Manchester United are leading the chase for Crystal Palace's England winger Wilfried Zaha, 20, and hope to tie up a £12m deal.
Tottenham's hopes of signing Brazilian forward Leandro Damiao, 23, have suffered a blow after his agent said he expected him to stay with Internacional.
QPR have made a £5m bid for West Brom's 29-year-old Swedish defender Jonas Olsson.
QPR boss Harry Redknapp also wants to sign Tottenham's William Gallas, 35, to strengthen his struggling defence.
Manchester United are lining up a double bid for Chelsea stars Frank Lampard, 34, and Ashley Cole, 32, who are surplus to requirements at Stamford Bridge.
But Juventus midfielder Andrea Pirlo, 33, wants Lampard to play alongside him in Italy.
England's 19-year-old keeper Jack Butland, who is rated at £6m, says he will only leave Birmingham City for first-team football - not to be a reserve.
West Ham are ready to move for Everton defender Sylvain Distin, 35, which could pave the way for 23-year-old centre-half James Tomkins to join Newcastle.
However, Distin is set to sign a new contract with Everton.
Arsenal winger Theo Walcott, 23, has committed his future to the club after agreeing terms on a new four-and-a-half-year contract.
Liverpool manager Brendan Rodgers wants his scouts to make the most of the wealth of emerging talent on their own doorstep.
West Ham could be priced out of a move for Blackburn left-back Martin Olsson, 24, as Rovers want £7m for the Sweden international.
Manchester United boss Sir Alex Ferguson sent his brother Martin on a scouting mission to Spain to watch Rayo Vallecano striker Leo Baptistao, 20, who could be available for as little as £1.6m.
Newcastle United have edged ahead in the race to sign France midfielder Moussa Sissoko, 23, on a pre-contract agreement in January with his deal at Toulouse expiring this summer.
Everton are lining up Wigan's James McCarthy, 22, as a replacement for Marouane Fellaini if the Belgian midfielder moves to Chelsea or Manchester United.
GLOBAL GOSSIP (sourced by BBC Monitoring)
Arsenal are keen to sign Mainz striker Adam Szalai "immediately," according to German newspaper Das Bild. Borussia Dortmund and Wolfsburg are also interested in signing the Hungarian, although not until the end of the season.
Inter Milan President Massimo Moratti has said the club are happy with a bid made by Galatasaray on Wesley Sneijder, 28, Gazetta della Sport reports. "It now depends on the player, even though we would prefer him to stay if he accepted our conditions," Moratti said.
Manchester City forward Carlos Tevez says manager Roberto Mancini has fired up his strikers by praising Manchester United forward Robin van Persie.
Liverpool are preparing to offer former manager and player Kenny Dalglish another Anfield comeback, lining him up for a return to his role as a club ambassador.
Tottenham striker Emmanuel Adebayor, 28, has hinted that manager Andre Villas-Boas is not happy that he has teamed up with Togo for the Africa Cup of Nations Cup.
Birmingham City's supporters trust has criticised the club's governance after City's 2011-12 accounts revealed a bizarre sponsorship arrangement, the club still owing £14m to Carson Yeung who is awaiting trial for money-laundering, and an unnamed director being paid £687,611.
Just nine days into the new year, Portsmouth's official calendar is already out of date, with just three of the 12 featured players still at Fratton Park.
Ahead of their match this Sunday, Manchester City have reportedly sent 900 tickets back to Arsenal as fans are finding the tickets too expensive. Are you finding football tickets too expensive?