Chelsea reportedly agreed a deal to sign Jadon Sancho from Manchester United as Raheem Sterling left Stamford Bridge to join Arsenal also on loan at the 11th hour after a frenzied transfer deadline day in the Premier League.
The winger Sancho was expected to join the Blues on loan with an obligation to make a permanent move next season for £25 million ($33 million).
United have cut their losses on the 24-year-old, who has failed to live up to his price tag ever since a £73 million move from Borussia Dortmund in 2021.
Sancho has not played a league game for United since posting on social media he had been made a "scapegoat" for poor performances just under a year ago.
But he shone during a loan spell back at Dortmund during the second half of last season, helping the German giants reach the Champions League final.
Sancho's arrival adds to Chelsea's bloated squad, but one of those outcast by new boss Enzo Maresca has found a new home as Sterling moved across London to Arsenal.
The England international previously worked with Gunners' boss Mikel Arteta during their time at Manchester City.
Sterling, who cost Chelsea £50 million from City just two years ago, was one of a number of players urged to find a new club.
The 29-year-old gives Arsenal an extra attacking dimension in their bid to become champions for the first time since 2004.
"Looking at everything, I'm just like, 'This is a perfect fit for me', and I'm super-happy that we got it over the line," the BBC quoted Sterling as saying after completing a season-long loan move.
Chelsea's attempts to agree a deal for Napoli striker Victor Osimhen fell through.
Saudi club Al-Ahli had also been interested in the Nigerian but instead signed England international striker Ivan Toney.
Brentford have reportedly received a £40 million fee for Toney.
"We thank him for so many magic moments and wish him all the best for his next chapter. Ivan leaves as a Brentford legend," said Bees manager Thomas Frank.
MAN UTD SIGN UGARTE
United completed a 50 million euro (£42 million) move for Uruguayan international midfielder Manuel Ugarte from Paris Saint-Germain.
"Together we will fight to win trophies and reach the level where this club needs to be," said the 23-year-old.
Ugarte becomes the Red Devils' fifth major signing of the window after Leny Yoro, Matthijs de Ligt, Noussair Mazraoui and Joshua Zirkzee.
But Erik ten Hag said he was sad to see Scott McTominay go after the Scottish international joined Napoli.
Arsenal added goalkeeper Neto as cover for David Raya on a season-long loan from Bournemouth, after letting Aaron Ramsdale leave for Southampton in a £25 million move.
Manchester City refused to delve into the market on deadline day even if Pep Guardiola admitted he is taking a risk in not replacing Argentina striker Julian Alvarez, who departed for Atletico Madrid earlier this month.
"Maybe it is a mistake, I don't know but I don't like leaving players without playing for a long time," said Guardiola on his preference for a smaller squad.
NEWCASTLE FRUSTRATED
Crystal Palace were among the busiest sides on Friday despite rebuffing interest in captain Marc Guehi from Newcastle.
The Eagles signed striker Eddie Nketiah from Arsenal in a deal worth up to £30 million, French defender Maxence Lacroix from Wolfsburg and a loan deal for Chelsea's Trevoh Chalobah.
Wolves bolstered their squad with the signings of Brazilian midfielder Andre from Fluminense for £21 million and England goalkeeper Sam Johnstone.
Nottingham Forest brought in West Ham midfielder James Ward-Prowse on loan and Brazilian defender Morato from Benfica.
Newcastle have the financial backing of the Saudi sovereign wealth fund but have been frustrated in their attempts to quickly challenge at the top of the Premier League by the need to meet financial sustainability rules.
The Magpies were unable to add any major signings during this window.
"I don't think the dream dies, necessarily, but I think it takes a lot longer," said Newcastle manager Eddie Howe on his club's bold ambitions of becoming English champions within a decade of the Saudi takeover in 2021.