Chelsea are favourites to sign Atletico Madrid striker Radamel Falcao, 26, ahead of Manchester City although the Premier League champions may renew their interest in the Colombian if they can offload Mario Balotelli in January.
Balotelli, 22, is out of favour at City and is attracting the interest of Paris Saint-Germain, who are said to be looking for a marquee signing in the January transfer window.
Manchester United are preparing a huge bid for Crystal Palace and England winger Wilfried Zaha, 20, who is also wanted by Arsenal and Tottenham.
Manager Sir Alex Ferguson, 70, says the prospect of re-signing Cristiano Ronaldo is remote, describing the 27-year-old former United player as "unbuyable".
The Old Trafford side also want to spend £50m on Borussia Dortmund centre-back Mats Hummels and Bayer Leverkusen midfielder Lars Bender, both 23.
Stoke plan to refuse any loan offers for out of favour strikers Cameron Jerome, 26, and Kenwyne Jones, 28. Leeds and Huddersfield were among several Championship clubs interested in signing the pair.
Liverpool are ready to make an £8m bid for Vitesse Arnhem striker Wilfried Bony, 23, in January. The Ivory Coast international currently tops the Dutch scoring charts with 12 strikes for the season.
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Juventus are convinced they can tempt Liverpool to sell Luis Suarez, 25, with a big offer for the Uruguayan. This is despite Reds boss Brendan Rodgers insisting that the striker is not for sale.
However Chelsea also want Suarez and think they could capture him, if they install former Barcelona boss Pep Guardiola, 41, as manager.
Meanwhile, Juventus are also not ruling out making a loan move for former Chelsea striker Didier Drogba, 34, currently with Chinese club Shanghai Shenhua.
Newcastle owner Mike Ashley is prepared to fund some New Year purchases but no detailed plan of action will be drawn up by the club until their fate in the Europa League is known. At present, the Ligue 1 trio of Lille right-back Mathieu Debuchy, 27, Marseille striker Loic Remy, 25, and Toulouse midfielder Moussa Sissoko, 23, are under consideration.
QPR owner Tony Fernandes will decide the future of manager Mark Hughes, 49, this week, with representatives of Harry Redknapp, 65, and Rafa Benitez, 52, said to be indicating their interest in the post.
Peter Reid, 56, has revealed he twice tried to sign Sweden striker Zlatan Ibrahimovic, 31, when he was manager of Sunderland a decade ago.
American businessman Preston Haskell has bettered a long-standing Bahraini bid to buy Leeds United, and has also promised a £10 million transfer budget if chairman Ken Bates, 80, accepts his offer.
Liverpool's Raheem Sterling, 17, says he will be praying for Ben Watson following their freak collision which resulted in the 27-year-old Wigan midfielder breaking a leg at Anfield.
Arsenal's Theo Walcott, 23, says he wants to play more as an out-and-out striker following his ninth goal of the season in Arsenal's derby defeat of Spurs.
Everton goalkeeper Tim Howard, 33, says it is vital for the club's future that manager David Moyes signs a new contract. The 49-year-old's current deal expires in the summer.
Majority shareholder Vladimir Romanov insists Hearts "don't have any financial problems", despite receiving a winding-up order over a tax bill and the club's public appeal for fans to invest in shares and buy up tickets to raise funds.
Sol Campbell could not hide his disappointment at Spurs' heavy defeat by Arsenal. Campbell, who left White Hart Lane for Highbury in 2002, was pictured looking glum-faced while sitting with a smiling Thierry Henry at Emirates Stadium.
Popular hip hop artist and actor Snoop Dogg wants to buy a share in Celtic after watching them beat Barcelona earlier this month. The rapper has discussed his plan with David Beckham and claims he'll get the former England captain into a Celtic jersey.