Teams fighting for Premier League survival, battling it out at the top or trying to get into Europe could all be tempted into the market.
Here, club experts from the Planet Sport news agency look at the options available and the likelihood of any other business before the deadline passes.
The table-topping Gunners may look to add a defensive midfielder to their ranks due to growing concerns over a knee injury suffered by Mohamed Elneny in training recently.
Bids have been lodged for Brighton's Moises Caicedo but it will take a big push to land one of their top targets in time.
Having already signed Leandro Trossard and Jakub Kiwior for combined initial fees of £38.5million, Mikel Arteta is unlikely to dip back into the market for anything other than a midfielder unless an interesting proposition arises. (Mark Mann-Bryans)
Aston Villa could make a move for Hakim Ziyech after the Moroccan's fine run of form since the World Cup has made him an appealing option for Unai Emery.
It is thought Chelsea are keen to sell after strengthening heavily in January but the winger's six-figure wages could be problematic for any deal to be made in the remaining days.
Having sold attacking players in the window it could open the door for Villa to make a move for Luis Henrique from Real Betis, although he would command a huge fee. (Reuben Rosso-Powell)
Cherries boss Gary O'Neil went on the record to say he expects further incomings following the arrival of Burkina Faso forward Dango Ouattara from French club Lorient.
Goalkeeper Darren Randolph and forward Antoine Semenyo have since arrived and Uruguay left-back Matias Vina is expected to join from Roma.
Bill Foley's recent takeover has given Bournemouth greater clout in the transfer market and, with the club having slipped into the relegation zone for the first time this season, it could be a busy couple of days in Dorset, with additions arguably required in all areas. (Ed Elliot)
Brentford have no need for a last-minute splurge but want cover at right-back.
Tottenham's Djed Spence has been linked with a move to west London.
The Bees may want to cash in on goalkeeper David Raya who is on the radar of Manchester United and Chelsea. (Andy Sims)
Albion are reportedly keen on recruiting Ukraine defender Mykola Matviyenko, who head coach Roberto De Zerbi managed at Shahktar Donetsk, and teenage Sweden midfielder Yasin Ayari from AIK.
Having already lost joint top scorer Leandro Trossard this month, the high-flying Seagulls hope to fend off interest in star midfielder Caicedo - given time away from the club after declaring his interest in pursuing a "magnificent opportunity" elsewhere - and Alexis Mac Allister for the time being.
Danny Welbeck's return to fitness, the emergence of Evan Ferguson and the fine form of Kaoru Mitoma and Solly March have eased the club's immediate need for attacking reinforcements. (Ed Elliot)
It's no secret that Chelsea are still in need of a target striker to lend bite to their expensively assembled creative cavalry, while central midfield also remains a priority with Jorginho likely departing in the summer and N'Golo Kante no closer to a return.
Wantaway Brighton star Caicedo is the club's top target approaching deadline day, despite Brighton having reportedly turned down a £55m bid and Arsenal also keen. PA understands the club have no intention of selling the Ecuadorian before Tuesday, despite his desire to leave, but Chelsea's interest remains.
Beyond that, Lyon full-back Malo Gusto has arrived but will stay in Ligue 1 for the rest of the season and Everton's Anthony Gordon looks set to choose Newcastle over Stamford Bridge, but Chelsea have been endlessly surprising during this window and anything could happen in the coming days. (Robert O'Connor)
Crystal Palace could strengthen their midfield options with a move for Stuttgart's Naouirou Ahamada.
The France youth international has stood out of late and could give Eagles boss Patrick Vieira another option in the engine room of his side.
Forward Jean-Philippe Mateta could depart Selhurst Park with Galatasaray reportedly interested. (Mark Mann-Bryans)
An absolute must for Everton is a goalscorer to provide some support to an out-of-form Dominic Calvert-Lewin who still appears to be struggling with his fitness.
The embarrassment of having Villarreal winger Arnaut Danjuma snatched from under their noses by Spurs last week leaves them, for the second successive year, shopping in the final days of the sales with not a lot of money to spend due to continuing Financial Fair Play restrictions.
If Gordon's wish to leave is fulfilled then another attacking player may be required, while midfield could do with some energy injecting into it but with so little time left it is unlikely all bases will be covered. (Carl Markham)
Fulham have exceeded all expectations this season and will finish the January transfer window above both Liverpool and Chelsea, but manager Marco Silva wants to further strengthen his side.
Having been largely fortunate with injuries recently, Fulham have been linked with the likes of Arsenal's Cedric Soares and Torino midfielder Sasa Lukic.
