Manchester United will return with an improved £35million joint bid for Everton pair Marouane Fellaini and Leighton Baines after an initial offer of £28million for the midfielder and defender was dismissed as "derisory and insulting".
Tottenham are set to send their incredible spending spree crashing through the £100million barrier with the signing of Willian and Erik Lamela.
Newcastle intend to spend the proceeds from the possible sale of Yohan Cabaye to Arsenal on Blackpool's Tom Ince, although Spurs are also interested in the England U21 winger.
Southampton could sign Scott Sinclair on a permanent £5million deal with Manchester City keen to sell the 24-year-old winger rather than allow him to join West Brom on loan.
Liverpool defender Sebastian Coates, 22, could be out for six months after suffering a knee injury on international duty with Uruguay and the Anfield club could now move for Sporting Lisbon's 20-year-old centre-back Tiago Ilori.
Arsene Wenger lost his cool with an angry message to Arsenal fans: I don't have to explain myself to anyone.
Blackburn midfielder Morten Gamst Pedersen, 31, is set to sign for FC Copenhagen after being told he can leave Rovers after nine seasons.
Gareth Bale's world-record transfer to Real Madrid was all but sealed last night with Spurs using the money to fund six new signings.
Arsene Wenger has hit back at moaning fans, storming: "I don't have to explain everything I do."
Stoke manager Mark Hughes is attempting to sign Tottenham striker Jermain Defoe on an initial loan deal.
West Ham will make a move for Benfica striker Oscar Cardozo if they can reduce their wage bill to free up funds.
Out-of-favour Swansea City striker Luke Moore, 27, is weighing up a move to Turkish side Elazigspor.
QPR boss Harry Redknapp is weighing up a move for Newcastle's 31-year-old striker Shola Ameobi.
Former England and Reading left-back Nicky Shorey is on trial at Bristol City after turning down a move to Millwall.
Bournemouth want to sign Rapid Vienna's American striker Terrence Boyd who is interested in a move to England.
Barnsley are trying to seal an £800,000 move for Hull City's 27-year-old striker Matty Fryatt.
Midfielder Scott Parker is confident he can win over Fulham fans after joining from Tottenham despite having played for bitter rivals Chelsea.
Angry Arsene Wenger hit back at critics of Arsenal's transfer policy, insisting: I stand by my record.
Everton boss Roberto Martinez has told David Moyes he is wasting everybody's time by chasing Marouane Fellaini and Leighton Baines.
Tottenham began spending Gareth Bale's world record £85million transfer fee with stunning moves for Brazil winger Willian and Roma forward Erik Lamela.
Paris Saint-Germain are ready to outbid Arsenal for Newcastle midfielder Yohan Cabaye and deal another transfer market blow to Arsene Wenger.
Meanwhile, the Magpies could revive their interest in Lyon striker Bafetimbi Gomis who was watched by boss Alan Pardew last night.
Reading have made a £1million move for Sunderland midfielder David Vaughan after the 30-year-old was told he could leave the Stadium of Light.
Crystal Palace are closing in on a loan move for 27-year-old Southampton winger Jason Puncheon.
Turkish club Besiktas hope to sign Manchester United full-back Alexander Buttner on loan.
Sevilla are showing an interest in QPR midfielder Stephane Mbia as a possible replacement for Arsenal and Manchester United target Geoffrey Kondogbia.
Tottenham shattered their club transfer record once again as they splashed out £60million on Willian and Erik Lamela - paving the way for Gareth Bale to confirm his £104m move to Real Madrid by the end of the week.
Arsenal boss Arsene Wenger hit back at everybody questioning his move for Yohan Cabaye, adamant that 16 years of success meant he should not have to explain himself.
Arsenal face competition from Monaco and Juventus for 20-year-old Sevilla midfielder Geoffrey Kondogbia.
Manchester United could turn to Southampton's £10million-rated left-back Luke Shaw, 18, after being rebuffed in their pursuit of Everton's Leighton Baines.
Arsene Wenger launched an outspoken defence of his transfer strategy, claiming that he was unconcerned by the vast spending at Tottenham and promising that Arsenal would end this transfer window with a perfectly balanced squad.
Everton are keen to sign Manchester City midfielder Gareth Barry on loan but the 32-year-old's wages are proving a stumbling block.
Norwich are close to signing former Bolton Wanderers striker Johan Elmander from Galatasaray, according to the Turkish club.
Arsene Wenger insists that Arsenal had "nothing to explain" over their approach in the transfer market after they were accused by Newcastle United of showing disrespect in their pursuit of Yohan Cabaye.
Napoli are being linked with a move for Arsenal defender Thomas Vermaelen who is currently sidelined with a back injury.
Arsene Wenger last night launched a passionate defence of Arsenal's record in the transfer market and moved to reassure supporters that the club has plenty of time to act before the window closes on September 2.
Andre Villas-Boas is poised to break the Tottenham Hotspur transfer record for the third time this summer with the £30million capture of Brazilian forward Willian from Anzhi Makhachkala.
Arsene Wenger suggested he did not care what Tottenham do in the transfer market or, indeed, any of Arsenal's rivals in the Premier League, as he mounted a strong defence of his policies and promised he would finish a testing summer with the "right balance" to the squad.