For a list of confirmed transfers, check out the transfers page.
Chelsea manager Jose Mourinho has identified Atletico Madrid's Diego Costa, Bayern Munich's Mario Mandzukic and Paris St-Germain's Edinson Cavani as his three striker targets this summer after giving up on signing Wayne Rooney from Manchester United.
Manchester United are planning a summer swoop for Newcastle midfielder Cheick Tiote, 27, and are ready to go head-to-head with Barcelona and Real Madrid for Portugal midfielder William Carvalho, 21.
AC Milan striker Mario Balotelli, 23, could be helped on his way to Arsenal with his boot sponsor contracted to make the Gunners' kit from next season and keen to subsidise a £40m deal.
Juventus will return with a renewed bid for Manchester United winger Nani, 27, in the summer as they attempt to beat domestic rivals Inter Milan and AC Milan to his signature.
Liverpool's disappointing January transfer window gets worse with Blackpool's Tom Ince, 22, another target who eluded them, according to the winger's father Paul.
But the Reds expect to sign Yevhen Konoplyanka, 24, in the summer after missing out on the Ukraine winger on transfer deadline day.
Former Arsenal forward Dennis Bergkamp, 44, currently on the coaching staff at Ajax, is one of the contenders to replace Michael Laudrup at Swansea.
The Welsh club could be left with a £5m compensation bill after the decision to sack Laudrup.
Chelsea forward Mohamed Salah, 21, wanted to move to Liverpool in January, but chose the Stamford Bridge club because he felt the Reds disrespected him.
Stevan Jovetic, 24, has revealed he turned down Real Madrid to sign for Manchester City in a £22m deal from Fiorentina in the summer.
Barcelona midfielder Xavi, 34, says he could never play in England, despite his love for the "great culture".
Adel Taarabt, 24, who is on loan at AC Milan from Queens Park Rangers until the rest of the season, says the Italian club is "more organised and professional" than his previous clubs Tottenham, QPR and Fulham.
Leeds United have accepted a seven-figure loan from Massimo Cellino in advance of the Italian's as yet incomplete takeover.
Chelsea captain John Terry, 33, will agree a one-year extension with the Blues after accepting the club's policy of keeping older players on short-term deals.
But Terry says he will never return to international duty, and will not make a World Cup comeback for England.
Italian side Atalanta's sporting director Pierpaolo Marino says he will initiate talks with Avellino's 21-year-old right-back Davide Zappacosta.
Full story: Tuttosport (in Italian)
Real Madrid manager Carlo Ancelotti feels Gareth Bale's performance will improve next season as the 24-year-old will be better suited to Spanish football by then.
Full story: AS (in Spanish)
German club Hertha Berlin's 28-year-old Colombian striker Adrian Ramos has fuelled rumours of a possible move to Borussia Dortmund after he expressed a desire to leave his current club.
Former Fulham striker Dimitar Berbatov, 33, has hit back at claims that he is lazy. He said he made a deadline day move to Monaco because he does not want to play a style of football that sends people to sleep.
German and European champions Bayern Munich have threatened to cancel fans' season tickets if they fail to show up for matches at the Allianz Arena.
You can comment on the latest gossip on the BBC Sport Facebook page.