Real Madrid forward Cristiano Ronaldo, 28, is willing to take a massive pay cut to rejoin former side Manchester United.
Manchester City will try to sign Real Madrid's Argentine striker Gonzalo Higuain, 25, and Borussia Dortmund's Polish forward Robert Lewandowski, 24.
Stoke could sign Liverpool midfielder Jonjo Shelvey to replace another former Anfield player, Charlie Adam, 27, although the Reds are thought to want £7m for the 21-year-old.
Liverpool are set to hold talks with CSKA Moscow attacker Keisuke Honda over a pre-contract deal. The 26-year-old Japan international's deal with the Russians expires this summer and he will not sign a new contract.
Real Madrid want 22-year-old Tottenham full-back Kyle Walker but Spurs are seeking £15m for the England international.
Paris St-Germain want to recruit manager Jose Mourinho and 28-year-old forward Cristiano Ronaldo from Real Madrid.
A powerful Middle Eastern investment group is planning a £1.5bn takeover bid for Arsenal. It proposes to clear the club's £250m debts and put separate funds aside for transfers, as well as stopping the sale of star players.
Chelsea are considering hiring Russia boss Fabio Capello as their short-term manager until the end of the season if they sack Rafael Benitez.
Juventus boss Antonio Conte, 43, is keen to manage Chelsea when Rafael Benitez leaves Stamford Bridge.
Former Manchester United goalkeeper Peter Schmeichel, 49, wants to manage an English club. Schmeichel retired from playing in 2003.
Manchester City's players have worn wigs and fake facial hair to look like several 1980s footballers in an attempt to raise money for Comic Relief.