They are yet to make any additions in January but have offloaded Anthony Knockaert to Huddersfield, while Nathaniel Chalobah could also leave Craven Cottage on loan. (Sonia Twigg)
Leeds have reportedly agreed personal terms with United States midfielder Weston McKennie, who could link up with countrymen Tyler Adams and Brenden Aaronson at Elland Road.
Another midfielder, Ligue 1 side Angers' Morocco World Cup star Azzedine Ounahi, had earlier been targeted by the Whites, who have also been linked with Fiorentina's £17m-rated Brazilian centre-half Igor Julio.
Leeds broke their club record transfer fee to sign striker Georginio Rutter from Hoffenheim for a fee which could rise to £36m earlier in the transfer window and defender Max Wober arrived from Salzburg for an amount in the region of £10m. (Mark Walker)
Foxes boss Brendan Rodgers will be keen to add strength and quality to his squad before the window shuts following a poor first half of the season.
They are among a number of clubs interested in loaning full-back Spence from Spurs, while Leeds midfielder Jack Harrison has also been linked.
A move for Fiorentina striker Nico Gonzalez seems more and more unlikely as Leicester aim to operate within their means. (Mark Mann-Bryans)
Liverpool have looked like they needed reinforcements in midfield all season and even with everyone fit it is still an area which requires attention.
However, having already spent £38m on forward Cody Gakpo this month it is unlikely there will be any further moves in the current window unless the availability of a previously identified target unexpectedly materialises.
Borussia Dortmund's Jude Bellingham and Wolves' Matheus Nunes remain high priorities but those are deals to be attempted in the summer. (Carl Markham)
Manchester City are not expected to dip into the transfer market, with manager Pep Guardiola having said he intends to press on with the squad he has.
The champions have done one deal this month with the £8m signing of midfielder Maximo Perrone from Velez Sarsfield but he is considered a player for the future and is not likely to feature this season.
There has been speculation about possible departures, with Bernardo Silva and Ilkay Gundogan linked with other clubs, but no major outgoings are anticipated in this transfer window. (Andy Hampson)
Nobody came into January predicting the loan signings of Jack Butland and Wout Weghorst, but here we are.
The latter has already made an impact and helped fill the void created by Cristiano Ronaldo's acrimonious exit, although United still look light up top.
Further incomings are not anticipated before the deadline at a club that the Glazers are looking at selling, but it is possible that youngsters and peripheral players head out. (Simon Peach)
Gordon's potential move from Everton would bolster the attacking options available to Eddie Howe.
The Magpies are pushing for Champions League qualification with a top-four finish but are light in midfield with Jonjo Shelvey once again out injured.
Chris Wood joined Nottingham Forest on loan for the remainder of the season and other fringe players could yet depart. (Damian Spellman)
It seems impossible to think given they have already made 24 signings this season, including three in the January window, but Nottingham Forest remain in the market for more recruits.
They could target a centre-half to try and cure long-standing defensive issues while another attacker could be brought in if the right man becomes available.
There could also be exits, with plenty of those 24 arrivals not getting much game time in recent weeks. (Jonathan Veal)
Saints have been active in January after a busy summer, but one key thing has been missing from both transfer windows: the acquisition of a striker.
The Premier League's bottom side have been let down by their lack of cutting edge this season and relegation looms unless they finally add a goalscorer.
James Bree joined from Luton well before the deadline but he is a defender, not a frontman. Did I mention that Saints need a striker? (Simon Peach)
Tottenham will hope to complete the signing of Sporting Lisbon full-back Pedro Porro before Tuesday's deadline.
Spurs are long-term admirers of the Spanish defender and after several talks throughout the January transfer window, an agreement with the Portuguese club on the payment structure of a deal set to be worth £45m euros is close.
Porro's arrival will mean Antonio Conte has four right wing-backs at the club and Spence is expected to leave on loan with several Premier League clubs interested in the 22-year-old. (George Sessions)
West Ham will dip into the loan market for a centre-half after Craig Dawson's departure and an injury to Kurt Zouma.
Michael Keane is a target but Everton will not want to strengthen a relegation rival.
A striker could also be on the cards after new signing Danny Ings was injured on his debut. (Andy Sims)
Wolves are on the brink of signing midfielder Joao Gomes from Flamengo amid rumours of Nunes' potential departure from Molineux in the near future.
Ki-Jana Hoever has gone on loan to Stoke after the centre-back's spell at PSV Eindhoven was terminated prematurely - he made just five appearances in the Eredivisie.
Having scored just 12 goals in the Premier League, head coach Julen Lopetegui may look to improve creative numbers with a new right-back - West Brom's Ethan Ingram and Brighton's Tariq Lamptey are options. (Reuben Rosso-Powell)