The January window continues to generate noise around Old Trafford, with Manchester United once again finding themselves linked to movement both in and out of the squad.
Recruitment decisions are being scrutinised more closely than ever as the club balances short-term results with longer-term squad building.
United’s midfield remains a major talking point, especially given the physical demands being placed on the engine room.
Clubs across Europe are monitoring situations closely, hoping uncertainty or transition can open a door.
For now, however, those doors appear firmly closed.
Manchester United have moved quickly to cool speculation surrounding Manuel Ugarte after Ajax made an initial inquiry about the Uruguayan midfielder.
The Dutch giants are understood to be in the market for a new No 6 and have identified Ugarte as one of several options as they plan ahead for the next phase of their rebuild.
Ajax’s interest, at this stage, has been limited to exploratory discussions rather than anything concrete, with the Eredivisie side sounding out the possibility of a loan deal.
United, however, have already declined that proposal, making it clear that Ugarte is not available under the terms being discussed, as reported by The Athletic.
From a Manchester United perspective, the stance is unsurprising, particularly given the role Manuel Ugarte has played since arriving and the lack of appetite to weaken the squad mid-season.
The 24-year-old has been viewed internally as an important piece in United’s midfield structure.
With United still fighting for European football, there is little desire to entertain short-term exits unless a deal clearly benefits the club both financially and strategically.
Galatasaray were reportedly also looking to take Ugarte on a loan deal this month.
Ajax’s own situation has also complicated matters, with long-term planning delayed due to changes behind the scenes.
Jordi Cruyff only officially begins his role as sporting director on February 1, meaning decisive moves in the market are unlikely before then.
As a result, Ajax are said to be cautious about committing to permanent deals this month, preferring temporary solutions while their new leadership settles in.
That context explains why a loan was explored rather than a full transfer, but it also makes a breakthrough increasingly improbable.
From United’s side, there is a belief that Ugarte still has plenty to offer and that continuity in midfield is crucial during a demanding stretch of the season.
For now, the message is clear: United are listening, but they are not selling.
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