The phoney war is nearly over, and the real business is about to start.
The vast majority of the transfer rumours which are the staple diet of the press and gossip websites can be dismissed as just that: rumours.
But now, as Euro 2008 and the latest round of South American World Cup qualifiers draw to a close, and the transfer window creaks open, the more fanciful stories will fall away and be replaced by more concrete tales of how the latest unknown imports from darkest Africa and former Soviet republics have always been diehard supporters of their new club, and that their dream has come true with the donning of the red/blue/white shirt - provided it is stuffed with bundles of used tenners.
The prospective comings and goings at Anfield have filled many a column inch in recent weeks, with the size of Rafa's transfer budget the cause of much speculation.
The credit crunch has forced Rafa to sell to spend; or the new-found rapport between our co-owners has released additional funds to challenge for the top. Take your pick.
The reality is likely to be that Rafa will have a significant budget, courtesy of the refinanced loan negotiated in January, and that he will try to swell the coffers with a few strategic sales.
The thing that's worrying the Kops at present is that the strategic sales are beginning to look like a fire sale of our best gear, rather than a clear-out of end-of-lines. Crouch, Alonso and now Benayoun are being touted as likely departees, along with young talents like Jack Hobbs and Emiliano Insua, whereas most fans would prefer the discussion to be centring on the likes of Itandje, Pennant and Voronin.
The problem of course is that these three are worth about tuppence-ha'penny, while Liverpool will need big bucks to attract the star names to bolster its wings.
One national paper yesterday linked Liverpool with Villa, Silva and Daniel Alves, which is nice, but the Merseyside club probably have to throw in the Centenary Stand and the Kop chippy to afford that lot.
The arrivals of Degen on a free transfer and Dossena from Udinese have not exactly set the pulse racing, the fear being that these will be the latest in a line of average full-backs to arrive like Arbeloa and Aurelio, or the downright hopeless like Josemi.
It looks like Liverpool will get Gareth Barry once Martin O'Neill calms down, with Alonso sacrificed to appease the financial gods.
Most of Liverpool fans would be sorry to see him go, but in return is a left-sided player and a few more goals as well from the bargain; although anyone watching Xabi play in a more advanced role for Spain against Greece last week will have been wondering why he isn't encouraged to play this way for Liverpool more often.
As for Crouchy, well the big guy is clearly unhappy with his lot, and his contract's up next year, so I suppose that spells exit.
Perhaps Rafa plans to move Babel forward next year to make up his complement of strikers, preparing the way for a mega-signing on the left-wing. David Silva perhaps?