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Senior / Reserve Arrivals & Departures
In:
| Tommy Wright | Keeper | from Manchester City | Loan |
| John Karelse | Keeper | from NAC Breda | £750,000 |
| Kieron Dyer | Midfielder | from Ipswich Town | £6,000,000 |
| Marc Zeigler | Keeper | from VfB Stuttgart | Trial |
| Miguel Aguilar | Midfielder | from San Pedro | Trial |
| Juan Carlos Martin | Keeper | from San Pedro | Trial |
| Franck Dumas | Defender | from AS Monaco | £500,000 |
| Elena Marcelino | Defender | from Real Mallorca | £5,800,000 |
| Alain Goma | Defender | from Paris St.Germain | £4,700,000 |
| Silvio Maric | Midfielder | from Croatia Zagreb | £3,650,000 |
| Louis Saha | Forward | from Metz | Loan |
| Didier Domi | Defender | from Paris St. Germain | £4,000,000 |
| Duncan Ferguson | Forward | from Everton | £8,000,000 |
Out:
| Didi Hamann | Midfielder | to Liverpool | £8,000,000 |
| Juan Carlos Martin | Keeper | to San Pedro | Trial Ended |
| Miguel Aguilar | Midfielder | to San Pedro | Trial Ended |
| Marc Zeigler | Keeper | to VfB Stuttgart | Trial Ended |
| Andreas Andersson | Striker | to AIK Stockholm | £2,000,000 |
| Phillipe Albert | Defender | to Charleroi | £600,000 |
| Stuart Pearce | Defender | to West Ham | Free |
| George Georgiadis | who knows | to PAOK Salonika | £300,000 |
| Paul Dalglish | Striker | to Norwich | £300,000 with extra £200,000 after 50 apps. |
| Ralf Keidel | Midfielder | to MSV Duisburg | Free |
| Paul Dalglish | Striker | to Norwich | Loan |
| Des Hamilton | Midfielder | to Huddersfield | Loan |
| Stuart Elliott | Defender | to Wrexham | Loan |
| Carl Serrant | Defender | to Bury | Loan |
| Philippe Albert | Defender | to Fulham | Loan |
| John Barnes | Midfielder | to Charlton | Free |
| Alessandro Pistone | Defender | to Venezia | Loan |
| Keith Gillespie | Midfielder | to Blackburn | £2,350,000 |
| David Batty | Midfielder | to Leeds | £4,400,000 |
| Bjarni Gudjonsson | Striker | to Racing Genk | £125,000 |
| Steve Watson | Utility | to Aston Villa | £4,000,000 |
| Stephane Guivarc'h | Striker | to Rangers | £3,500,000 |