Watford have agreed fees with Tottenham to sign their French midfielders Etienne Capoue and Benjamin Stambouli.
Arsenal striker Lukas Podolski will complete his transfer to Galatasaray this afternoon.
Lescott has fallen out of favour at City this season, although he did complete the full 90 minutes of Saturday's FA Cup third round victory over Watford at the Etihad Stadium.
QPR, Aston Villa and Lescott's former club Everton have all been linked with a move for the 30-year-old England international.
However, in a statement released on Lescott's behalf by the player's spokesman tonight, it is clear he wants to remain with City.
"Joleon Lescott has ruled out the possibility of any loan move during the January transfer window," said the statement.
"Despite speculation linking him with several Premier League clubs, Joleon has no desire to leave Manchester City."
Saturday's appearance was only Lescott's 16th of the season. One of those was a bizarre last-minute introduction as a striker at Sunderland on Boxing Day, when City lost 1-0.
Manager Roberto Mancini has preferred young Serbian Matija Nastasic alongside skipper Vincent Kompany for most of the club's big games this season.
Lescott's status as a pivotal member of both City's Premier League-winning squad and their FA Cup-winning team in 2011 does not seem to have counted for much, nor his position within the England fold at Euro 2012.
It is not beyond question that City may look to offload one of their high earners this month, although with Kolo Toure away on African Nations Cup duty with the Ivory Coast for the rest of January, a replacement would need to be found.
And Mancini did not give any indication today that he was willing to sell after he was asked about the latest link with Villa.
"No," he said.
"We don't have enough players to play 40 days without Yaya, without Kolo and with eight players injured. We need players in, not out."