Celtic boss Ronny Deila says keeping his best players will take priority over acquisitions in the transfer window.
Chelsea striker Fernando Torres is understood to be set for a return to Atletico Madrid, according to Sky sources.
The Panathinaikos and Ghana winger has been linked with last season's Championship winners as they prepare for life in the Premier League.
Cardiff, though, face competition from Levante and it is rumoured former Arsenal, Portsmouth and Birmingham City player Owusu-Abeyie is in advanced talks with the Spanish club.
Wherever the 27-year-old moves this summer, he is relishing the prospect of a new era in his career.
Owusu-Abeyie said:" I am looking forward to a new start at a new team. Hopefully that could be a team where I will settle.
"Nothing is done yet, so I can still decide another team before the season start."