For a list of confirmed transfers, check out the transfers page.
For breaking transfer stories throughout the day, follow Sportsday Live.
Chelsea manager Jose Mourinho is confident he can sign Manchester United Wayne Rooney, 28, in the summer. Rooney's current contract expires at the end of next season.
Arsenal's hopes of signing striker Alvaro Morata, 21, on loan have been boosted after Real Madrid said they are willing to listen to offers.
Sunderland manager Gus Poyet wants to sign three Argentine players. Estudiantes defender Santiago Vergini, 25, is close to joining the Black Cats and he could be followed by Catania goalkeeper Mariano Andujar, 30, and Internacional midfielder Ignacio Scocco, 28.
West Ham could miss out on a loan deal for Inter Milan striker Ishak Belfodil after Fiorentina moved for the 21-year-old Algerian.
Southampton striker Dani Osvaldo is a target for Inter Milan. The Serie A side could offer Colombian midfielder Fredy Guarin, 27, who is also wanted by Chelsea, for Italy forward Osvaldo, 27.
Everton manager Roberto Martinez wants Spartak Moscow's Republic of Ireland winger Aidan McGeady, 27, and Blackpool winger Thomas Ince, 21, but could wait until the summer to sign the duo for less money.
Manchester United and Liverpool target Ivan Rakitic is set to stay at Sevilla after the Croatia midfielder, 25, made it clear he wants to remain in Spain.
Chelsea goalkeeper Thibaut Courtois wants to meet manager Jose Mourinho and make a decision on his future by April. The Belgium international, 21, is currently in his third season on loan at Atletico Madrid.
Hull manager Steve Bruce has joined the race for Everton striker Nikica Jelavic, 28, after growing frustrated in his pursuit of West Brom forward Shane Long and Sunderland striker Steven Fletcher.
Manager David Moyes is willing to spend £20m to make Juventus midfielder Claudio Marchisio, 27, a Manchester United player.
QPR manager Harry Redknapp wants to sign Jermain Defoe on loan despite the Tottenham striker, 31, being on the verge of a move to MLS side Toronto.
Valencia are considering a loan move for Liverpool forward Iago Aspas. The Spaniard, 26, has scored only once since joining from Celta Vigo last summer.
Newcastle are concerned they could lose Yohan Cabaye, 27 for less than £6m if the midfielder tries to exploit a clause which enables him to buy himself out of the final two years of his contract.
West Ham are considering a move for Nottingham Forest manager Billy Davies if they sack Sam Allardyce.
Former Cardiff manager Malky Mackay is also being considered as an option by the West Ham board should they sack Allardyce.
Manchester United defender Rio Ferdinand says he tried to convince Real Madrid forward Cristiano Ronaldo to return to club last summer but Ferdinand now fears any chance of that ever happening has now gone.
Manchester United's Netherlands striker Robin van Persie could return from a month out with a thigh injury for the trip to Chelsea on 19 January.
Everton's Republic of Ireland right-back Seamus Coleman, 25, will be given a new contract at the end of the season.
Borussia Dortmund's Poland striker Robert Lewandowski, 25, is considering employing bodyguards after signing a pre-contract agreement with Bayern Munich.