their squads ahead of a tough fight for the end.
It is the time for managers to make a couple of buys and fortify their defense, midfield or attack, whichever might be falling short. While the January 2011 transfer window saw some last-minute high-value deals, this time the same can also be expected.
With numerous clubs struggling with injuries or lack of form of players, the New Year is expected to start with some bang for football fans all over the world.
With transfer rumour windmills working in full throttle, there is news galore, but only the end of this transfer window will prove which of the rumours has been true. In the following slides, we rank the most wanted players who will be in high demand this upcoming transfer window.
Bolton Wanderers' often erratic defender is presently one of the most sought after English defenders with a host of top English clubs vying for his signature.
With Premier League rivals Chelsea and Tottenham believed to be the in the competition for securing the services of the defender whose contract expires end of the season, Bolton will be looking to cash in on their want-away defender.
The English defender has been Chelsea's long-term interest, who are also considered to be favourites to sign him, but with a move to Tottenham guaranteeing him regular first-team football, the bidding might get interesting.
With Nemanja Vidic being ruled out for the rest of season, even Manchester United could enter the race to sign the central defender at a bargained price to cover for the absence of Vidic.
Chelsea's aging Ivorian hitman has looked rusty in front of the goal this new season. With new manager Andre Villas-Boas emphasizing the transition of his aged squad to a youthful one, Drogba has seen himself warming the bench most of the new season.
But his performances in the last couple of matches (especially against Valencia in the Champions League) has guaranteed him a start ahead of the misfiring Fernando Torres.
Drogba and Chelsea had failed to reach an agreement over a new contract extension but after his display against Valencia, it seems Chelsea might concede some grounds to keep their striker at Stamford Bridge.
With Drogba's contract expiring over the summer, next year numerous clubs will be looking to get the deadly striker's signature. With Italian giants AC Milan along with premier league rivals Tottenham expressing interest in the Ivorian, a January bidding competition might be on the cards.
Arsene Wenger must be spending sleepless nights over the future of his in-form striker.
Arsenal's flying Dutchman, Robin van Persie, has hit top gear this season scoring goals in almost every match. Such has been his form that Arsenal are trying to tie him down to a new contract. The charismatic Arsenal skipper is presently regarded as one of the most in-demand striker in the world.
Van Persie has expressed his desire to leave the Emirates in search for greener pastures and with only a year and a half left on his contract, Wenger will have to fight off stiff competition from rival clubs to keep his main man in the North London club.
It will be interesting to see if Wenger can convince his highly-regarded striker to extend his stay or whether it turns out a Nasri-like situation.
The Brazilian wonderkid, who has been predicted to be the next Pele, is undoubtedly one of the most sought after players in the world presently.
The summer of 2011 saw an extensive courtship by Chelsea end in failure, with the youngster signing a new deal at Santos. His performances have attracted interest from top European clubs like Chelsea, Real Madrid and Barcelona, all of whom are ready to launch a bidding contest to land his signature.
Though advised by his predecessors to join Spanish giants Real Madrid or stay back at Brazil, the January transfer window will see his long-time suitor Chelsea enter the competition to try to tempt the promising youngster out of South America.
It remains to be seen which club jersey he will wear in February.
One player whose transfer will be undoubtedly be the most-followed is Manchester City's prodigal son, Carlos Tevez.
The Argentine, who saw himself banned for a touchline bust up with City manager Roberto Mancini, has been a thorn in the throat for City.
After being fined by the club, Tevez left for his native Argentina without seeking any permission, an action that forced Mancini to declare him unwanted in the City squad.
The prospect of Tevez donning a City shirt is nil and the Citizens are looking at offers to sell him off. With several European powerhouse interested in him, most notably Inter Milan, Juventus, Real Madrid, it would mean a high bidding war come January.
While Italian giants AC Milan saw their loan bid rejected, cash-rich French club Paris Saint-Germain have entered the race to sign the fiery Argentine.
Tevez is no doubt a top-class player and every top club will be looking to have him in their squad which will shall surely result in a bidding war and also make him the most wanted player in the January transfer window.