CHELSEA could still win the Premier League title — if they land Radamel Falcao.
The Atletico Madrid striker is the talk of Europe and little wonder.
He's a tremendous, dynamic player I'd love to see in the Premier League.
Manchester City also have the money but I think Chelsea could have the edge as they have one thing the English champions do not have. And that's Fernando Torres.
Atletico are likely to try and hold on to Falcao until the end of the season before doing business for this outstanding player, rated at £48million.
But Chelsea have the bargaining power of Torres, who enjoyed six amazing years at Atletico before joining Liverpool in 2007.
He would certainly be the perfect make-weight in the eyes of fans in the Spanish capital.
I have studied the highlights of some of Falcao's performances for Atletico and he would be a sensation in this country.
His style of play reminds me of Gabriel Batistuta. It is not just the hairstyle but the general vibe he gives off as a player. He is a clever, powerful striker and he would be a perfect fit in West London.
In January 2011, Chelsea spent big by signing Torres for £50m and Roman Abramovich will know that if his team is to claw their way back into the title race, they will have to do it again.
Otherwise, if the playing staff at Stamford Bridge remains the same, Rafa Benitez will not win the top prize.
I actually rate Chelsea as a squad and they are not that far away from City and Manchester United in terms of quality.
I still believe they need a quality centre-half and John Terry's recent injury problems have been a worry.
I would love Chelsea to sign a player in the type of mould as Juventus defender Giorgio Chiellini.
Chelsea are also one of a number of clubs interested in Theo Walcott, along with the two Manchester clubs.
Arsene Wenger has insisted that Walcott, out of contract in the summer, will remain until the end of the season — but it would not surprise me if all three made a cheeky offer in January.
I hope to see Walcott staying at Arsenal but there is no guarantee.
It was nice to see Arsenal announcing five young players re-signing last week but, if Theo was close, they would have announced the whole lot.
The problem the Gunners have is that this is the same as the Robin van Persie situation. Walcott will know if he goes somewhere else like United, he could end up winning some trophies.
I still think Manchester United need a central midfielder. It has all gone quiet on the Wesley Sneijder front but I would like to see him moving from Inter Milan to Old Trafford in January.
Tottenham's biggest battle will be to keep Gareth Bale and, while I expect him to stay in January, the summer will be a real test.
It looks as though Daniel Sturridge will be going to Liverpool soon. He will certainly add something to Brendan Rodgers' side but he needs even more firepower as Luis Suarez is on his own.
Equally, the central midfield position is a worry for me. They should be looking now for the long-term replacement for Steven Gerrard and that, obviously, will be an incredibly tough task. Back to my old club Arsenal and they certainly need to strengthen. They need at least one striker but probably two.
Demba Ba and Edin Dzeko would be terrific signings — what a partnership that would be.
It seems that Newcastle striker Ba has a £7.5million release clause in his contract and he would do some major damage at Arsenal.
Dzeko is one of my favourite players and he is unlucky not to have played more times for City. I know wages would be a problem but I am sure he would consider a move to London.
At the bottom of the table, there will be quite a lot of activity — no doubt a lot of that around Harry Redknapp and QPR.
Next season will see teams guaranteed at least £60m in TV money compared to the £41m or so on offer now. It certainly won't be a quiet month, that's for sure.
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