In
| Player | Team | Date | Fee |
|---|---|---|---|
| Alec Chamberlain | Colchester United | 23 July 1987 | £80,000 |
| Ian Wilson | Leicester City | 20 September 1987 | £300,000 |
| Total (initial fees only): | £380,000 | ||
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Kevin Langley | Manchester City | 30 June 1987 | £150,000 |
| Derek Walsh | Released | 1 July 1987 | |
| Jason Danskin | Mansfield Town | 1 July 1987 | Undisclosed |
| Stuart Storer | Wigan Athletic | 21 July 1987 | 2-month loan (extended to 3 months) |
| Mike Stowell | Chester City | 3 September 1987 | 1-month loan (extended to 3 months) |
| Bobby Mimms | Manchester City | 24 September 1987 | 1-month loan [recalled] |
| Chris Birtwistle | Retired | November 1987 | |
| Alec Chamberlain | Tranmere Rovers | 20 November 1987 | 1-month loan (extended to 3 months) |
| Darrin Coyle | Linfield | December 1987 | 1-month loan |
| Mike Stowell | York City | 24 December 1987 | 1-month loan |
| Stuart Storer | Bolton Wanderers | 24 December 1987 | 1-month loan |
| Stuart Storer | Bolton Wanderers | 8 January 1988 | £25,000 |
| Mike Stowell | Manchester City | 26 January 1988 | 1-month loan (extended to end of the season) |
| Bobby Mimms | Tottenham Hotspur | 22 February 1988 | 1-game loan |
| Bobby Mimms | Tottenham Hotspur | 25 February 1988 | £325,000 |
| Ian Marshall | Oldham Athletic | 11 March 1988 | 1-month loan |
| Ian Marshall | Oldham Athletic | 21 March 1988 | £100,000 |
| Total (initial fees only): | £600,000 | ||
- Kevin Langley (Manchester City) – Kevin Langley joined Manchester City on loan till the end of the season with a view to a permanent deal. There are no reports of when the move became permanent so the date will be the end of season date.
- Derek Walsh (Released) – Eventually joined Hamilton on 8th July 1987.
- Bobby Mimms (Manchester City) – Everton recalled Bobby Mimms two weeks into his loan at Manchester City due to Neville Southall suffering a back injury.
- Chris Birtwistle (Retired) – Retired due to injury problems.
- Bobby Mimms (Tottenham Hotspur) – Bobby Mimms joined Tottenham Hotspur on loan initially so that he would be available for their re-arranged match against Manchester United the next day.
| Income | £600,000 |
| Expenditure | £380,000 |
| Net Spend | -£220,000 |