For a list of confirmed transfers, check out the transfers page.
Arsenal manager Arsene Wenger wants to sign Schalke playmaker Julian Draxler, 20, for £35m and then turn him into the new Robin van Persie.
Manchester United will not be allowed to re-sign midfielder Paul Pogba from Juventus in January, but a deal for the 20-year-old could be revived in the summer.
But Pogba is bitter about his time at Old Trafford and refuses to return to the club.
Liverpool have joined the race to sign Porto midfielder Fernando, 26.
Turkish club Galatasaray want to sign Stoke City midfielder Charlie Adam, 28, for £5m.
Sunderland manager Gus Poyet has been told he must pay £6.5m to land Argentine forward Ignacio Scocco, 28, from Internacional.
Tottenham Hotspur may be preparing to take a £1.5m loss on Etienne Capoue just six months after signing the 25-year-old French midfielder from Toulouse for £9m.
The White Hart Lane club are also set to let midfielder Lewis Holtby leave. The 23-year-old only signed for them last January from Schalke, who are believed to be interested in taking him back.
Manchester City are ready to reignite their interest in £42m-rated defender Eliaquim Mangala, 21, from Porto.
Everton left-back Leighton Baines, 29, who has been linked with a move to Manchester United, is on the verge of signing a new long-term deal that will commit his future to the Blues.
Cardiff manager Ole Gunnar Solskjaer is keen on bringing in Manchester United winger Wilfried Zaha, 21, and West Ham midfielder Ravel Morrison, 20, to help the club's relegation fight.
Spanish clubs Valencia and Real Betis want to sign 26-year-old Liverpool striker Iago Aspas, who signed for the Reds from Celta Vigo for £7m last summer, on loan.
Barcelona star Lionel Messi says he expects to be back to his best for the Spanish club's last-16 Champions League knockout tie against Manchester City in February.
Norwegian manager Ole Gunnar Solskjaer has been told he has a job at Cardiff for the next five years by chairman Mehmet Dalman.
Chelsea owner Roman Abramovich has shown his faith in manager Jose Mourinho by allowing him to decide whether the club offer Frank Lampard, John Terry and Ashley Cole new contracts.
Mourinho, meanwhile, claims to have "inside information" that all is not well at Manchester United, although the Old Trafford club's manager David Moyes is not under pressure.
GLOBAL GOSSIP (sourced by BBC Monitoring)
Chelsea could sell 26-year-old centre-back David Luiz to Barcelona for 35 million euros (£29m), after having rejected the Catalan club's earlier offer of 25 million euros (£21m) last summer.
Newcastle and Stoke City are emerging as potential destinations for Borussia Monchengladbach's Swiss-born forward Luuk de Jong, 23.
Blackburn manager Gary Bowyer's side face Manchester City in the FA Cup on Wednesday but his father Ian, who used to play for the Etihad club, will not be at the game after being sent on a scouting mission by his son.
Vitor Pereira, coach of Saudi Arabian club Al-Ahly, lost his cool with the club's media officer, who tried to restrict his answers during a heated press conference.
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