January Transfers - Premier League clubs just looking, not buying?

With the January transfer window now open the usual frenzied media hype about who will go where is now in full flow.

But as yet the two Manchester clubs are the only ones to put their hands into their pockets, with England international full-back Wayne Bridge joining City from Chelsea and United signing Serbians Zoran Tosic and Adam Ljajic from Partizan Belgrade.

As when Roman Abramovich took over at Chelsea the Abu Dhabi United Group's purchase of Manchester City will see an extra few million pounds put on the price tag of any potential transfer target, which has a knock on affect for the rest of the teams in the league.

We have already heard this week from Aston Villa manager Martin O'Neill and the Arsenal boss Arsene Wenger that they are both unwilling to pay what they consider over-inflated prices for players. However, it seems only natural to me that the clubs that are forced to sell in order to strengthen their own squads will try and get the best possible price for any departing players.

So at present we have somewhat of a stalemate, with plenty of speculation and rumour but little in the way of business. Has the Premier League bubble burst? It may be a little premature to say that but perhaps the money-men involved are feeling the pinch like the rest of the global markets.