For a list of confirmed transfers, check out the transfers page.
For breaking transfer stories throughout the day, follow Sportsday Live.
Tottenham striker Jermain Defoe, 31, is set for a £6m move to Toronto FC - a Major League Soccer record - and is likely to be loaned back to Spurs until March.
The Canadian club have released a YouTube video claiming they have secured "a big deal".
Manchester United are ready to bid £20m for Juventus midfielder Claudio Marchisio, 27, despite the Italian wanting to remain in Turin.
Juventus will look to sign Tottenham winger Erik Lamela, 21, in the summer, although Spurs' expectation of recouping most of the £30m paid for the Argentine has deterred Inter Milan.
Tottenham will also consider a cash-plus-player deal for Lamela, with Montenegro striker Mirko Vucinic, 30, potentially part of the deal with Juventus.
Arsenal and Liverpool are targeting Anderlecht defender Cheikhou Kouyate, 24, with his agent saying he has been in talks with both Premier League sides.
Arsenal will have to pay a loan fee of £1.7m for Real Madrid striker Alvaro Morata, 21, although they would also spend big if the right target became available. Bayern Munich's Mario Mandzukic, 27, Atletico Madrid's Diego Costa, 25, Porto's Jackson Martinez, 27, Manchester City's Edin Dzeko, 27, and Manchester United's Wayne Rooney, 28, are among the club's preferred options.
Swansea City are confident they will beat Cardiff and Crystal Palace to the signature of Blackpool winger Tom Ince, 21, who is available for £4m.
Montpellier forward Remy Cabella, 23, admits he would be happy to move to the Premier League this month, with Newcastle thought to be favourites to sign the Frenchman.
West Ham could let forward Modibo Maiga, 26, join Real Betis on loan if they agree a deal for Monaco striker Lacina Traore, 23.
Winger Wilfried Zaha, 21, is desperate to be granted a loan move away from Manchester United this month to keep his World Cup dream alive.
Hull boss Steve Bruce is ready to make a second attempt at signing striker Shane Long, 26, from West Brom for £5m.
Spartak Moscow and Republic of Ireland winger Aiden McGeady is set for a medical at Everton after agreeing contract terms with the Merseyside club.
Manchester United boss David Moyes faces a fight to convince several senior players of his credentials following three consecutive defeats for the first time in 13 years.
United's players are reportedly facing wage cuts of up to 25% if they fail to qualify for next season's Champions League.
Former Valencia and Atletico Madrid manager Quique Sanchez Flores is the new favourite to become West Bromwich Albion manager after Thomas Schaaf and Dave Jones were ruled out of the running to take over at the Hawthorns.
Nicklas Bendtner has given Arsenal manager Arsene Wenger a boost after recovering from his ankle injury quicker than expected. The Denmark striker, 25, could return to training within a few days.
Fulham have not made an enquiry or official offer for Manchester City defender Joleon Lescott. The 31-year-old has also been linked with West Ham and Turkish club Besiktas.
Lille club president Michel Seydoux has warned off Premier League interest for Ivorian attacker Salomon Kalou, 28, by saying a £71m (87m euro) bid for him would "maybe" be considered.
Barcelona forward Antonio Sanabria, 17, who had attracted interest from Arsenal, has revealed he is set to join Roma.
Celtic's Dutch defender Virgil van Dijk, 22, admits he is flattered in reported interest from Arsenal and Manchester City, but insists he is happy at the Scottish champions.
New Hannover coach Tayfun Korkut is keen to keep Mame Biram Diouf, 26, despite interest from Stoke and Cardiff in the Senegalese striker.
Arsenal midfielder Mesut Ozil has been named Germany's national player of the year following a fans' poll conducted by the German Football Federation.
Showbiz couple Michelle Keegan and Mark Wright were part of the pre-match entertainment at the Etihad Stadium for Manchester City's Capital One Cup semi-final first leg against West Ham. It was Coronation Street star Keegan who was smiling as her City side beat Wright's West Ham 6-0.