Manchester United hope an £85million move from Real Madrid for Tottenham frontman Gareth Bale will pave the way for them to re-sign Cristiano Ronaldo from the Spanish club.
Barcelona are preparing an audacious £17million bid for Chelsea striker Fernando Torres - £33million less than the Blues paid Liverpool for him two years ago.
Manchester City and England midfielder Gareth Barry, 32, is a shock £3.5million transfer target for Tottenham.
Hull City will make an improved bid for Celtic striker Gary Hooper, 25, after having an offer of £4million rejected by the Scottish champions.
Out-of-favour Swansea striker Leroy Lita is being tracked by Sheffield Wednesday and Wolves.
Leicester, Leeds and Brighton are all interested in defender Matthew Upson, 34, after he was released by Stoke City.
Everton's Belgium international Marouane Fellaini wants a move to London - but Arsenal are unwilling to meet a £23million release clause.
Meanwhile, the Gunners have accepted five bids of around £3million for striker Nicklas Bendtner and also hope to sign Guincamp's £8million-rated France U21 midfielder Gilbert Imbula.
West Ham are trying to lure striker Demba Ba back to Upton Park - just five months after he left Newcastle to join Chelsea for £7million.
Barcelona want to offer Chelsea striker Fernando Torres a La Liga lifeline - but would only play the 29-year-old as a 'super-sub'.
Manchester City are facing competition from Real Madrid for Malaga playmaker Isco who is rated at £15million.
Tottenham are close to signing Inter Milan midfielder Fredy Guarin who is rated at £21million by the Italians, while they also want Cagliari's £13million-rated holding midfielder Radja Nainggolan with Scott Parker expected to leave.
Manchester United are closing in on Benfica defender Ezequiel Garay with an agreement in principle between the clubs for the 26-year-old.
FC Nordsjaellend defender Jores Okore, 20, is to hold talks with Aston Villa over a proposed £4million move.
Monaco have confirmed their interest in Newcastle midfielder Yohan Cabaye, 27, who is said to be unsettled with life on Tyneside.
Stoke boss Mark Hughes is considering a move for winger David Bentley who is a free agent after being released by Spurs.
Leeds manager Brian McDermott will target Celtic striker Anthony Stokes if he fails to snap up Kevin Doyle from Wolves.
Swansea manager Michael Laudrup's future has been thrown into doubt as the club broke off contact with the Dane's agent over a row about transfer targets.
Manchester United may have to pay Bayern Munich to rip up an agreement to sign Robert Lewandowski if they want to bring the 24-year-old Borussia Dortmund striker to Old Trafford.
Fernando Torres is seeking showdown talks with new boss Jose Mourinho about his future at Chelsea.
Portugal winger Nani, 26, will decide his Manchester United future this weekend but is expected to quit the Premier League with a host of top clubs in Europe keen to sign him.
Paris Saint-Germain are prepared to outbid Real Madrid in the £85million battle to sign Gareth Bale.
Barcelona have held initial talks over a £20million move for Chelsea striker Fernando Torres.
Liverpool hope to sign Sunderland goalkeeper Simon Mignolet for £8million in the next week. They have bid £7million for the 25-year-old but the Wearsiders are holding out for nearer £10million.
The Reds and Crystal Palace have asked about Chelsea midfielder Lucas Plazon, 19, who was on loan at Malaga last season.
Monaco, Napoli and Roma are all interested in Newcastle midfielder Yohan Cabaye.
Sunderland have checked on Wolfsburg striker Bas Dost, 24, who was a target for Everton and West Ham last summer.
Swansea are now favourites to sign England U21 winger Nathan Redmond from Birmingham who want to take defender Kyle Bartley in part exchange.
Wigan see Steve McClaren and Owen Coyle as the top two candidates to succeed Roberto Martinez as manager and the club hope to make an announcement today.
Tottenham are planning a £4million bid for Manchester City midfielder Gareth Barry as they look to replace Scott Parker.
Paris Saint-Germain are prepared to pay £10million compensation to Tottenham for manager Andre Villas-Boas.
Inter Milan's £5milion-rated Nigerian midfielder Joel Obi is a target for Newcastle and Sunderland.
Tottenham are close to signing Dutch winger Ibrahim Afellay, 27, who has fallen out of favour at Barcelona.
Sunderland have held talks to sign 22-year-old St Etienne defensive midfielder Joshua Guilavogui.
West Ham United are hoping to sign Chelsea striker Demba Ba, 28, and Manchester United winger Wilfried Zaha, 20, on loan for next season.
Real Madrid will compete with Chelsea and Manchester City for Napoli forward Edinson Cavani after the Spanish club held preliminary talks with the 26-year-old Uruguayan's representatives.
Striker Djibril Cisse, 31, is wanted by Qatar club Al-Gharafa on a permanent basis after spending the second half of last season there on loan from QPR.