Leeds United have reportedly placed a £3–5 million valuation on Joe Gelhardt — and Hull City may not have the transfer race to themselves for long.

After an impressive loan spell at the MKM Stadium, Gelhardt has re-established himself as one of the Championship’s most effective attacking operators. But with Hull’s recent transfer embargo only just easing, interest from promotion-chasing rivals like Ipswich Town and Southampton could complicate what once looked like a straightforward permanent deal.

Hull’s Revival — and Gelhardt’s Role in It

Few expected Hull City to be genuine top-six contenders this season. An 18-month transfer embargo — later reduced to 12 months — severely limited their ability to recruit, forcing them to rely on loans and free transfers.

Yet under Sergej Jakirovic, the Tigers have exceeded expectations. Central to that resurgence has been the partnership between Joe Gelhardt and Oli McBurnie. The former Wigan forward has rediscovered rhythm, confidence and consistency — all traits that once made him one of Leeds’ most promising young assets.

With the embargo now lifted ahead of the next window, Hull are finally in a position to negotiate a permanent deal. But at £3–5 million, Gelhardt’s price tag is accessible — and that could invite competition.

Ipswich Town: A Striker Search Looms

Ipswich Town’s return to the Championship hasn’t unfolded exactly as planned. Following relegation from the Premier League, Kieran McKenna oversaw significant summer turnover, but replacing Liam Delap’s goals has proved difficult.

George Hirst has chipped in but hasn’t fully filled the void, while loan signing Ivan Azon has struggled to adapt. Should Ipswich fall short of promotion, the need for a reliable Championship-level scorer will be urgent.

Gelhardt fits that profile.

Not only has he proven he can produce in the second tier, but his versatility — capable of playing as a central striker or in a supporting role — would offer tactical flexibility. His ability to operate between the lines could also complement Ipswich’s creative midfield options.

At the reported price, he represents value — especially for a club with ambitions of an immediate top-flight return.

Southampton’s Striker Uncertainty

Southampton’s season has also been turbulent. A managerial change early in the campaign eventually sparked improvement, but squad instability remains an issue — particularly in attack.

Adam Armstrong departed in January. Damion Downs returned to Germany. Loan signing Cyle Larin’s future is unclear. Ross Stewart’s contract situation remains unresolved. Cameron Archer’s long-term status is uncertain.

That leaves the Saints in need of clarity — and potentially reinforcements.

Gelhardt’s age, Championship pedigree and price point make him an attractive solution. He is entering his prime years and would offer both mobility and finishing ability to a side seeking greater consistency in front of goal.

Should Southampton remain in the second tier, they would likely have the financial muscle to rival Hull — and possibly exceed them.

Does Gelhardt Want Hull?

One key factor may be the player himself.

Reports suggest Leeds set the £3–5 million valuation specifically with Hull in mind, potentially reflecting Gelhardt’s desire to remain at the MKM Stadium where he is settled and playing regularly. That could discourage opportunistic bids — or force Leeds to reassess their demands if a bidding war emerges.

Leeds also face their own decision: sell now while his value is stable, or reintegrate a player who does have Premier League experience.

A Summer Battle Brewing?

Hull may feel confident given the player’s current environment and the relationship built this season. But football rarely stands still.

Ipswich and Southampton both have promotion ambitions, financial capability and clear needs in the forward department. If either club decides Gelhardt is their priority target, Hull could quickly find themselves in a three-way battle.

At £3–5 million, the risk is relatively low. The upside? A proven Championship attacker entering his prime.

The summer window may well determine not just Gelhardt’s future — but which of these ambitious clubs best positions itself for a promotion push next season.