For transfer news and gossip throughout the day, read our breaking news service Sportsday Live.
Chelsea have emerged as favourites to land £15m-rated striker Theo Walcott, 23, from Arsenal.
Chelsea owner Roman Abramovich is willing to offer Atletico Madrid striker Radamel Falcao, 26, a £10m-a-year contract to bring him to Stamford Bridge.
Real Madrid are willing to pay up to £56m to land Tottenham winger Gareth Bale, 23, during the next two transfer windows.
Manchester United and Arsenal are battling to capture PSV Eindhoven's £17m-rated midfielder Kevin Strootman, 22.
Liverpool's hopes of signing Barcelona winger Cristian Tello, 21, appear to be over after he signed a new contract with the Spanish club - but he does have an £8m buy-out clause.
Wigan boss Roberto Martinez will not sell midfielder James McCarthy, 22, in January. Liverpool manager Brendan Rodgers is thought to be keen on signing him.
Arsenal and Manchester City are preparing to test Athletic Bilbao's resolve to keep hold of striker Fernando Llorente, 27, in the January transfer window.
Schalke striker Klaas-Jan Huntelaar, 29, would prefer a move to Inter Milan this January over Arsenal or Liverpool, according to the player's agent.
Swansea want to sign 22-year-old West Bromwich defender Craig Dawson.
Newcastle are in competition with Juventus to sign Toulouse midfielder Moussa Sissoko, 23.
Everton are unlikely to try to bring United States international Landon Donovan, 30, to Goodison on loan for a third time in January.
Roma are leading the race to sign Portuguese winger Nani, 26, from Manchester United when the transfer window re-opens in January.
Fiorentina will make a £5.6m bid for QPR midfielder Esteban Granero, 25, next month.
Frank Lampard, 34, accepts he will be leaving Chelsea at the end of the season.
Manchester City defender Micah Richards, 24, hopes to return to playing by early February after knee surgery in October.
Arsenal shareholder Alisher Usmanov says former Arsenal striker Thierry Henry, 35, should join Arsenal's coaching staff.
Former Liverpool director of football Damien Comolli says that he and Kenny Dalglish were judged too quickly at the club.
Fulham boss Martin Jol is confident captain Brede Hangeland, 31, will sign a new deal.
Wolves academy manager Kevin Thelwell has been promoted to the new role of head of football development and recruitment, where he will assist manager Stale Solbakken with first-team player recruitment.
Ashley Cole was made to wait on his Chelsea team-mates at dinner as punishment for losing at tenpin bowling on a team-bonding night in Yokohama ahead of their Club World Cup appearance.
Joey Barton's dream move to Marseille looks to have turned sour after the 30-year-old moaned on Twitter at having to play in front of "no fans" and then have a "freezing" cold shower.