Liverpool chief Richard Hughes holds all the trump cards in stunning January transfer battle

Liverpool sporting director Richard Hughes will have to embark on an overhaul of Arne Slot's squad sooner or later with some stars aging and others nearing the end of their contracts.

One talent high on the Reds' wishlist is Real Sociedad midfielder Martin Zubimendi, who has a hefty £50m release clause. And their interest in the Spaniard is well known, having almost signed him before the start of this season.

Zubimendi is said to have opted to stay at his boyhood club on the condition that the door remains ajar for a future move. Liverpool, Manchester City and Real Madrid are the trio most regularly cited as being strongly interested in the 25-year-old.

While a tussle with Los Blancos and Pep Guardiola's City is never an ideal position, Liverpool should feel good about their chances of landing Zubimendi taking the bigger picture into account.

For one thing, they already almost signed him. It was only a few months ago that Hughes and his colleagues put considerable effort into reaching an effective agreement. And Zubimendi's decision was reportedly made more out of respect for Sociedad, who had just lost two other key players, than out of disgust for Liverpool.

On top of that, AS reported that Zubimendi would prefer to move to the Premier League rather than join a rival La Liga team.

The player's preference gives Liverpool and City a natural advantage over Spanish giants Real Madrid, who view Zubimendi as the natural heir to recently retired midfielder Toni Kroos.

This still leaves the two Premier League duos battling it out. But Liverpool are once again expected to fancy their prospects, with the Telegraph reporting that Zubimendi has reservations about a move to the Etihad Stadium due to the possibility it could force him to play as Rodri's replacement.

The Ballon d'Or winner is out for the season but he could block Zubimendi's path to regular football upon his return, given they occupy a similar midfield position.

Getting into Slot's team at Liverpool would be no easy feat either, although with two deep midfield spots to fill, and neither Ryan Gravenberch nor Alexis Mac Allister reaching the heights of Rodri at this stage of their career, Zubimendi's chances of getting in would be higher in the long run.

And that’s without mentioning Liverpool’s current league position. Slot's men are absolutely flying with a comfortable buffer at the top of the table, while City struggle to stay within touching distance of the top four.

If Zubimendi is to leave Sociedad this winter, perhaps now is the time for the Reds to go all-in.