Tottenham Hotspur are now in the mix for Sandro Tonali, the Newcastle United midfielder. With Arsenal and Manchester City also circling, the Italian international’s future is shaping up to be one of the defining transfer sagas of the window.

Newcastle’s asking price is £100 million.

The bidding landscape takes shape

Arsenal and Manchester City have both been linked with Tonali, and Manchester United was reportedly in the conversation before stepping back due to cost concerns.

No formal bids have been confirmed from any club as of mid-June 2026.

Newcastle have no obligation to sell. Tonali’s contract runs through June 2028, with an option to extend beyond that. Newcastle acquired Tonali from AC Milan in July 2023 for a fee reported between €63 million and €70 million.

What this means for investors and the broader market

A player bought for roughly €65 million less than three years ago is now commanding a nine-figure asking price. Selling Tonali at or near the asking price would generate a profit north of €50 million on the original transfer, depending on amortization and add-ons.

Manchester United’s reported withdrawal on cost grounds is telling. Arsenal and Manchester City both have the financial muscle to absorb a deal of this size. Tottenham would need to be more creative, perhaps structuring a deal with installments, performance-based add-ons, or player exchanges to make the numbers work.