Manchester United’s summer transfer activity is proving more complicated than expected. Despite setting their sights on signing two or even three new midfielders, the Red Devils have yet to finalise a single major deal.

Alarmingly, their list of available targets is shrinking. Two of their main priorities, Elliot Anderson and Mateus Fernandes, have already chosen other Premier League clubs, leaving United struggling to catch up.

Although Ederson and Andrey Santos are still on their radar, the club has not yet completed the formalities on either deal.

With speculation emerging that one of these moves could collapse, the question remains: where exactly do United stand in the transfer market, and what affordable options are left?

England international Elliot Anderson had been United’s top target as they aimed to strengthen a midfield weakened by Casemiro’s exit. However, the 23-year-old talent was also attracting interest from nearly every top club searching for a dynamic midfielder.

Given United’s limited funds and the number of areas in need of reinforcement, the management was never likely to spend their entire budget on one player.

Ultimately, Manchester City swept in and broke records, paying Nottingham Forest a staggering British-record fee of $155.5 million—surpassing the $154 million Real Madrid spent on Jude Bellingham—to secure Anderson’s signature on a reported $400,000-per-week contract.

While missing out on Anderson was somewhat anticipated, losing Mateus Fernandes was a genuine surprise. United made a determined attempt to lure the 21-year-old Portuguese international from West Ham, but he opted for Tottenham Hotspur instead. Yes, he turned down Old Trafford for Spurs.

Perhaps Fernandes, who experienced relegation with both Southampton and West Ham, felt more comfortable joining a club that has flirted with the lower half of the table in recent years. Jokes aside, his decision raised serious questions. Why would a player reject Champions League football for a team at risk of a relegation scrap?

The most straightforward explanation is money. Spurs broke their own transfer record with a $114 million fee and offered Fernandes a reported $234,500-per-week salary. Manchester United refused to match those numbers.

Paying such a high amount for a player from a relegated side looked excessive, and offering such wages to an unproven youngster was even riskier.

By rejecting those terms, United avoided repeating the mistakes of the past when they overpaid players and struggled to move them on—an issue that still persists with Marcus Rashford’s contract.

One might also argue that a player prioritising a Spurs payday over Champions League prestige at Old Trafford and the chance to fight for titles may not have the mentality that manager Michael Carrick is looking for.

Still, at some point, United must act decisively and complete signings. Enter Ederson from Atalanta, the Brazilian midfielder who could become one of the club’s first major arrivals this summer.

United swiftly reached an agreement on personal terms and a $45.5 million transfer fee plus add-ons, hoping for a quick completion. However, Ederson’s late inclusion in Brazil’s World Cup squad in North America delayed the process.

The club insists on conducting a full medical at Old Trafford before finalising the paperwork, which has created the current holdup. Nonetheless, Ederson is still expected to complete his move soon.

While Ederson’s arrival would be significant, it is not the blockbuster signing fans are dreaming of.

United have also agreed to a $67 million deal for Chelsea’s Andrey Santos, pending a medical examination.

Still, supporters remain underwhelmed, with many hoping for marquee names like Real Madrid’s French star Aurélien Tchouaméni, who has been linked all summer.

At 22, Santos isn’t among the biggest names at Stamford Bridge.

However, the talented Brazilian promises to inject much-needed energy into United’s midfield. Importantly, he already understands the Premier League—a factor that benefited United with last year’s signings of Matheus Cunha and Bryan Mbeumo.

It appears that United are shifting focus towards signing emerging talents rather than established superstars—a lesson learned from past disappointments like Alexis Sanchez, Angel Di Maria, and Bastian Schweinsteiger.

Instead of waiting for clubs such as Brighton to develop players like Moisés Caicedo or Carlos Baleba and then demanding $134 million, United’s hierarchy now hopes to identify that talent before prices skyrocket.

Had Andrey Santos joined another club and thrived, his value might have doubled almost instantly, forcing United to pay a premium later.

It remains a risky strategy, nonetheless.

After finishing third last season, questions remain about whether Santos and Ederson can elevate the team to the next level. Fans will be hoping that at least one marquee arrival still materialises before the transfer window closes.