Real Madrid and Barcelona are still hopeful of finding the money to make one last massive splash in the transfer market this summer.
But Barça will not be able to afford Neymar unless they sell and Madrid will have to go without Paul Pogba unless they cash-in on their biggest assets.
Sportsmail looks at the players who both clubs are – so far unsuccessfully – trying to move on, and asks where they might go.
Real Madrid
Gareth Bale - £71million
Madrid were under the mistaken impression that Premier League clubs would be queuing up for Bale. They didn't account for the growing reticence among almost all top European clubs for paying huge fees and big wages to 29-year-olds.
There is still some hope that Manchester United will take him as part of a deal involving Paul Pogba, but the word from Bale’s camp remains: it ain’t happening.
James Rodriguez - £36million
The idea of loaning Rodriguez to Bayern Munich for two years and then letting them decide if they wanted to buy him worked to a point. Bayern were fine about loaning him for two years but then they decided they did not want to buy him.
So Madrid are back to square one trying to sell their Colombian star. Rodriguez always had a good relationship with Carlo Ancelotti so the door at Napoli could yet be opened, although the Italians may well prefer a loan to a buy.
Isco - £71million
Linked in Marca with an 80m euros move to Manchester City last week, Isco is a player Real Madrid would happily cash-in on.
The problem with the plan is that no one is likely to pay that sort of money for someone who has stood still for the last two years.
Isco is not Pep Guardiola’s cup of tea and it’s hard to see where else in the Premier League there would be an appetite for his languid occasional genius. Italy could suit him much better and with their new tax laws he might fancy it too but as yet there are no offers.
Barcelona
Philippe Coutinho - £71million
The Brazilian’s agent has said that the player has not been put up for sale by Barcelona.
The club have briefed to the contrary in recent months. They want some sort of return on their record outlay of an initial fee of £107million on him in January 2018.
Again, as with Bale, Rodriguez and Isco there is a huge difference between what the selling club would see as a good price and what buying clubs will pay. Chelsea would have been interested were it not for the Fifa ban.
If he could show his sparkling Liverpool form he could step into Hazard’s shoes. That may yet be an option for next summer.
In the mean time it will be interesting to see if a loan option emerges. If Neymar does not arrive then he will continue to fight for his place at Barcelona. If Neymar arrives it is likely to have been because Coutinho was part of the deal.
Ousmane Dembele - £71million
The French winger has two things that cannot be coached. Two brilliant feet and lightning pace.
What’s missing is a mature and professional attitude and that is currently what is making the likes of Bayern Munich think twice about signing him this summer despite their need a winger.
Samuel Umtiti - £35million
In some respects this sale doesn’t really do much to boost Barcelona’s finances because if they sell Big Sam then will have to buy another defender. It does however make huge sense if they believe they can still get Matthijs De Ligt.
If that deal somehow is resurrected – de Ligt having seemed certain to move to Juventus – then Umtiti might be found a home. He’s a brilliant defender. Concerns about an ongoing knee problem are what’s making the interest somewhat lukewarm.
