It could be worse. The last time Manchester City found themselves outside the top four in the new year was just four years ago, when they were completely down in eighth place, with Liverpool high at the top, and still came back to win the title by 12 points. .
Of course, the gap to Liverpool then was just seven points, where it is now 14. And City were not as lost as they seem this season, even after breaking their winless streak with a 2-0 win at Leicester on Sunday.
Very few would bet on them turning things around to claim a fifth consecutive league title, but if anyone was going to do it…
What does the city need?
City were due to revamp their squad in the coming windows but the need to do so has accelerated after the form of the last two months.
Pep Guardiola hinted in recent weeks that any new face would have a short-term benefit for a currently ailing team, but has since stressed that potential signings must be made with a view to success over several years and not just in the future. . right now.
Manchester City currently sit 14 points off the top of the Premier League heading into January.
Here, Mail Sport's Jack Gaughan looks back at the champions' January transfer briefing
It is obvious that City need new blood in central midfield and, given the carousel of injuries in the defensive line, some defensive reinforcement. The responsibility on Erling Haaland is greater than ever and they are also looking for a striker. There is also talk within the industry about the search for a goalkeeper.
Do they have money to spend?
The short answer is yes. City's latest annual report, published earlier this month, revealed a £73.8m profit on last year, and that doesn't include the initial £64m fee received from Atletico Madrid for Julián Álvarez in August.
City's net spend on transfers over the past five years is significantly less than their rivals and, with a rebuild already on the cards, there is money set aside for business.
Figures within the game are eagerly waiting to see how much is spent in the context of a hearing with the Premier League over alleged financial breaches and believe it will offer some indication of City's confidence regarding the case, something the club themselves would understandably deny.
City will have money to spend after the impressive sale of Julián Álvarez to Atlético de Madrid
What players are you interested in?
January is not a market where the city usually buys, with Aymeric Laporte being the last big winter addition in 2018. And the reason is that it is a complicated window from a value point of view.
That said, they know there is work to be done. Versatile midfielder Joshua Kimmich, who ended his contract with Bayern Munich this summer, has always dreamed of moving to the Premier League. Mail Sport have reported that Atalanta's Brazilian Ederson is being watched by City. Adam Wharton at Crystal Palace has admirers.
Although there has also been talk of Martín Zubimendi and Bruno Guimaraes, last week City decided to rule out their possible arrivals in January. City also rejected the idea of a deal for Atletico Madrid's Pablo Barrios, although they are believed to have previously discussed the possibility of signing the Spanish international.
There is a buy-back clause in Liam Delap's contract at Ipswich Town, and Lille striker Jonathan David is also linked with having scored 19 goals in 28 appearances for club and country this season. Omar Marmoush, 25, at Eintracht Frankfurt is possibly one to watch closely after the Egyptian has scored 18 goals in 24 appearances for the Bundesliga side so far.
Wharton's Palace team-mate Marc Guehi is highly regarded at centre-half but is likely to be out of reach for any Premier League club in January.
Claudio Echeverri will join Guardiola's squad at the beginning of the month after sealing his signing from River Plate. He is seen as a talent that needs to be trained rather than immediately impacting the team.
Real Sociedad's Martín Zubimendi is a name that has been linked to City in recent months
Crystal Palace defender Marc Guehi could offer a solution to City's defensive problems of late
Who could leave?
Guardiola has officially said that he does not expect anyone to leave next month. City's squad is lean by design and any flaws in it are exacerbated by the endless injury list.
However, Tottenham and Newcastle United are believed to be monitoring the Jack Grealish situation, while Ederson had a big offer from Saudi Arabia on the table last summer that has not completely disappeared.
Kyle Walker is believed to be evaluating his options going forward, as is Matheus Nunes. Academy graduate James McAtee may think his future is better served elsewhere after the lack of games, but any departure would have to depend on arrivals.
Tottenham and Newcastle are closely monitoring Jack Grealish's situation ahead of January
Any unexpected movements to watch out for?
Teenage midfielder Juma Bah, currently on loan at Real Valladolid from Sierra Leone's AIK Freetong, is a left field name.
He is 6ft 4in and has impressed in La Liga. He would be seen in a similar vein to Echeverri.