In
| Player | Team | Date | Fee |
|---|---|---|---|
| Gerry Peyton | Bournemouth | 28 June 1991 | £80,000 |
| Peter Beardsley | Liverpool | 1 August 1991 | £1,000,000 |
| Alan Harper | Manchester City | 6 August 1991 | £300,000 |
| Mark Ward | Manchester City | 6 August 1991 | £900,000 |
| Matt Jackson | Luton Town | 17 October 1991 | £600,000 (+£300,000 add-ons) |
| Mo Johnston | Rangers | 18 November 1991 | £1,500,000 |
| Gary Ablett | Liverpool | 12 January 1992 | £750,000 |
| Total (initial fees only): | £5,130,000 | ||
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Mark Wright | Huddersfield Town | May 1991 | Undisclosed |
| Norman Whiteside | Retired | 28 June 1991 | |
| Alasdair Monk | Released | 1 July 1991 | |
| Craig Dulson | Released | 1 July 1991 | |
| Marcus Ebdon | Released | 1 July 1991 | |
| Neil Sang | Released | 1 July 1991 | |
| Mike Milligan | Oldham Athletic | 3 July 1991 | £600,000 |
| Graeme Sharp | Oldham Athletic | 10 July 1991 | £500,000 |
| Gary Powell | Wigan Athletic | August 1991 | Undisclosed |
| Jason Kearton | Stoke City | 13 August 1991 | 1-month loan (extended to 3 months) |
| Stuart McCall | Rangers | 15 August 1991 | £1,200,000 |
| Peter Beagrie | Sunderland | 26 September 1991 | 1-month loan |
| Neil McDonald | Oldham Athletic | 28 September 1991 | £500,000 |
| Eddie Youds | Ipswich Town | 13 November 1991 | £250,000 |
| Mike Newell | Blackburn Rovers | 14 November 1991 | £1,100,000 |
| Jason Kearton | Blackpool | 9 January 1992 | 1-month loan (extended to 3 months) |
| Stuart Barlow | Rotherham United | 10 January 1992 | 1-month loan |
| Ray Atteveld | West Ham United | 7 February 1992 | 1-month loan |
| Kevin Sheedy | Newcastle United | 20 February 1992 | Free |
| Gerry Peyton | Bolton Wanderers | 21 February 1992 | 1-month loan [recalled] |
| Pat Nevin | Tranmere Rovers | 4 March 1992 | 1-month loan |
| Ray Atteveld | Bristol City | 25 March 1992 | £250,000 |
| Total (initial fees only): | £4,400,000 | ||
- Alasdair Monk (Released) – Eventually joined IFK Stromstad in 1991.
- Craig Dulson (Released) – Eventually joined Scarborough ahead of the 1991/92 season.
- Marcus Ebdon (Released) – Eventually joined Peterborough United in July 1991.
- Neil Sang (Released) – Eventually joined Torquay United ahead of the 1991/92 season.
- Gerry Peyton (Bolton Wanderers) – Everton recalled Gerry Peyton two weeks into his loan spell at Bolton Wanderers due to Neville Southall suffering a back injury.
| Income | £4,400,000 |
| Expenditure | £5,130,000 |
| Net Spend | +£730,000 |