Jul 6 2008 Andy Walker
IT'S business time for the big two and the deals struck by Gordon Strachan and Walter Smith can swing the title race either way before a ball is kicked.
That's how vital this transfer window is.
As the battle to become SPL champions proved last season there's not much to choose between the Old Firm.
Both bosses will live or die by their summer signings and are under pressure to strengthen their squads for domestic and European challenges because let's face it, the January window is a time for limited changes.
In a week that sawtwo Old Firm players leave their departures were a brutal reminder of how much money can be wasted in today's market.
Adam Virgo and Thomas Buffel both checked out of Glasgow after varying degrees of success but neither made the impact you would expect from investments of £1.5million and £2.3m.
The harsh reality is Virgo and Buffel simply weren't value for money.
Both clubs know such expensive mistakes can't be made again and Rangers have moved early for the men they want this time with the captures of Kenny Miller, Kyle Lafferty and Andrius Velicka.
There's no shortage of striking options at Ibrox now and after placing such importance on a position that caused Gers problems last season there can be no excuses for a lack of goals in the coming months.
Celtic haven't done much business to date with only squad player Paddy McCourt secured for a small fee but new signings to spice up the menu are surely not far away.
In a long list of possible targets, one name sticks out - I reckon Shaun Maloney would be a terrific buy. They say you should never go back but rumour has it there's a strong possibility of Maloney returning to Celtic Park from Aston Villa.
His homecoming wouldn't please every Hoops supporter because plenty still feel angry and let down by the nature of Maloney's exit.
Many felt their club had nursed him back from a career-threatening injury a few years earlier and once he had regained full fitness it wasn't long before he jumped ship.
Those fans are less than enthusiastic about the prospect of his return.
Double Player of the Year in 2006, Maloney was only just beginning to make a name for himself when he was lured south.
He has been honest enough to admit he possibly listened to the wrong advice and made a mistake in joining Villa but I defy any youngster in the same position not to be tempted by the money and glamour of the Premiership.
The level of competition down south is much stronger than the SPL although on the plus side the winners of a two-way title contest in Scotland gain direct access to the Champions League.
It's a tough call.
Yet if Strachan swoops for the 25-year-old I'm convinced it would be a terrific bit of business.
Thomas Gravesen, Derek Riordan and Evander Sno are all expected to move on so Celtic will be short of options in midfield and up front.
And they'd know exactly what they're getting from a Scotland international.
Maloney also has a proven track record with the Hoops in the SPL and can score goals as well as set them up.
The easiest thing to say is you should never go back to the club where you first tasted success because you can't be so effective.
Charlie Nicholas and Frank McAvennie did it as Celtic frontmen and neither scaled the same heights as in his first spell.
I had no hesitation in going back for a second stint in the Hoops when the chance came up in 1994 although Maloney would be returning to a club in a far healthier state.
Yet even though I didn't enjoy as much success second time round or win another title medal I honestly felt I was a better player.
With Rangers increasingly dominant I often played up front onmy own and the biggest thing I felt was the lack of experience in the team.
Roy Aitken, Mark McGhee, Tommy Burns, Mick McCarthy and Billy Stark had all left in a short period of time and it takes time andmoney to replace that quality.
Unlike Maloney, who confessed his career has stalled in England, I definitely felt my time down south improved me immeasurably - mainly because I was playing every week and maturing as a footballer.
Has Barry Ferguson been a success at Rangers after his stint with Blackburn in the Premiership?
Given that he has won dramatic last-day titles and played in a UEFA Cup Final I'd suggest he's more than happy with his move back to Glasgow.
It all depends on the individual whether or not you can recapture former glories.
Maloney is still young enough to have plenty of good years ahead.
He ticks all the boxes for what Strachan needs to improve his team - he has a proven pedigree, played in Old Firm games and scored goals while also looking the part on the Champions League stage.
The wee man can be a big hit again.