Arsene Wenger is hoping the fact that he sold striker Robin van Persie to Manchester United last summer will help him land 26-year-old winger Nani from Sir Alex Ferguson's side.
Manchester United are to make a new £15m bid for Everton's 28-year-old left-back Leighton Baines, who is also thought to be wanted by Chelsea and Paris St Germain.
Manchester City are prepared to sell £24m defender Joleon Lescott, 30, for £8m in January.
Chelsea are considering a £16m move for Sevilla's Spain striker Alvaro Negredo, 27.
Birmingham's financial situation could force them into selling goalkeeper Jack Butland, 19, to Liverpool.
Arsenal are still chasing Rennes midfielder Yann M'Vila, 22, despite a deal collapsing in the summer.
Sunderland will discuss a permanent move for on-loan defender Danny Rose, 22, when parent side Tottenham visit the Stadium of Light on Saturday.
Leicester have agreed a £1m deal with Championship rivals Blackpool to sign 26-year-old defender Alex Baptiste in the January transfer window.
Tottenham boss Andre Villas-Boas insists Gareth Bale will not be sold in the January transfer window and says there are no plans for any signings next month.
Paris St Germain coach Carlo Ancelotti insists there is no chance of Real Madrid forward Cristiano Ronaldo heading to the affluent French club.
Blackburn directors Paul Agnew and Derek Shaw are holding crisis talks with Venky's in India as the club put any coaching appointments on hold.
Meanwhile, Blackburn managing director Shaw has reportedly called for the club's global advisor Shebby Singh to be sacked.
Real Madrid manager Jose Mourinho has revealed he is "under pressure" to deliver in the Champions League as he fights for his future at the Bernabeu with Manchester United waiting in the last 16.
Liverpool midfielder Joe Cole, 31, will ask for a £3.6m pay-off to quit the club in January.
Liverpool manager Brendan Rodgers has warned his inconsistent players to toughen up or leave Anfield.
Swansea manager Michael Laudrup will hold a meeting with Danny Graham, 27, to sort out the striker's future.
Brighton striker Craig Mackail-Smith says he will not let talk of a move to Norwich affect his form.
Blackburn's owners Venky's have signed up Ronaldinho, 32, but, unfortunately for Rovers supporters, the Atletico Mineiro forward will only be starring in a movie.