Nottingham Forest have moved decisively in the final stretch of the window, sealing a deal for Daniel Muñoz from Crystal Palace in a move worth up to £22m.
The Colombia international signs a three-year contract at the City Ground, with Forest holding an option for a fourth, and walks straight into a dressing room that already knows his manager. Muñoz is reunited with Oliver Glasner, the coach who helped shape his impact at Selhurst Park, and Forest are banking on that relationship igniting quickly in the Midlands.
Forest land a proven winner
At Palace, Muñoz became far more than a steady right wing-back. He was a key pillar in their runs to the Conference League and FA Cup titles, a relentless outlet on the flank who attacked space, defended with edge and rarely hid on big occasions.
Palace’s decision to cash in on the 30-year-old came only after they had lined up his successor. The signing of Anan Khalaili from Union Saint-Gilloise opened the door, and the numbers made sense: Palace turn a clear profit on a player they picked up from Genk for £8.5m as recently as January 2024.
Forest, meanwhile, gain a seasoned international with European pedigree at a time when they are reshaping the squad again. Muñoz offers energy, experience and a familiarity with Glasner’s demands that few new signings can match.
Henderson off limits as Palace dig in
Once the Muñoz deal moved towards completion, attention quickly swung to whether Forest might raid Palace again. Dean Henderson’s name surfaced, the Palace captain and goalkeeper reportedly the subject of a Forest bid last week.
That door has been slammed shut. Palace have made it clear Henderson will not be allowed to leave before the deadline. With Pierre Sage only just in the job, the club hierarchy intends to hold its ground and back the new head coach rather than strip away another cornerstone of the side.
So Muñoz will be the one Palace departure to Forest. Nothing more.
Forest hunt firepower, Murphy on the radar
The work at the City Ground is not done. With Omari Hutchinson leaving for AC Milan, Forest are in the market for attacking reinforcements and have turned their gaze towards Tyneside.
Jacob Murphy is a late-window target. Forest are keen on the Newcastle forward, who can play across the front line and offers Premier League know-how and direct running. Newcastle have not yet been formally approached, but interest from Forest earlier in the window is understood, with Everton also having tracked the player.
Newcastle have their own attacking rebuild in mind. They are looking at Lille’s Matias Fernandes Pardo and Stuttgart’s Bilal El Khannouss as they weigh up how much room they have to manoeuvre with Murphy.
Kalimuendo talks, Armstrong move collapses
Forest’s outgoing business could be just as significant. Eintracht Frankfurt are in talks to re-sign Arnaud Kalimuendo on loan after a productive spell in the second half of last season. The French striker has already shown he fits the Bundesliga club, and this time the discussions include a possible option to buy.
The signs are clear. Kalimuendo was left out of the matchday 18 for Forest’s 2-2 draw at Liverpool on Saturday, a strong indication that plans for his future lie elsewhere as the deadline nears.
Not every pursuit has gone Forest’s way. A proposed move for Harrison Armstrong from Everton has collapsed. After Forest made their approach, the Everton board stood firm and unanimously decided not to sell the player. One avenue closed, another search required.
Palace reshape around Sage
While Forest juggle incomings and outgoings, Palace are threading a more complex needle: refresh the squad, protect its core and satisfy a new head coach.
They are close to an agreement with Atalanta for Honest Ahanor, a highly rated talent who would join Palace on a season-long loan. The plan is unusual but clear. Ahanor is expected to sign permanently for Chelsea next summer for around £40m, but because Axel Disasi is already on loan at Selhurst Park, Chelsea cannot send Ahanor there directly. Atalanta act as the bridge, Palace as the beneficiary for a year.
On the other side of the ledger sits Ismaila Sarr. The winger wants to leave before the deadline, and his ambition has attracted heavyweight interest. Liverpool made an approach in the past week, adding Sarr to a list of options that also includes Yankuba Minteh at Brighton.
Palace’s stance is uncompromising. Sarr is not for sale. He is under contract until 2029, and despite missing the first two games of the season through injury, the club are not prepared to let him go on the cheap or on the clock’s terms.
The clock, though, is ticking. The window shuts on Tuesday at 11pm. Forest have their new right wing-back, Palace have cashed in and closed ranks, and both clubs now face the same question in these final hours: is this enough for the season that’s coming, or is one more bold move still to be made?
