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Liverpool striker Luis Suarez, 26, is ready to break his promise that he would not leave the Reds for another Premier League club to join Arsenal.
Arsenal have been linked with Real Madrid forward Gonzalo Higuain, 25, but the Spanish club are ready to use him as bait, along with £20m, to try to sign Luis Suarez from Liverpool.
Manchester United are ready to spend up to £100m to land Tottenham forward Gareth Bale, 24, and Barcelona midfielder Cesc Fabregas, 26.
But they may find it difficult to prise Fabregas away from Barcelona, with the Catalan club insisting the Spanish international is not for sale.
Fabregas has also told friends that if he returns to the Premier League then his destination will be former club Arsenal.
Arsenal are interested in signing Chelsea playmaker Juan Mata, 25, with the Spain international's future under scrutiny since Jose Mourinho returned to Stamford Bridge as manager.
Tottenham and Liverpool are in a battle with three other clubs to sign highly rated 20-year-old Brazilian winger Bernard, who is set to quit his current club Atletico Mineiro.
Liverpool have agreed a season-long loan deal with Napoli for goalkeeper Pepe Reina and will shave £4m a year off their wage bill should the 30-year-old eventually make the move permanent.
Liverpool centre-back Daniel Agger, 28, has emerged as a target for Spanish league champions Barcelona.
Newcastle manager Alan Pardew wants to sign 27-year-old Lyon forward Bafetimbi Gomis and pair him with Aston Villa striker Darren Bent, 29, in a new-look attacking partnership at St James' Park.
Norwich City are lining up a shock move for 29-year-old former Barcelona striker Maxi Lopez, who is now at Catania but spent last season on loan at Sampdoria.
Tottenham manager Andre Villas-Boas has played down speculation that he might become the new Barcelona coach after Tito Vilanova's departure from the Catalan club for health reasons.
Chelsea manager Jose Mourinho, 50, is in line to fill the role of the Premier League's "Godfather" vacated by former Manchester United boss Sir Alex Ferguson.
Fulham manager Martin Jol and club captain Brede Hangeland, 32, were flown from the side's Costa Rican pre-season training camp to Jacksonville in the United States to meet the club's new owner Shahid Khan.
Switzerland midfielder Gokhan Inler, 29, wants to stay at Italian club Napoli and will turn down any clubs from the Premier League interested in him.
Southampton manager Mauricio Pochettino led his players in a walk across hot coals as the squad continued their pre-season preparations in Asia with some bizarre team-building exercises.
Bayern Munich's second-choice goalkeeper Tom Starke, 32, accidentally hit new coach Pep Guardiola in the face during the team's photo-shoot - and then made things better by giving him a cuddle.