Players in
| Player | From | Fee | Date |
| Manuel Almunia | Celta Vigo | Signed | 14-07-2004 |
| Mathieu Flamini | Marseille | Free | 23-07-2004 |
| Emmanuel Eboue | Beveren | £ 1000000 | 09-01-2005 |
| Total: £ 1000000 | |||
Players out | |||
| Player | To | Fee | Date |
| Martin Keown | Leicester | Free | 20-07-2004 |
| Ray Parlour | Middlesbro | Free | 23-07-2004 |
| Nwankwo Kanu | West Brom | Free | 30-07-2004 |
| Igor Stepanovs | Grasshoppers | Signed | 01-08-2004 |
| Francis Jeffers | Charlton | £ 2600000 | 10-08-2004 |
| Sylvain Wiltord | Lyon | Free | 31-08-2004 |
| Stephen Bradley | Dunfermline | 06-10-2004 | |
| Tomas Danilevicius | Livorno | Signed | 05-12-2004 |
| John Spicer | Bournemouth | Signed | 17-12-2004 |
| Rami Shaaban | Brighton | Free | 19-02-2005 |
| Matthew Hislop | QPR | Free | 07-03-2005 |
| Dominic Shimmin | QPR | Nominal | 24-03-2005 |
| Edu | Valencia | Free | 30-05-2005 |
| Chris Wright | Boston Utd | Free | 10-06-2005 |
| Total: £ 2600000 | |||
Loans (players in) | |||
| Player | From | Start | End |
Loans (players out) | |||
| Player | To | Start | End |
| David Bentley | Norwich | 06-07-2004 | 16-05-2005 |
| Graham Stack | Millwall | 09-07-2004 | 09-05-2005 |
| Adam Birchall | Wycombe | 20-08-2004 | 21-11-2004 |
| Sebastian Svard | Brondby | 31-08-2004 | 30-05-2005 |
| John Spicer | Bournemouth | 10-09-2004 | 16-12-2004 |
| Frankie Simek | QPR | 19-10-2004 | 14-11-2004 |
| Stuart Taylor | Leicester | 18-11-2004 | 23-01-2005 |
| Daniel Karbassiyoon | Ipswich | 21-12-2004 | 10-03-2005 |
| Jordan Fowler | Chesterfield | 24-01-2005 | 24-03-2005 |
| Jermaine Pennant | Birmingham | 31-01-2005 | 16-05-2005 |
| Frankie Simek | Bournemouth | 24-03-2005 | 08-05-2005 |
Released players | |||
| Player | Date | ||
| Jordan Fowler | 30-05-2005 | ||
Source : Soccer Base
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