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Chelsea could make a move for AC Milan forward Stephan El Shaarawy, with the 20-year-old likely to command a fee in the region of £30m.
Blues boss Jose Mourinho could offer striker Fernando Torres, 29, to Milan in exchange for El Shaarawy.
Elsewhere, it is rumoured that Napoli have rejected a bid from Chelsea of 50m euros (£42.8m), plus Torres, for Uruguay striker Edinson Cavani, 26.
Chelsea are also prepared to make a £20m offer to secure the signing of Wayne Rooney, 27, if he decides to leave Manchester United.
Newcastle director of football Joe Kinnear wants to make his first signing since taking on his new role at the club by Friday, with a second bid planned for Saint Etienne striker Pierre-Emerick Aubameyang.
Tottenham have made a £17m offer for Valencia and Spain striker Roberto Soldado, 28.
Manchester United will treble Barcelona midfielder Thiago Alcantara's wages if the 22-year-old agrees a switch to Old Trafford.
Bayern Munich are interested in Chelsea and Brazil centre-back David Luiz, 26.
Liverpool are not targeting 23-year-old Paris St-Germain centre-back Mamadou Sakho, despite the France international being "flattered" by their apparent interest.
And new Manchester United boss David Moyes will return to old club Everton with a £16m bid for left-back Leighton Baines, 28.
Swansea are prepared to spend almost £20m to buy Vitesse Arnhem striker Wilfried Bony, 24, and Blackpool winger Tom Ince, 21.
Liverpool's pursuit of Shakhtar Donetsk midfielder Henrikh Mkhitaryan has not gone down well with Shakhtar boss Mircea Lucescu.
Liverpool could yet pocket around £4m if former winger Thomas Ince leaves Blackpool for Cardiff or Swansea, thanks to a 50% sell-on clause.
West Brom could become French striker Nicolas Anelka's sixth different Premier League club. The 34-year-old is a free agent after leaving Juventus.
Danish striker Nicklas Bendtner could finally end his long stay at Arsenal this week, with Eintracht Frankfurt ready to sign the 25-year-old.
Tottenham want to sell midfielder Tom Huddlestone, 26, with Sunderland considering a £5m bid for the midfielder.
Newly promoted Crystal Palace have contacted Liverpool to enquire about taking midfielder Jonjo Shelvey on loan. Palace manager Ian Holloway took the 21-year-old player for two months on a temporary basis in late 2011 when he was in charge at Blackpool.
Centre-back Joleon Lescott, 30, is determined to leave Manchester City this summer if he is told that he will remain out of the starting line-up.
Galatasaray have made a £1.25m loan offer with a £5m option to buy outright Manchester City defender Aleksandar Kolarov. The 27-year-old is also wanted by Juventus and Inter Milan.
Former Sheffield United midfielder Glyn Hodges is set to join the coaching staff at Stoke City after leaving QPR, where he was head of coaching. Hodges, 50, worked with new Stoke boss Mark Hughes at Loftus Road.
Brazil forward Neymar, 21, has revealed he will require minor throat surgery before he arrives at Barcelona following his 57m euro (£48.8m) move from Santos.
Chelsea owner Roman Abramovich has informed returning manager Jose Mourinho that - because of Uefa's financial fair play regulations - he must bring players through from the academy into the first team, rather than spend excessive sums on transfers.
The Premier League could be thrown into chaos next season as a new Fifa amendment to the offside rule - and who is 'interfering with play' - has caused concerns among leading officials and could add to further confusion for fans.