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| IN | ||
| Name | From | Fee |
| Scott Parker | Chelsea | £6,500,000 |
| Emre Belozoglu | Inter | £3,800,000 |
| Tim Krul | ADO Den Haag | Free |
| Craig Moore | Unattached | Free |
| Lee Clark | Unattached | Free |
| Albert Luque | Deportivo la Coruna | £9,500,000 |
| Michael Owen | Real Madrid | £17,000,000 |
| Nolberto Solano | Aston Villa | £1,500,000 |
| OUT | ||
| Name | To | Fee |
| Patrick Kluivert | Released | Free |
| Aaron Hughes | Aston Villa | £1,500,000 |
| Andy O’Brien | Portsmouth | £2,000,000 |
| Laurent Robert | Portsmouth | Loan |
| Jamie McClen | Released | Free |
| Stephen Brennan | Released | Free |
| Craig Bellamy | Blackburn | £5,000,000 |
| Darren Ambrose | Charlton | Undisc |
| Nicky Butt | Birmingham | Loan |
| Hugo Viana | Valencia | Loan |
| James Milner | Aston Villa | Loan |
| Laurent Robert | Benfica | Free |