Real Madrid's transfer ban means no incoming deals are likely to be announced any time soon, with the club waiting until the summer to restructure their squad—and even those plans are likely on hold as they wait and see how the 2016/17 season unfolds and how successful they end up being.
The exit door is another matter, and the first expected departure has been announced: central defender Pepe, out of contract and off to China, with El Partidazo de COPE (via Marca) reporting that Hebei China Fortuna are set to snare his signature.
Pepe has been alternately the second- or third-choice central defender for Madrid over the last few years, rotating according to form and fitness with Raphael Varane, and his departure will leave a gap to be filled.