Clubs around the world are rushing to complete their last-minute business ahead of the second half of the season.
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From scrambling around for a new striker, to quietly shunting that summer flop out on loan, teams will be working right up to that deadline to polish off their squads.
The English transfer window will slam shut at 11pm TONIGHT.
There have already been some significant deals done in the Premier League this month.
West Ham loaned Kalvin Phillips from Manchester City, while Crystal Palace incredibly signed a right back that is not Nathaniel Clyne or Joel Ward.
Tottenham even splashed out an initial £21.5million on Radu Dragusin, in addition to handing Chelsea flop Timo Werner a shot at Premier League redemption.
But it remains to be seen if other clubs are able to bring anyone in to save their seasons.
With the drama about to unfold, let’s take a look at why we love transfer deadline day…
1. THE ENDLESS RUMOURS
In the age of social media, it does not take a lot for a random transfer rumour to gain significant traction online.
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A Harry Maguire lookalike can be pictured at an airport and suddenly people believe that he is on his way to AC Milan.
And a tall long-haired blond man at a service station on the M25?
Erling Haaland must be on his way to Crawley Town.
2. THE DEALS THAT DON’T GO THROUGH
For many teams and players Transfer Deadline Day can be a frustrating one.
There are numerous factors and details that have to be worked out for a deal to come off.
However, as many have found, it can take just the smallest issue to cause a transfer to collapse.
David de Gea‘s move to Real Madrid in 2015 fell through because of an issue with paperwork, while Leicester City could not play luckless Adrien Silva for six months because the deadline was missed by just 14 seconds.
Things can also descend into farce as Peter Odemwingie memorably found out in 2013, when he turned up at QPR only to be refused entry to the car park.
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3. LAST-MINUTE MADNESS
Clubs can make signings right up to the deadline with some seemingly coming out of nowhere.
Players are ferried up and down the country and from abroad in helicopters and private jets.
Agents will be pulling strings and calling in favours while owners may even pay over the odds to get that top striker that they feel can save their season.
This is ultimately what leads to the infamous “panic signing” despite there being a month for business to be done.
No Deadline Day has ever quite been as dramatic as the one that took place on January 31, 2011.
In a crazy day full of twists and turns, Chelsea forked out a British-transfer record £50m on Liverpool striker Fernando Torres.
The Reds hatched a plan of their own after the Spaniard had sensationally handed in a transfer request the previous evening, splashing out £22.8m on Luis Suarez and an eye-watering £35m on Andy Carroll.
One move proved to be more successful than the others…
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4. DEALS GETTING EVER MORE COMPLICATED
Transfers can come in all different shapes and sizes as clubs try to get deals over the line.
Whether it is the fee being undisclosed, the permanent transfer changing to a loan, or a swap deal with players going the other way.
While these negotiations take place other snooping clubs can come in and hijack deals, leading to players turning their swanky cars around.
This all leads to famous cliches such as snags, stumbling blocks, price-tags being “slapped” on players and dotting the i’s and crossing the t’s.
5. THE LAUGH-A-MINUTE LATE SHIFT FOR TV REPORTERS
Sky Sports reporters often are given the thankless task of providing news from stadiums and training grounds across the country.
Some may have a quiet day as their allocated club proceeds to do absolutely nothing.
But for some, such as Alan Irwin who had a sex toy shoved in his face, or Mark McAdam having his broadcast interrupted by a naked inflatable doll, things can be a little more eventful.
Unfortunately for viewers at home, reporters are somewhat more protected now as they are given more private places to give their updates.
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6. THOSE AWKWARD NEW SIGNING INTERVIEWS…
Many fans playing Transfer Deadline Day Bingo will be looking out for some of the most hilarious tropes.
From a player telling the media that they have always “dreamed” of playing for the likes of Huddersfield, or Robbie Keane seemingly joining his 12th boyhood club, fans can often spot the classic cliches from a mile off.
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7. ENDLESSLY WATCHING SKY SPORTS NEWS
Football fans up and down the country will have their eyes glued to screens waiting for updates on their club’s business.
Many have even called on the Government to make Transfer Deadline Day a national holiday so they can give proceedings their full, undivided attention.
As 11pm nears, whether buzzing or distraught, we will all be watching Sky Sports News’ massive timer as it ticks down to zero.
TRANSFER NEWS LIVE: All the latest transfer deals from around the world this January