But watch out for Roberto Mancini at Manchester City this coming month.

Mancini is not shackled by the same financial constraints as Wenger and Ferguson.

They know January is a dreadful time to buy, a lottery often categorised by a mad scramble with players changing hands at the last minute for inflated prices.

With the top players cup-tied by the European competitions it is a struggle to find value.

But Mancini has the backing of the richest club in the world and he goes into January level on points with neighbours Manchester United at the top of the Premier League. City are authentic title contenders for the first time in more than a quarter of a century.

It is time to seize the day. That is why the big moves over the next month could be made by Mancini with Edin Dzeko, Wolfsburg's Bosnian striker, top of their shopping list.

For too long City have been reliant on the goals of Carlos Tevez. They need additional fire power. The window also gives Mancini an opportunity to rid himself of baggage which threatens harmony at a club with a huge squad of internationals.

Emmanuel Adebayor and Roque Santa Cruz are likely to depart, probably on loan as City will struggle to find a club prepared to pay the going rate for such strikers in January.

Managed shrewdly, such moves could be the difference between making history and falling just short.

For Liverpool's Roy Hodgson the stakes are even higher.

Hodgson has lost a section of the Anfield crowd. His only hope of survival on Merseyside is to convince Liverpool's new owners to back him in the transfer market.

Liverpool are desperate for creativity in midfield - the sort which someone such as Stephen Ireland, who appears disaffected at Aston Villa, could provide.

Hodgson needs a central defender and a striker, too - one who can provide goals in the increasing absences of Fernando Torres.

How about Villa's Ashley Young, another not enamoured by the short reign of Gerard Houllier at Villa Park? How about an emotional return to Anfield for Michael Owen, whose time at Manchester United has been spent partly on the treatment table, partly on the bench, but rarely on the field?

There are more intriguing possibilities.

Chelsea manager Carlo Ancelotti is struggling with a stretched squad. His side are desperate for an injection of striking flair and defensive solidity. Wouldn't backing him in January, by forking out for Benfica defender David Luiz, be a signal from owner Roman Abramovich that his interest is still as fervent as ever? Wouldn't failing to back him make Ancelotti's departure imminent?

Expect Tottenham manager Harry Redknapp to come up with something intuitive, although it would be going some to beat the inspirational late transfer of Rafael van der Vaart from Real Madrid in the summer.

Yet January arguably is more crucial for the clubs at the bottom.

West Ham manager Avram Grant has already confirmed he will pursue reinforcements with Villa midfielder Steve Sidwell an almost certain capture and Everton striker Yakubu and Tottenham's Robbie Keane also possible arrivals at Upton Park.

In a league which has never been tighter the temptation to gamble in January has never been greater.

Ring out the old, ring in the new. If Mancini, in particular, gets that right then Manchester City would have the look of champions.