Harry Redknapp worked with Portsmouth for long enough to know that his former employers are probably not in a financial position to hold him to ransom. The Tottenham Hotspur manager has said that the return of Jermain Defoe is a distinct possibility if Portsmouth, who have to sell players this month, stop playing hard ball. He had a similar message for West Ham United, whose owners are feeling the effects of the credit crunch, in his pursuit of Craig Bellamy, and Middlesbrough, who are determined to keep Stewart Downing.

Tottenham’s position on Defoe is strengthened by being owed more than £8 million by Portsmouth for two transfers over the past year — about £5 million from the forward’s move to Fratton Park for £9 million a year ago and at least £3 million pounds from the sale of Younès Kaboul in the summer. The club could write off the debt and probably avoid paying an instalment on Defoe for at least a year. “If we could agree a fee with Portsmouth, he is a good player,” Redknapp said. “But if Portsmouth say he is not for sale, that is the end of the story.”

Redknapp has also had a £6 million offer turned down for Bellamy, the Wales forward valued by West Ham at around £11 million, but he believed that he had captured Downing after matching the £15 million asking price. Middlesbrough, however, appear to be persuading Downing to stay.

“The prices we’ve been quoted are too much and I wouldn’t put my name to the chairman paying too much money,” Redknapp said. “I know what they are worth and I wouldn’t pay any more. It’s crazy, teams thinking you’re spending money so they’ll rip you off. That is not going to happen. I don’t think there will be too much business done this month.”

Redknapp has made Giovani dos Santos available for transfer, six months after the Mexico playmaker moved from Barcelona for an initial £4.7 million with the potential to rise to £8.6 million, depending on appearances. The deal also includes a sell-on clause of 20 per cent within the first two years, and 10 per cent thereafter. Dos Santos has attracted interest from teams in his native country.

Dead certs

West Bromwich Albion have signed Jay Simpson on loan from Arsenal until the end of the season. The striker, 20, could play against Peterborough United on Saturday. However, West Brom have had a £1.9 million offer for Péguy Luyindula turned down by Paris Saint-Germain, who appear unwilling to reduce their £4.7 million valuation of the 29-year-old France forward.

Long shots

Michael Owen’s assertion that he will see out the remainder of his contract at Newcastle United before deciding on his future in the summer could be tested by José Mourinho, the Inter Milan coach. Reports in Italy suggest that Inter will offer David Suazo, the 29-year-old Honduras forward who is on loan at Benfica and is rated at £6 million, in part-exchange for the England forward. Newcastle have offered Owen a new three-year contract, on reduced terms from his present £115,000-a-week deal.

Julien Faubert is among the players being considered by Lyons should Fred, the Brazil forward, request to leave the French league leaders. The West Ham winger is available 18 months after he was signed for £6.1 million from Bordeaux.

Newcastle are monitoring Mamadou Sakho, the Paris Saint-Germain defender. The 18-year-old has led the France Under-17 side and became the youngest captain of the French side against Valenciennes 14 months ago.

Liverpool are willing to listen to offers for Andrea Dossena, the left back who joined from Udinese for £7 milion in the summer. He has made ten league appearances.

Alkmaar are weighing up a move for André Ooijer, the Blackburn Rovers defender, but are concerned that his arrival may upset the balance of their squad, who are top of the Dutch League.

Jermaine Pennant, the Liverpool winger, is likely to hold out for a move to Spain — despite the collapse of a prospective transfer to Real Madrid — rather than join another Barclays Premier League club this month. Wigan Athletic and Hull City are interested in signing the former Arsenal and Birmingham City player, but if he fails to secure a move to a Spanish club during this transfer window, the 25-year-old is expected to see out the remainder of his contract at Anfield and leave as a free agent at the end of the season.