For a list of confirmed transfers, check out the transfers page.
Chelsea are prepared to pay £21m to bring Benfica midfielder Nemanja Matic, 26, back to the club during the January transfer window. Matic moved to the Portuguese club from Stamford Bridge in January 2011.
Manchester City are ready to pay £30m to sign Southampton defender Luke Shaw, 18. The fee would be a world record for a full-back, beating the £29.5m Barcelona paid Sevilla to sign Dani Alves in 2008.
West Ham have agreed a deal to sign centre-back Joleon Lescott from Manchester City but the move may collapse as the Etihad club do not want to release the 31-year-old until after 20 January.
Arsenal and Chelsea are battling to sign Atletico Madrid's 19-year-old midfielder Saul Niguez.
Manchester United are set to sign Real Madrid defender Fabio Coentrao, 25, on a loan deal until the end of the season.
Manchester City want to sign former Manchester United player Paul Pogba. The 20-year-old French midfielder is currently at Italian Serie A leaders Juventus.
Tottenham head coach Tim Sherwood is unhappy with the attitude of some of his players and is ready to sell midfielder Etienne Capoue, 25.
Manchester United midfielder Anderson, 25, is set to join Italian side Fiorentina, while wingers Nani, 27, and Wilfried Zaha, 21, will seal loan moves to Sporting Lisbon and Cardiff City respectively this month.
Arsenal will step up their bid to sign Schalke forward Julian Draxler, 20, after discovering he has a £40m buy-out clause.
Striker Papiss Cisse, 28, wants to leave Newcastle in order to move to Qatar but the Tyneside club's desire to recoup most of the £9m they paid for the Senegal international is holding up a deal.
Norway and Stromsgodset midfielder Stefan Johansen is waiting for Celtic to make their next move in the hope that he can seal a transfer to the Scottish champions.
Former Manchester United manager Sir Alex Ferguson held an unscheduled meeting with successor David Moyes after the Old Trafford club's FA Cup defeat by Swansea last Sunday.
Chelsea centre-back John Terry, 33, is set to come out of international retirement and make himself available for England's next game, which is a friendly against Denmark in March.
Former Cardiff manager Malky Mackay will become the next boss of struggling West Ham if the Hammers dismiss Sam Allardyce.
West Ham co-chairman David Gold says Allardyce's position has never been under threat and he should not be blamed for injuries to key players.
The League Managers' Association wants the Football Association to take action against clubs who are guilty of unfairly dismissing technical staff.
Former Tottenham manager Andre Villas-Boas could take over as the new coach of German club Schalke if they sack current boss Jens Keller, who is under pressure.
Arsenal manager Arsene Wenger has tipped midfielder Alex Oxlade-Chamberlain, 20, to replace Liverpool's Steven Gerrard, 33, in the England team when the Three Lions captain retires.
Liverpool legend John Barnes believes the Reds do not have a strong enough squad to win the Premier League title, but says they may claim a top-four place.
Leeds defender Jason Pearce, 26, forgot to take the price tags off his club shirt, which he wore during the 6-0 Championship defeat by Sheffield Wednesday.