| Player | From | Fee | Date | |
|---|---|---|---|---|
 | Matty Cash | Notts. For | £16,000,000 | 03/09/2020 |
| Ollie Watkins | Brentford | £28,000,000 | 09/09/2020 |
 | Emiliano Martinez | Arsenal | £20,000,000 | 16/09/2020 |
 | Bertrand Traore | Lyon | £17,000,000 | 19/09/2020 |
| Ross Barkley | Chelsea | Loan | 30/09/2020 |
 | Morgan Sanson | Marseille | £14,000,000 | 26/01/2021 |
| Player | To | Fee | Date | |
|---|---|---|---|---|
 | Borja Baston | CD Leganes | Released | 01/07/2020 |
 | James Chester | Stoke | Released | 01/07/2020 |
 | Jake Doyle-Hayes | Released | 01/07/2020 | |
| Andre Green | Released | 01/07/2020 | |
| Rushian Hepburn-Murphy | Pafos | Released | 01/07/2020 |
| Callum O'Hare | Coventry | Released | 01/07/2020 |
 | Matija Sarkic | Wolves | Released | 01/07/2020 |
| Jack Clarke | Yeovil | Loan | 24/08/2020 |
| James Bree | Luton | Undisc. | 01/09/2020 |
| Scott Hogan | Birmingham | Undisc. | 16/09/2020 |
 | Indiana Vassilev | Burton Albion | Loan | 17/09/2020 |
 | Mbwana Samatta | Fenerbahce | Loan | 25/09/2020 |
| Jota | Released | 03/09/2020 | |
 | Ørjan Nyland | Released | 05/09/2020 | |
 | Lovre Kalinic | Hadjuk Split | Loan | 18/01/2021 |
| Conor Hourihane | Swansea | Loan | 21/01/2021 |
| Henri Lansbury | Released | 29/01/2021 | |
| Frederic Guilbert | Strasbourg | Loan | 31/01/2021 |