For a list of all the latest deals, check out the transfers page.
Manchester United and Manchester City will compete to sign Neymar, 23, from Barcelona, with the Brazil forward set to earn £15m a year. (Gazzetta World)
United are also closing in on Benfica midfielder Renato Sanches, 18, with the Red Devils expected to pay about £30m. (Daily Mail)
Manchester City striker Sergio Aguero has spoken to Barcelona forward Lionel Messi, 28, about the positives of the city. (Sky Sports)
Meanwhile, City manager Manuel Pellegrini is not expecting any signings or sales in January - but 18-year-old forward Patrick Roberts could go out on loan. (Manchester Evening News)
Arsenal boss Arsene Wenger, 66, is close to agreeing a new deal after overseeing a scouting overhaul. (Sun)
The Gunners are considering making a second bid for Leicester City's 19-year-old left-back Ben Chilwell, six months after seeing an offer of £3.5m rejected. (Telegraph)
Liverpool manager Jurgen Klopp says the club will not spend "Disneyland money" on new players. The German was speaking after director Ian Ayre returned from talks with Shakhtar Donetsk over their £38m-rated forward Alex Teixeira, 26. (Daily Telegraph)
The Reds remain in negotiations with Ukrainian club Shakhtar over Teixeira, and are considering raising their initial offer of £24.6m for the Brazilian. (Guardian)
Chelsea have made an approach to Paris St-Germain over a potential deal to sign their 31-year-old centre-back Thiago Silva this summer. (Tuttomercatoweb - in Italian)
Meanwhile, Chelsea have made Juventus boss Massimiliano Allegri, 48, their top target to take over as manager next summer.(Sun)
Southampton boss Ronald Koeman, 52, wants a reference from interim Chelsea boss Guus Hiddink, 69, to help him become the next permanent boss at Stamford Bridge.(Mirror)
Manchester United boss Louis van Gaal plans to make a move for Southampton's 26-year-old left-back Ryan Bertrand, but might have to pay over £20m.(Daily Star)
United could move instead for former Chelsea and Arsenal left-back Ashley Cole. The 35-year-old is available on a free after leaving Italian club Roma.(Independent)
Crystal Palace will have to pay unattached 31-year-old striker Emmanuel Adebayor £77,000 a week if they want to sign him before the transfer window closes. (Mirror)
Tottenham winger Andros Townsend, 24, is desperate to move to Newcastle and West Brom forward Saido Berahino, 22, sees the switch to St James' Park as progression, but potential deals for the pair have hit snags. (Newcastle Chronicle)
But Spurs chairman Daniel Levy is refusing to accept less than £14m for England international Townsend. (Independent)
West Brom boss Tony Pulis says there have been no bids for Berahino, and has told the player to forget the "circus" of the transfer window. (Daily Star)
Aston Villa have suffered frustration in the transfer market. Proposed deals for Hajduk Split goalkeeper Lovre Kalinic, 25, and Bordeaux defender Lamine Sane, 26, have broken down. (Birmingham Mail)
Arsenal goalkeeper Petr Cech, 33, should not have been allowed to leave Chelsea, says interim Blues boss Guus Hiddink. (Times - subscription required)
Former QPR and Tottenham midfielder Adel Taarabt, 26, is closing in on a return to AC Milan after falling out of favour at Benfica. (O Jogo, via Talksport)
Swansea City are keen on signing 20-year-old Barcelona forward Sandro Ramirez, but could face competition from Tottenham. (Daily Mail)
Bahraini pro-democracy campaigners have raised concerns with Fifa's major sponsors, over Sheikh Salman al-Khalifa's bid to become the president of world football's governing body. (Guardian)
Chelsea have sacked one of their stewards after video footage emerged of him branding 28-year-old midfielder Cesc Fabregas "a snake". (Irish Independent)
Swansea City have confirmed their interest in Sunderland's 24-year-old Italian forward Fabio Borini, but will not consider an exchange deal involving their 26-year-old Ghana striker Andre Ayew. (Sunderland Echo)
Sunderland's 33-year-old striker Jermain Defoe believes he is playing well enough to return to the England squad for Euro 2016. (Times - subscription required)
However, Defoe says he "doesn't think I could celebrate - just out of respect" if he scores on Saturday against Bournemouth. Defoe made his name with the Cherries as an 18-year-old on loan from West Ham, scoring in his first 10 league games as a professional.(Daily Star)
This was Cristiano Ronaldo's view on Friday afternoon - the 30-year-old Real Madrid forward posted the picture above on his Instagram page with the simple caption: "Relaxing."
Meanwhile, John Terry was settling in for an evening in front of the TV. The 32-year-old Chelsea centre-back posted this message of support for the club's youngsters: "Watching the U18s in the FA Youth Cup against Man Utd. 2-0 so far hopefully the boys can have another good year."
Striker Kenwyne Jones, on loan from Cardiff, celebrated making a goalscoring debut for Al Jazira by retweeting dozens of comments praising him.
An Arsenal-supporting father faked an official letter from Arsene Wenger to trick his son into supporting the Gunners. (Metro)