For a list of confirmed transfers, check out our transfers page.
Real Madrid claim they will sign 24-year-old Gareth Bale for £78m, leaving the £80m the Spanish club paid for Cristiano Ronaldo, 28, as the world record fee for a player.
Manchester United will make an improved bid for Athletic Bilbao midfielder Ander Herrera, 24, after a £21m offer was rejected by the Spanish club.
United will trigger the release clause in Herrera's contract with a £30.7m bid, while also offering Roma £10.2m for midfielder Daniele De Rossi, 30.
The Old Trafford club consulted former England manager Fabio Capello about the abilities of De Rossi, although their offer for the Italy international has been turned down by the Serie A side.
Everton have remained silent about Manchester United's improved offer of £36m for defender Leighton Baines, 28, and 25-year-old midfielder Marouane Fellaini.
Arsenal have added Schalke midfielder Julian Draxler, 19, and Real Madrid's 31-year-old forward Kaka, who wants to leave the Spanish club, to their transfer target list.
The Gunners are keen on signing former Chelsea winger Salomon Kalou, 28, from French club Lille.
Liverpool are trying to conclude deals for Sporting Lisbon defender Tiago Ilori, 20, and 23-year-old Paris St-Germain centre-back Mamadou Sakho. The Merseysiders are also trying to sign Chelsea winger Victor Moses, 22, on loan and Aston Villa keeper Shay Given, 37, on a short term deal.
Moses is also a target for West Brom manager Steve Clarke and Southampton boss Mauricio Pochettino.
Manchester City midfielder Gareth Barry, 32, is ready to take a pay cut to ensure a season-long loan move to Everton goes through.
Sunderland are nearing a deal to bring Swansea midfielder Ki Sung-Yeung, 24, to the Stadium of Light on a season-long loan deal.
Aston Villa have yet to receive any enquiries about goalkeeper Shay Given, 37, despite reported interest from Liverpool.
Celtic forward Tony Watt is a loan target for Aberdeen and Belgian side Lierse.
David Moyes has told striker Wayne Rooney, 27, to stay at Manchester United and emulate club legend Sir Bobby Charlton.
Liverpool attacking midfielder Philippe Coutinho, 21, believes England striker Daniel Sturridge, 23, would be good enough to play for Brazil.
Arsenal manager Arsene Wenger believes the Gunners have a better squad than Tottenham and does not rule out bringing striker Nicklas Bendtner, 25, back to the club.
Liverpool manager Brendan Rodgers says Sir Alex Ferguson's absence has made Manchester United a more cautious team.
Gareth Bale's boots have reportedly arrived at Real Madrid ahead of the 24-year-old forward's move to Spain.