Ajax's most expensive summer transfer was Brazilian striker Marcos Leonardo, who joined the club from Al Hilal for just under €20 million.

It was expected that Leonardo would be Ajax's starting striker in most games, but he has struggled for form, scoring just three goals in 16 appearances in all competitions for the Amsterdammers this season.

Ajax also signed Tolu Arokodare on loan from Wolverhampton Wanderers with an option to buy, and the Nigerian striker has been in fantastic form this season. He has already scored 13 goals in 17 appearances in all competitions and has quickly become one of Michel Sanchez's most important players.

Leonardo has often got into very good goal-scoring positions, but his finishing has let him down. He did score in Ajax's 1-6 win against FC Midtjylland, and Ajax will be hoping that goal gave him a much-needed confidence boost. 

Jordi Cruijff, Ajax's technical director, said recently that he believes it's only a matter of time until Leonardo finds form in an Ajax shirt.

After a poor start to his Ajax career, Leonardo could reportedly leave the club in January, with three Brazilian clubs named as possible destinations.

According to Terra, Flamengo, Santos, and São Paulo have shown interest in Leonardo at different times.

A transfer back to Brazil could gain momentum in 2027, especially if Ajax is willing to negotiate a temporary departure. A loan, possibly with an option to buy, could be an option for Brazilian clubs, according to the report from Terra.

While Leonardo has had a poor start to his Ajax career, he is still a quality player and someone the club should keep. A loan move would also not benefit Ajax significantly. With Kasper Dolberg out injured, Ajax would only have Tolu Arokodare as a recognised striker, which means they would need to go into the market for a replacement for Leonardo, unless they were to promote Emre Ünüvar or Diego Pugno from Jong Ajax.

That being said, if Tolu continues his excellent form, then it is going to be very difficult for Leonardo to establish himself as Ajax's first-choice striker. Even in that case, Ajax should only consider a permanent transfer. They will likely lose some money, but they could still get a decent fee for Leonardo given he has only been out of form for a few months. 

Leonardo needs to keep working hard and make the most of the opportunities he gets when coming on as a substitute. Ajax have many games, and even though Tolu is in excellent form, Michel will need to rotate the squad with such a busy schedule.