The beginning of a New Year throws up the opportunity for football clubs to approach players regarding pre-contract agreements. 

In the midst of a crippling period for the world economy, there's bound to be plenty of cash-strapped clubs exploring the possibility of signing players on free transfers. 

The list of high calibre talents nearing the end of their contracts is extensive, with Lionel Messi and David Alaba the two most valuable players in the world at £90 million and £58.5m respectively, per Transfermarkt

The two clubs fortunate enough to clinch agreements with those aforementioned players will undoubtedly be securing bargain swoops, and they will follow a long line of clubs who have completed equally shrewd, often history-defining deals. 

With that in mind, and ahead of the free transfer season, GIVEMESPORT have ranked the 25 best free transfers of all time from Europe's top five leagues. 

Our list is laden with unforgivable betrayal, individual tales of success, career revivals and cult heroes. 

Take a look at who makes our 25-man strong ranking below...

25. Aaron Ramsey (Arsenal to Juventus)

Aaron Ramsey

Aaron Ramsey has not managed to set the world alight in Italy but Juventus' swoop was impressive nonetheless given the Wales international's stark reputation and rich Premier League experience.

24. Ander Herrera (Man United to PSG)

Following an excellent if not understated five-year spell at Manchester United, PSG's move for Ander Herrera allowed them to scoop an experienced midfielder with plenty left to offer at the top level.

23. Jesus Navas (Man City to Sevilla)

Sevilla re-signed their former trainee in the summer of 2017 and repurposed the rapid winger as a right-back. 

At 35 years old the Spaniard is still thriving in La Liga and has proven to be a shrewd addition to the Europa League winners' squad.

22. Henrikh Mkhitaryan (Arsenal to Roma)

Henrikh Mkhitaryan

Henrikh Mkhitaryan never quite managed to rediscover the type of form he showcased at Borussia Dortmund during his two Premier League spells with United and Arsenal. 

The Armenia international clearly thrives on Italian soil, though, with seven goals and six assists in just 13 Serie A appearances to his name this season.

21. David Silva (Man City to Real Sociedad)

David Silva

Players of David Silva's ilk don't become available for a free transfer too often.

However, following a scintillating stint with Manchester City, Real Sociedad signed the Spanish wizard on a free in the summer of 2020 and his performances have made an instant impact, with Imanol Alguacil' side emerging as a dark horse for the La Liga title.

20. Henrik Larsson (Celtic to Barcelona)

The Swedish goal machine only scored 13 times in 40 La Liga appearances for Barcelona but, for a player who boasted such a prolific record, there's no doubt his move was a cunning piece of business from the Catalan giants. 

19. Samuel Eto'o (Anzhi Makhachkala to Chelsea)

Fondly remembered for his old man celebration, Samuel Eto'o will go down as a Chelsea signing that represented excellent value for an experienced star in the twilight years of his career.

18. Joel Matip to Liverpool

Joel Matip

Joel Matip has proven to be an astute addition to Liverpool's defence since joining from Schalke in 2016, particularly since he was partnered with Virgil van Dijk.

The Cameroon international has helped the Reds secure their first Premier League title and a sixth European cup. 

17. Thomas Meunier (PSG to Dortmund)

Dortmund are widely lauded for their development of young players but the signing of Thomas Meunier earlier this year proved they've also got a keen eye for an experienced bargain.

The towering Belgium international is one of the best right-backs in Europe and would be an asset to many of the continent's most prestigious clubs.

Getting him on a free was a stroke of genius.

16. Mathieu Flamini (Arsenal to AC Milan and back to Arsenal)

The ever-dependable, incredibly versatile and perennially underrated Mathieu Flamini managed to both leave and join Arsenal on free transfers during his career. 

Predominantly deployed in both full-back positions and central-midfield, the Frenchman was far more valuable than he was given credit for.

15. Goran Pandev (Lazio to Inter Milan)

Goran Pandev

Goran Pandev's inclusion is steeped in nostalgic sentiment.

The Macedonian legend arrived at the San Siro in January 2010 and performed a functional yet paramount role in helping Inter Milan clinch a historic treble under Jose Mourinho.

A return of three goals and six assists in 19 Serie A games helped the Nerazzurri to the title, while the fact he started five of Inter's Champions League knockout games testifies to how highly Mourinho valued his iconic blend of hard-work and technique.

14. Esteban Cambiasso (Real Madrid to Inter Milan and Inter to Leicester City)

Esteban Cambiasso enjoyed a ten-year stint at Inter Milan following his free transfer from Los Blancos, winning five Serie A titles, four Italian Super Cups and one Champions League in the process. 

The Argentine then joined Leicester City following their promotion to the top-flight and became a cult hero in the process despite only playing for one season. 

A strike in the 5-3 victory over Manchester United stands remains a highlight for the Foxes faithful to cherish. 

