De Telegraaf reported that Manfred Ugalde, the 23-year-old striker from Spartak Moskou, was a target for PSV. According to Eindhovens Dagblad, Manfred Ugalde was never an option for PSV.

According to sport-express, PSV reportedly views Spartak Moskou's 23-year-old striker Manfred Ugalde as a potential successor to Ricardo Pepi. De Telegraaf reported earlier in the week that Ugalde is one of several potential successors identified by PSV. Manfred Ugalde stated that he is unaware of this and is concentrating on playing for Spartak. Technical director Earnest Stewart made an attempt to sign Ugalde from Spartak this past winter, but the attempt was unsuccessful.

Manfred Ugalde is mentioned at PSV as a possible successor to Ricardo Pepi, according to De Telegraaf. A deal to sign the striker from Spartak Moskou was not completed in the winter, and it is expected that Ugalde will be considered again this summer. The asking price for Ugalde from Spartak Moskou is around twenty million euros. This figure is higher than PSV's current transfer record, which is 18.5 million euros for Ruben van Bommel.

PSV attempted to sign Costa Rican striker Manfred Ugalde from Spartak Moskou in the final days of the winter transfer window. The club started searching for potential replacements for Ricardo Pepi after Fulham submitted a bid of approximately 35 million euros for him. PSV proposed a loan for Ugalde, who is 23 years old, which included a 15 million euro option to buy, but Spartak Moskou rejected the offer. Ultimately, PSV decided against selling Pepi, which rendered the signing of Ugalde unnecessary. There had also been strong reports connecting the striker to another top Dutch club, Feyenoord, during the preceding summer. Ugalde's contract with Spartak is valid until June 30, 2028. He has scored 4 goals in 17 league appearances this season. The Costa Rica international has 31 caps and 11 goals. His current market value is estimated by Transfermarkt to be €14.00m.