In
| Player | Team | Date | Fee |
|---|---|---|---|
| Neil Adams | Stoke City | 27 June 1986 | £150,000 |
| Paul Power | Manchester City | 27 June 1986 | £65,000 |
| Kevin Langley | Wigan Athletic | 10 July 1986 | £120,000 |
| Dave Watson | Norwich City | 21 August 1986 | £900,000 |
| Ian Snodin | Leeds United | 7 January 1987 | £840,000 |
| Wayne Clarke Stuart Storer | Birmingham City | 5 March 1987 | £300,000 |
| Total (initial fees only): | £2,375,000 | ||
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Pat Jennings | Retired | 12 June 1986 | |
| Andy Rooney | Released | 1 July 1986 | |
| Darren Oldroyd | Released | 1 July 1986 | |
| David Brooks | Released | 1 July 1986 | |
| David Ward | Released | 1 July 1986 | |
| Jeff Parker | Released | 1 July 1986 | |
| Sean Lundon | Released | 1 July 1986 | |
| Stuart Rain | Released | 1 July 1986 | |
| Gary Lineker | Barcelona | 1 July 1986 | £2,800,000 |
| Kevin Richardson | Watford | 2 September 1986 | £225,000 |
| Fred Barber | Walsall | 20 October 1986 | 1-month loan (extended to 2 months) |
| Fred Barber | Walsall | 5 December 1986 | £100,000 |
| Bobby Mimms | Sunderland | 11 December 1986 | 1-month loan [recalled] |
| Peter Billing | Crewe Alexandra | 22 December 1986 | 1-month loan (extended to 2 months) |
| Bobby Mimms | Blackburn Rovers | 23 January 1987 | 1-month loan (extended to 2 months) [recalled] |
| Peter Billing | Crewe Alexandra | 10 February 1987 | £12,000 |
| Warren Aspinall | Aston Villa | 19 February 1987 | £200,000 (+£100,000 add-ons) |
| Jason Danskin | Mansfield Town | 17 March 1987 | 1-month loan (extended to end of the season) |
| Derek Walsh | Charlton Athletic | 24 March 1987 | Loan to end of the season |
| Kevin Langley | Manchester City | 24 March 1987 | Loan to end of the season |
| Paul Wilkinson | Nottingham Forest | 24 March 1987 | £275,000 |
| Total (initial fees only): | £3,612,000 | ||
- Pat Jennings (Retired) – Retired immediately after Northern Ireland's 3-0 defeat to Brazil in the World Cup.
- Andy Rooney (Released) – Eventually joined Bury in 1986.
- Darren Oldroyd (Released) – Eventually joined Wolverhampton Wanderers ahead of the 1986/87 season.
- David Brooks (Released) – Eventually joined Italian third tier side Altamura in November 1986.
- Jeff Parker (Released) – Eventually joined Crewe Alexandra ahead of the 1986/87 season.
- Sean Lundon (Released) – Eventually joined Chester City in October 1986.
- Stuart Rain (Released) – Eventually played local football in Chester.
- Bobby Mimms (Sunderland) – Everton recalled Bobby Mimms in January 1987 after Neville Southall suffered a knee injury.
- Bobby Mimms (Blackburn Rovers) – Everton recalled Bobby Mimms in March 1987 after Neville Southall suffered a knee injury.
| Income | £3,612,000 |
| Expenditure | £2,375,000 |
| Net Spend | -£1,237,000 |