13. Luis Figo (Real Madrid to Inter)

Luis Figo

Luis Figo's four years at Inter Milan were not the most impressive of his career but he still played a key role in helping the Nerazzurri cement their dominance in Serie A, scoring 11 and assisting 29 across 141 appearances.

12. Leon Goretzka (Schalke to Bayern Munich)

Leon Goretzka's move to the Bavarian giants has galvanised his career and at 25 years old he has all the attributes to cement his place in the club's starting XI for years to come. 

11. Franck Ribery (Galatasary to Marseille)

Franck Ribery

Marseille showed excellent foresight with their move for Franck Ribery. 

The Frenchman was a menace for the Ligue 1 outfit and scored 18 goals and provided 20 assists in 89 appearances across all competitions before securing a £27m move to Bayern Munich.

Two years of excellent service and a £27m profit. Job well done for Marseille. 

10. Miroslav Klose (Bayern Munich to Lazio)

It was business as usual for the World Cup's all-time top goal scorer during his time at Lazio. 

The unrelenting poacher notched 63 goals and 35 assists in 171 outings and his exploits helped his side win the Italian Cup in 2013.

9. Steve McManaman (Liverpool to Real Madrid)

Steve McManaman

Everyone's favourite BT Sport commentator bagged eight goals in 94 La Liga appearances with Real Madrid and established himself as a fan favourite in the process.

Steve McManaman's move to the Spanish capital was one of the first major bosman free transfers in history.

8. Zlatan Ibrahimovic (PSG to Man United)

Man United dared to Zlatan and got their just reward when they signed the revered Swede on a free transfer in 2016. 

Despite being 34 when he arrived at Old Trafford, Ibrahimovic fired in 29 goals and turned provider on ten occasions in the space of just 53 matches. 

7. James Milner (Man City to Liverpool)

James Milner

The ever dependable James Milner has been a stoic addition to Liverpool's squad. 

Since signing from domestic rivals Manchester City, Milner has earned the respect of the Anfield faithful and won a handful of trophies along the way - including the 2019 Champions League and 2020 Premier League title. 

6. Raul (Real Madrid to Schalke)

Spanish legend Raul showed he still had it during the twilight years of his career with an impressive goal scoring return at Schalke.

In a total of 66 Bundesliga games he rattled the net 28 times and provided 11 assists.

5. Paul Pogba (Man United to Juventus)

Paul Pogba

Juventus stumbled upon a footballing goldmine with Paul Pogba.

Not only did the Frenchman look a class above in their midfield as he glided past opponents, threaded through balls into seemingly impossible corridors and scored long-range thunderbolts, he also made them £89m in profit.

A stain on United's boardroom legacy is a badge of honour for Juventus' head honchos.

4. Michael Ballack (Bayern Munich to Chelsea)

Michael Ballack

Free spending Chelsea pulled off a rare bargain swoop with a move for Michael Ballack in 2006.

The all-action, goal hungry central-midfielder won three FA Cups, one League Cup and one Premier League title in a four-year spell in west London.

3. Sol Campbell (Spurs to Arsenal)

Sol Campbell

Sol Campbell's move from Spurs to Arsenal remains one of the most controversial in the history of English football.

Crossing the north London divide is fraught with problems in itself, but Campbell's decision to allow his contract to run to expiry before signing for Spurs' closest rival was a biblical act of betrayal. 

The move turned to be a fruitful one for the Gunners, however, as Campbell played a starring role in their iconic 2003/04 invincibles season.

Campbell's sacrifice saw him exchange dignity and respect for an eternity in Premier League folklore. Was it worth it, Sol?

2. Andrea Pirlo (AC Milan to Juventus)

Andrea Pirlo

After ten years with AC Milan, Andrea Pirlo moved to Juventus in 2011 having just turned 32. 

Many expected him to flop, but the effortlessly ethereal playmaker defied expectation and became a lynchpin for the Old Lady, winning individual and collective accolades aplenty. 

Pirlo was named the Italian footballer of the year for three consecutive seasons between 2012 and 2014, while he also won Serie A four times in a row. 

There's also little doubt that the success of his playing days enabled him to fast-track into the Juventus manager job earlier in 2020. 

1. Robert Lewandowski (Dortmund to Bayern Munich)

Robert Lewandowski

Bayern's signing of Robert Lewandowski was an accumulation of a handful of dream factors: it gave them one of the most prolific attackers in world football, simultaneously weakened their fiercest domestic rival and, quite incredibly, cost them nothing.

Since the Poland international arrived at the Allianz Arena, he has won six German championships, the Champions League and five Bundesliga golden boots. He also topped the goal scoring charts in Bayern's successful 2019/20 Champions League campaign with a return of 15. 

Boasting an almost unfathomable return of 266 goals and 62 assists in 307 appearances, Lewandoswki is comfortably the best free transfer of the modern era.