Fernando Torres will join Milan permanently on January 5 ahead of his expected return to Atletico Madrid.
Liverpool boss Brendan Rodgers has insisted Mario Balotelli will not be going out on loan in the January transfer window.
Sky Bet have installed Rafael Benitez as the odds-on favourite to take over at Chelsea following the dimissal of Roberto Di Matteo this morning.
Benitez, out of work since leaving Inter Milan in 2010, has been strongly linked with the job and heads the betting from former Barcelona boss Pep Guardiola.
Guardiola left Barca in the summer and vowed to take a year out from football, but despite that he was initially installed as a 3/1 shot behind 4/6 favourite Benitez.
"Guardiola would be the popular choice with Chelsea fans but it is unlikely that he would come out of his sabbatical to manage the London club," said Sky Bet's Chris Spicer.
"Harry Redknapp has been well backed and he will almost certainly apply but as always Abramovich's criteria are rather unclear at this stage."
Redknapp was initially priced up at 12/1 but was soon trimmed to 8s while former Chelsea boss Avram Grant was given a 12/1 quote.
Jurgen Klinsmann, David Moyes and Jose Mourinho were all put in at 25/1 in a market which Sky Bet expect will attract a lot of interest.