Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 12/1986 |  | Rui Rodrigues | MA | |||
| 07/1986 | | Amândio | GK |  | CD Nacional | CD Nacional |
| 07/1986 |  | Everton | GK |  | Portuguesa - SP | Portuguesa |
| 07/1986 | | Vitor Valente | GK |  | Atlético CP | Atlético CP |
| 07/1986 |  | Colin Hill | DF |  | Arsenal FC | Arsenal |
| 07/1986 | | João Luís | DF | |||
| 07/1986 | | Teixeirinha | DF |  | Vitória Guimarães | Vitória SC |
| 07/1986 | | Valério | DF | | Vitória Guimarães | Vitória SC |
| 07/1986 | | Artur Semedo | MF |  | Sporting Covilhã | Covilha |
| 07/1986 |  | Bobó | MF | | Vitória Guimarães | Vitória SC |
| 07/1986 | | Gregório Freixo | MF | | Vitória Guimarães | Vitória SC |
| 07/1986 | | José Alberto Costa | MF | | Vitória Guimarães | Vitória SC |
| 07/1986 | | Marquinhos | MF | |||
| 07/1986 | | Názaro Nunes | MF | |||
| 07/1986 | | Paquito | MF |  | FC Porto | FC Porto |
| 07/1986 | | Eldon | FW |  | Sporting CP | Sporting |
| 07/1986 | | Serginho Chulapa | FW |  | Corinthians SP | Corinthians |
| 07/1986 |  | Ian Wallace | FW |  | Sunderland AFC | Sunderland |
| 07/1986 |  | Stefan Lundin | MA |  | Halmstads BK | Halmstads BK |
| 07/1986 | | Manuel Oliveira | MA |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 07/1986 | | João Silva | GK |  | S.C. Braga | S.C. Braga |
| 07/1986 | | Quim Nunes | DF |  | Varzim SC | Varzim SC |
| 07/1986 |  | Cvijetin Blagojević | MF |  | Sloboda Tuzla | Sloboda Tuzla |
| 07/1986 | | Tozé | MF |  | Académica de Coimbra | Académica |
| 07/1986 | | Vitor Madeira | FW |  | Vitória Setúbal | Vitória FC |