Follow the latest transfers news all week with Sportsday.
For a list of confirmed transfers, check out the transfers page.
Manchester United have rejected an offer from Paris St-Germain for winger Adnan Januzaj, with the Old Trafford club insisting the 18-year-old is not for sale.
Manchester United manager David Moyes is lining up summer deals for Bayern Munich midfielder Toni Kroos, 24, and Borussia Dortmund midfielder Marco Reus, also 24.
Moyes will also go head-to-head with Chelsea during the summer when he tries to sign Southampton's 18-year-old left-back Luke Shaw.
Manchester City are targeting the summer signing of Arsenal's 30-year-old right-back Bacary Sagna but face competition from Monaco, Galatasaray, Paris St-Germain, Fenerbahce and Real Madrid.
West Ham are lining up a move for Southampton's record signing Dani Osvaldo, 28, who has been suspended from playing by his club for fighting team-mate Jose Fonte.
Former Roma striker Osvaldo is expected to return to Serie A before the end of the transfer window, with Inter Milan, Fiorentina and Juventus all reported to be interested.
Chelsea have reached a "verbal agreement" over the purchase of Atletico Madrid striker Diego Costa, 25, that will see them beat Liverpool, Arsenal and Manchester United to sign the player in the summer.
German club Schalke have seemingly softened their stance over selling 20-year-old striker Julian Draxler to Arsenal.
Fulham boss Rene Meulensteen wants to snap up Spanish attacking midfielder Sergio Canales, 22, on loan from Valencia.
Liverpool scouts watched Saul Niguez, 19, play for Rayo Vallecano against his parent club Atletico in the Madrid derby on Sunday evening.
Everton want to sign Feyenoord's 21-year-old defender Bruno Martins Indi, who is also interesting Newcastle, to replace the injured Bryan Oviedo in a deal which could cost £8m.
West Ham are poised to make an improved £5m offer for Leeds United striker Ross McCormack, 27, on Monday.
Spanish playmaker Juan Mata says the "difficult situations" at Chelsea meant he had to leave the club to join Manchester United.
France goalkeeper Hugo Lloris, 27, could quit Tottenham in the summer if Spurs fail to qualify for the Champions League.
GLOBAL GOSSIP (sourced from BBC Monitoring)
Chelsea manager Jose Mourinho, in search of a top striker, is looking at Real Sociedad's 22 year-old midfielder Antoine Griezmann.
French side Paris Saint Germain are lining up a 250 million euro (around £207m) shock bid for Barcelona playmaker Lionel Messi, who is yet to renew his contract with the Spanish side.
Manchester United will attempt to recruit Newcastle midfielder Yohan Cabaye, 28, in the last days of the transfer window in a deal estimated to be worth around £20m.
Arsenal manager Arsene Wenger is willing to pay £30m for Schalke's 20-year-old Germany international Julian Draxler.
Brazilian star Ronaldinho, 33, has joined up with rapper and friend Edcity to release a song entitled "Vai na fe" ("Go in Faith").
You can comment on the latest gossip on the BBC Sport Facebook page.