Chelsea's spending has dominated the past three transfer windows since the Clearlake ownership group took over the club in May 2022.

That recent expenditure, plus a stuttering season under new manager Mauricio Pochettino, sees Chelsea again being linked with more transfer activity during this January window, including rumours of academy graduates Conor Gallagher, Ian Maatsen and Trevoh Chalobah being sold to raise funds for a new striker.

BBC Sport looks at what might happen at Stamford Bridge during this month's transfer window.

Conor Gallagher's future

According to Opta, Gallagher and Liverpool's Trent Alexander-Arnold are the only two players in Europe's big five leagues to register 20+ shots, 20+ chances created, 20+ dribbles completed, 20+ touches in the opposition box, 20+ duels won, 20+ tackles and 20+ interceptions

It could be argued that Gallagher has been Chelsea's player of the season.

The England midfielder and stand-in Chelsea captain has been a mainstay of Pochettino's side this year and the Chelsea manager has repeatedly praised the 23-year-old, while emphasising he wants to keep him at the club.

Gallagher is into the last 18 months of his contract, something the new ownership group has been trying to avoid with its biggest stars, and he has been attracting interest from rivals Tottenham.

Gallagher's performances have impressed senior members of the club, especially considering the investment that has been made in his position with the £106m signing of Enzo Fernandez and the £115m spent on Moises Caicedo.

However, his current importance to the Chelsea side and the fact he is an academy graduate do not guarantee his future will be at Stamford Bridge.

Conversations between the club and Gallagher's agent are ongoing, but it is understood that if a bid at the right price was to come in, Chelsea would be open to selling.

With the large outlay the club has put into the playing squad and the prospect of any European football looking unlikely - unless Chelsea win the Carabao Cup - selling Gallagher would see them make 'pure profit' on the deal as he came through the club's youth system.

Asked this week whether Chelsea need to offload more players in order to go back into the transfer market, Pochettino said: "It is not like this. It is not necessary to sell if we want to buy some players."

Will Blues bring in a new striker?

Nicolas Jackson has scored seven Premier League goals, but has also missed 12 'Big Chances' in the league, with a conversion rate of 36.8% according to Opta. Darwin Nunez (18), Erling Haaland (17) and Ollie Watkins (13) have missed more

Since Chelsea reshuffled their sporting department, Paul Winstanley and Lawrence Stewart have been running the recruitment of players. The pair have been working with the co-owners on all aspects of the club and have a weekly call with them to discuss ongoing projects including transfers.

There has been a lot of talk about Chelsea's striking options this season because of their struggles in front of goal - they have missed 40 'Big Chances', the second highest in the league behind Liverpool with 41.

Christopher Nkunku was bought in the summer to add to the Blues' goal threat but only just returned to fitness after a lengthy absence with a knee injury picked up in the last game of pre-season before a hip injury kept him out of their FA Cup win over Preston.

That has meant the burden of scoring for Chelsea has fallen on 22-year-old Nicolas Jackson.

Jackson has been criticised for his finishing this season, and while he has missed 12 'Big Chances' according to Opta stats, his seven goals in the Premier League is a solid return for a young player in his first season in a new division. Staff at Chelsea believe he is facing more criticism as the whole team is lacking in goals.

The club will be looking to bring in a forward in the next two transfer windows but it is unlikely they will be spending the huge money needed to land Brentford's Ivan Toney or Victor Osimhen from Napoli. Toney is returning from an eight-month ban and has said he wants to "repay" Brentford for standing by him during that time.

Chelsea also have Armando Broja alongside Jackson and Nkunku as options and while Jackson is at the Africa Cup of Nations with Senegal this month, Broja and Nkunku are going to be given a lot more game time.

On the striker search, Pochettino said it was not urgent. "We are looking like other teams for options or opportunities, but I am so happy because we have Broja," he said.

"We have different players who can play in the striker position and we need our second-line offensive players to help the team score goals and win games."

Selling more academy players for FFP?

Chelsea's academy is renowned for producing players like Ian Maatsen who reach the first team, with many sold for profit

Because of the heavy investment in the playing squad and European football looking unlikely at this stage, Chelsea's ability to comply with the Premier League's spending rules - Financial Fair Play (FFP) - may come under scrutiny.

One way the club has been able to continue to invest in the playing staff is by selling academy products such as Lewis Hall, Ruben Loftus-Cheek and Mason Mount who all generated significant profit.

As well as Gallagher's potential sale, Chelsea have allowed 21-year-old graduate Maatsen to join Borussia Dortmund on loan until the end of the season - but any permanent deal would only be in the summer.

Maatsen was the subject of an accepted bid from Burnley of £31.5m in August, but turned down the move.

Chelsea see success as both getting academy players into the first team as well as continuing their careers elsewhere.

Pochettino under pressure?

Pochettino said this week on his conversations with the owners: "They are really good. We keep a good relationship and yes, I think everything is very well."

Pochettino has found it difficult at times during his first season as Chelsea manager. A squad made up of young, highly talented players and a lengthy injury list has made his job challenging.

The Blues hierarchy have planned for European football next season and while it looks unlikely as they are 12 points from the Champions League places and eight away from the Europa League qualification spot, there is understanding within the club that Pochettino has not been able to use the full squad during his tenure.

Chelsea are also in the semi-finals of the EFL Cup and winning that competition does provide a route, albeit into the Conference League, into European competition.

A failure to secure European football would not spell the end of Pochettino - the club has seen progress on and off the pitch, and apart from two poor performances against Newcastle and Manchester United, they feel they have been in with a chance of getting something from most games this season.

Chelsea are on a three-match winning streak heading into Tuesday's semi-final against Middlesbrough, and Pochettino will be hoping this is the start of a run of form that can change their season.