Chelsea can no longer buy any players, but we may still see a few leaving the club
The transfer window in England is now closed, meaning Chelsea can no longer add any players who are not out of contract until the conclusion of the 2012/13 season. That doesn't mean that Chelsea are done doing business though, as there are still several options for Chelsea to send some of their players elsewhere.
Florent Malouda seemed destined to be leaving Chelsea FC during the January window all season, but the window is now shut around the vast majority of Europe. Chelsea do have some options remaining though, as several windows remain open for a little bit longer. You can find the time remaining in each federation's transfer window here, and there have been rumors today about interest in Malouda from Guus Hiddink and Anzhi. Should those rumors have any truth to them, there is still the option to find a new home for Malouda and could explain why things have been so quiet on that front.
Chelsea also have the ability to loan several players despite the window being shut. Any Chelsea youngster that has not yet been loaned will be remaining at the club for at least the next week, but clubs in the lower levels of English football can start taking players on loan again beginning February 8. Youngsters like Conor Clifford, Milan Lalkovic, or Nathan Ake are all probably ready for regular minutes on loan, and Chelsea will likely see interest in those three and several other youngsters now that those clubs can't make any permanent moves.
We'll be keeping an eye out for news on these players and other Chelsea youngsters that could still be heading out, and at the very least I'd expect a few loans a week or so from now. There won't be any more signings though, so get used to watching the players we already have.