Players in
| Player | From | Fee | Date |
| Remi Garde | Strasbourg | Free | 14-08-1996 |
| Patrick Vieira | Milan | £ 3500000 | 14-08-1996 |
| Nicolas Anelka | Paris St-G. | £ 500000 | 22-02-1997 |
| Matthew Upson | Luton | £ 2000000 | 10-05-1997 |
| Alex Manninger | Graz AK | £ 500000 | 03-06-1997 |
| Emmanuel Petit | Monaco | £ 2500000 | 04-06-1997 |
| Gilles Grimandi | Monaco | £ 2500000 | 04-06-1997 |
| Luis Boa Morte | Sporting Lisbon | £ 1750000 | 14-06-1997 |
| Alberto Mendez | FC Feucht | Unknown | 17-06-1997 |
| Marc Overmars | Ajax | £ 7000000 | 17-06-1997 |
| Lee Canoville | Millwall | Signed | 09-07-1997 |
| Total: £ 20250000 | |||
Players out | |||
| Player | To | Fee | Date |
| Richard Goddard | Brentford | Free | 01-08-1996 |
| Ben Smith | Reading | Signed | 01-08-1996 |
| Kevin Dennis | Brentford | Free | 01-08-1996 |
| Roy O'Brien | Wigan | Signed | 12-08-1996 |
| Paul Dickov | Man City | £ 1000000 | 23-08-1996 |
| Eddie McGoldrick | Man City | £ 300000 | 25-10-1996 |
| David Hillier | Portsmouth | £ 250000 | 04-11-1996 |
| Paul Read | Wycombe | £ 35000 | 17-01-1997 |
| Andy Linighan | C Palace | £ 110000 | 22-01-1997 |
| John Hartson | West Ham | £ 3300000 | 14-02-1997 |
| Matthew Rose | QPR | £ 500000 | 20-05-1997 |
| Paul Merson | Middlesbro | £ 4500000 | 07-07-1997 |
| Lee Harper | QPR | £ 125000 | 09-07-1997 |
| Total: £ 10120000 | |||
Loans (players in) | |||
| Player | From | Start | End |
Loans (players out) | |||
| Player | To | Start | End |
| Eddie McGoldrick | Man City | 20-09-1996 | 19-10-1996 |
| Glenn Helder | Benfica | 28-11-1996 | 30-06-1997 |
| Adrian Clarke | Rotherham | 02-12-1996 | 22-12-1996 |
| Ian Selley | Southend | 03-12-1996 | 26-12-1996 |
| Gavin McGowan | Luton | 27-03-1997 | 05-04-1997 |
| Adrian Clarke | Southend | 27-03-1997 | 31-05-1997 |
Released players | |||
| Player | Date | ||
| Chris Coffey | 01-08-1996 | ||
| Adrian Clarke | 31-05-1997 | ||
| David Donaldson | 31-05-1997 | ||
Source : Soccer Base
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