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Real Madrid are preparing to follow up their £85.3m world record signing of Gareth Bale by making a £45m swoop for Liverpool striker Luis Suarez, 26.
Real coach Carlo Ancelotti has confirmed that defender Fabio Coentrao, 25, will be staying at the Bernabeu this summer amid speculation of a possible move to Manchester United.
But Tottenham want to bring Coentrao in on loan.
Real Madrid forward Kaka, 31, will sign for former club AC Milan on loan, while Arsenal and Manchester United will compete for the signature of playmaker Mesut Ozil, 24, as the Spanish giants try to recoup some of the money they spent on Bale.
Arsenal will complete the signing of Ozil either as a permanent or loan deal, and are also chasing his Real Madrid team-mate, 25-year-old winger Angel Di Maria, as well as Schalke midfielder Julian Draxler, 19, and Chelsea's out-of-favour striker Demba Ba, 28.
Arsene Wenger is preparing an £80m spending spree in the final hours of the transfer window, with Arsenal ready to launch bids for Ozil, Di Maria and 23-year-old Palermo striker Abel Hernandez.
Blackpool winger Tom Ince, 21, is set for a £10m move to Tottenham Hotspur but will remain on loan with the Seasiders until the end of the season.
Gabriel Tamas is a target for Crystal Palace, after West Brom coach Steve Clarke told the 29-year-old central defender he can leave the club.
Brighton would face a fans' revolt if they agree to sell Argentine striker Leonardo Ulloa, 27, to bitter rivals Crystal Palace for a reported £5m.
Queens Park Rangers manager Harry Redknapp wants to take Spurs duo Emmanuel Adebayor and Benoit Assou-Ekotto, both 29, on loan.
Sunderland hope to finalise a loan deal for Liverpool striker Fabio Borini, 22, and have also enquired about a similar deal for Napoli defender Andrea Dossena, 31.
Arsenal forward Olivier Giroud says the club need to bring in at least one more attacker before the transfer window closes on Monday. The Frenchman, 26, believes Luis Suarez, 26, would have been a great addition.
AS Roma insist midfielder Daniele De Rossi, 30, is not for sale amid reports Manchester United are still targeting the highly rated midfielder.
West Ham midfielder Joe Cole is expected to be out for six weeks. The 31-year-old suffered a hamstring tear in training which ruled him out of the 1-0 home defeat by Stoke City on Saturday.
Gareth Bale's £85.3m transfer to Real Madrid is the 42nd time the world record has been broken. The first official world record was £100 when Scot Willie Groves moved from West Brom to Aston Villa in 1893.