Time is running out for clubs so deals are being rubber-stamped and we're hearing all sorts of whispers in our Rumour Room.
Loic Remy, Demba Ba and Daniel Sturridge all made big-money moves earlier this month, while Manchester United wrapped up a £15million package deal for Crystal Palace winger Wilfried Zaha last week.
Tuesday saw AC Milan confirm the signing of Mario Balotelli from Manchester City, subject to a medical, Anton Ferdinand join Bursaspor on loan, Alan Hutton head to Spain and Liverpool move closer to the signing of Philippe Coutinho from Inter - while the futures of Peter Odemwingie, Danny Graham and Peter Crouch are still up in the air.
There will be plenty more wheeling and dealing in the next few hours so we'll provide a daily round-up of all the deals that get done or are in the pipeline, plus any other decent news lines.
Don't forget you can also monitor our Transfer Centre, where you can read all our stories.
Thursday, January 31:
7.14am Everton could make a move for Sevilla striker Alvaro Negredo after Leroy Fer's move to Goodison fell through on Thursday.
7.10am Tottenham boss Andre Villas-Boas expects a quiet transfer deadline day, but confirmed Tom Huddlestone is in talks with Fulham.
Wednesday, January 30:
10.44pm Tottenham manager Andre Villas-Boas has admitted that the club are unlikely to buy a striker before the transfer window closes after laughing off links to Barcelona hitman David Villa.
10.07pm Norwich manager Chris Hughton reveals in his post-match interview that he's confident a deal for Leeds striker Luciano Becchio will go through before the deadline. Hughton insists the deal for the Argentinian is not dependent on Steve Morison moving the other way.
8.34pm Under-pressure Aston Villa boss Paul Lambert is set to make defensive midfielder Yacouba Sylla his first signing of the January window after agreeing a fee of around £1.7m with Ligue 2 side Claremont Foot. The deal is expected to go through on Thursday.
7.17pm Bournemouth have signed winger Matt Ritchie from Swindon for an undisclosed fee. The player will debut on Saturday against MK Dons having signed a deal until 2016.
6.45pm Manchester United defender Michael Keane will remain with Leicester until the end of the current campaign after extending his loan deal.
6.23pm Reading have completed the signing of forward Nick Blackman from Sheffield United on a three-and-a-half-year contract. Former Blackburn striker has signed for a fee believed to be £1.2million.
6.04pm Stoke have reportedly made an enquiry for Jack Butland after he snubbed the chance to join Chelsea.
5.39pm It's being reported that Luciano Becchio and Steve Morison are set for talks with Norwich and Leeds that could see the strikers swap clubs.
5.22pm Blackburn have signed Everton striker Anton Forrester, 18, on a free transfer following a successful trial and on a deal until 2015.
5.15pm Mario Balotelli has admitted that he 'ran to Milan' as he prepares to complete the formalities of his return to Italy from Premier League champions Manchester City.
5.02pm Norwich have made their first signing of the January transfer window by bringing in Sporting Kansas City striker Kei Kamara on loan.
4.51pm Cheltenham have agreed to sign Reading defender Michael Hector, 20, on an initial one-month loan.
4.31pm Liverpool have confirmed midfielder Philippe Coutinho has moved to Anfield from Inter Milan on a long-term contract. The 20-year-old Brazilian has reportedly cost the Reds £8.5million. Read what he had to say about his Merseyside move here.
4.13pm Everton pull out of £8.6m deal to sign Leroy Fer after complications arose in Dutch international midfielder's medical.