For a list of confirmed transfers, check out the transfers page.
Arsenal are ready to make a £50m bid for Paris St-Germain striker Edinson Cavani as Olivier Giroud, also 27, faces a lengthy spell on the sidelines. (Daily Express) (external)
The Gunners want Manchester United striker Danny Welbeck, 23, to replace the injured Giroud, but the Red Devils are reluctant to sell. (Daily Mail) (external)
Arsenal boss Arsene Wenger is also interested in a loan deal for Monaco's Colombia forward Radamel Falcao, 28, and France striker Loic Remy, 27, who is available for £8.5m from QPR. (the Guardian) (external)
Manchester United boss Louis van Gaal is weighing up a shock £20m move for Liverpool midfielder Joe Allen, 24. (Daily Star) (external)
United are in talks to sign Daley Blind, 24, with former Old Trafford goalkeeper Edwin van der Sar currently in Manchester to finalise a deal for the Ajax and Netherlands defender. (Daily Star) (external)
The Red Devils are also considering offering Japan playmaker Shinji Kagawa, 25, or Mexico striker Javier Hernandez, 26, as a makeweight in a deal for Juventus midfielder Arturo Vidal, 27. (Independent) (external)
Real Madrid are to spend the majority of the money they received from Manchester United for Angel Di Maria on 28-year-old Monaco striker Radamel Falcao. (Le Sport 10 - in French) (external)
AC Milan have confirmed they are looking to sign the Chelsea pair of striker Fernando Torres, 30, and midfielder Marco van Ginkel, 21. (Daily Express) (external)
The Italian club are fed up waiting for Torres to make a decision and have handed him an ultimatum as they prepare to switch their attentions to Tottenham striker Robert Soldado, 29, or Liverpool forward Fabio Borini, 23. (Inside Futbol) (external)
Tottenham are poised to complete the signing of Sevilla central defender Federico Fazio, 27, after paying his £8m buyout clause. (Daily Telegraph) (external)
Spurs are also interested in Cameroon midfielder Alexandre Song, 26, who has been told that he can leave Barcelona on a free transfer. (Times - subscription only) (external)
QPR boss Harry Redknapp is ready to move for West Ham midfielder Mohammed Diame, 27, after tracking the Senegal international for 12 months. (Daily Mirror) (external)
Stoke full-back Geoff Cameron, 29, is wanted by Lazio after falling down the pecking order at the Britannia Stadium. (Sun - subscription only) (external)
Middlesbrough boss Aitor Karanka remains confident of signing Patrick Bamford, 21, on loan from Chelsea before their clash with Reading at the weekend. (Northern Echo) (external)
French striker Cedric Bakambu, 23, claims he has been offered the chance to join Swansea from Sochaux. (South Wales Evening Post) (external)
New Manchester United signing Angel Di Maria, 26, has claimed he did not want to leave Real Madrid, but was left no choice by the La Liga club's board. (ESPN) (external)
Former England midfielder Paul Gascoigne is out of hospital after his latest health scare, but facing a bleak future after losing a £14m fortune. (Daily Mirror) (external)
Former Fulham defender John Arne Riise has criticised Felix Magath, claiming the current manager has flushed the club's philosophy "down the toilet". (Sun - subscription only) (external)
Aston Villa youngster Jack Grealish will decide his own international future without interference from the club and Republic of Ireland assistant boss Roy Keane. The 18-year-old has played at youth level for the Republic, but is still eligible to play for England and is considering his options. (Sky Sports) (external)
Crystal Palace are considering a surprise move for former manager Neil Warnock, four years after his controversial departure to QPR. (Daily Telegraph) (external)
Newcastle playmaker Hatem Ben Arfa, 27, has told his team-mates he does not want to leave St James' Park. (Newcastle Chronicle) (external)
Manchester City boss Manuel Pellegrini is set to give right-back Bacary Sagna, 31, his debut against Stoke on Saturday and centre-back Eliaquim Mangala, 23, could also figure. (Manchester Evening News) (external)
Juventus have joined Tottenham and AC Milan in pursuit of Paris St-Germain's 19-year-old midfielder Adrien Rabiot. (L'Equipe - in French) (external)
Turkish club Trabzonspor are pursuing Hamburg midfielder Rafael van der Vaart, 31. (Bild - in German) (external)
Atletico Madrid are considering making a move for Bayern Munich's 22-year-old Switzerland midfielder Xheridan Shaqiri.(Mundodeportivo - in Spanish) (external)
AC Milan have contacted Chelsea over the availability of 21-year-old Dutch midfielder Marco van Ginkel. (Tuttosport - in Italian) (external)
Napoli are on the verge of signing Spanish midfielder David Lopez, 24, from Espanyol. (AS.com - in Spanish) (external)
BEST OF SOCIAL MEDIA
Former England midfielder Peter Reid took to Twitter (external) to praise Manchester City's on-loan midfielder Frank Lampard, 35, who has announced his international retirement. "Some goal scoring record Frank Lampard from the middle of the park," he wrote. "Brilliant."
Arsenal striker Lukas Podolski, 29, has left fans wondering if he might be leaving after posting a cryptic Instagram (external) message: "Things work out best for those who make the best of the way things work out. Opportunities don't happen, you create them!#StayFocus #NoExcuses #FightForYourGoals #BeStrong #Champs #Victory #Glory #Poldi #aha"
Manchester City striker Edin Dzeko joins in the criticism of Manchester United after their 4-0 Capital One Cup defeat at MK Dons with the Twitter (external) message: "Hahahaha."
West Ham's 15-year-old defender Reece Oxford, who was named as a substitute in the Hammers' Capital One Cup defeat by Sheffield United on Tuesday, is already attracting interest from Manchester United. (Daily Mail) (external)