It has traditionally been a time to fill us full of bullshit, and I remember the 1970s when we were promised just about everyone from George Best to Pele.In the 1980's we were even told KEVIN KEEGAN would come ... but we were used to the hype and the bollox by then ... and guess what ... Kevin Keegan DID come!
Going out ... Emre has joined Fenerbahçe, and Damien Duff is strongly tipped to be the next to follow. Charlie N'Zogbia is trying to find someone who wants him and James Milner is linked with half the Premiership.
But the market remains sluggish as clubs wait until after Euro 2008 to start their recruitment drives.
Keegan is currently on holiday and is not expected to return for another fortnight.
So with Chris Mort set to leave the ship and starting to clear out his desk, and Mike Ashley still standing by his vow of silence ... don't expect much to happen in the next two weeks.
But I'm sure the tabloids will produce another 50 or 60 names out of the Rothman Year book to link as "Newcastle targets" ... so don't think for a second things will be quiet.