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Arsenal have agreed to sign Real Madrid striker Alvaro Morata, 21, on a six-month loan deal in January.
Arsenal and Manchester United look set to miss out on Real Madrid's Argentine winger Angel Di Maria, 25, who is keen on a move to Monaco after finding himself on the sidelines at the Bernabeu.
Brazilian club Corinthians have rejected a £6m bid from Arsenal for striker Alexandre Pato, 26, who is also said to have been a target for north London rivals Tottenham.
Manchester City boss Manuel Pellegrini says striker Edin Dzeko will be staying at the club as he ended Arsenal's hopes of signing the 27-year-old.
Tottenham are looking at strengthening their forward line by considering a £30m move for Fiorentina's former Manchester United striker Giuseppe Rossi, 26.
Ashley Cole, 32, has no intention of leaving Chelsea in January and the left-back is determined to fight for his first-team place and earn a new contract with the Stamford Bridge club.
Everton manager Roberto Martinez has hinted he may sell 30-year-old defender Johnny Heitinga.
Former Manchester United assistant manager Mike Phelan is an early favourite to succeed Owen Coyle as Wigan manager.
However, ex-Blackpool and Crystal Palace boss Ian Holloway is also a front runner to replace Coyle at the DW Stadium.
Former Sheffield United manager Neil Warnock has emerged as a shock candidate for the vacant post at Sheffield Wednesday following the sacking of Dave Jones.
England manager Roy Hodgson has praised Liverpool striker Daniel Sturridge for playing in a recent international despite club boss Brendan Rodgers deeming the 24-year-old to be unfit.
QPR midfielder Joey Barton, 31, says his good relationship with Newcastle fans, after he played for the Magpies for four years, means he will not join their north-east rivals Sunderland.
The wife of Newcastle defender Fabricio Coloccini has posted a series of emotional tweets following her return to the couple's native Argentina, leading to speculation that the 31-year-old defender could leave Tyneside.
GLOBAL GOSSIP from BBC Monitoring
Chelsea midfielder Juan Mata, 25, Newcastle's Yohan Cabaye, 27, and 20-year-old Paul Pogba of Juventus are favourites to join French side Paris Saint-Germain after club manager Laurent Blanc hinted at hiring new talent in the January transfer window.
Barcelona could yet again make a move for David Luiz, 26, if Chelsea decide to sell the defender.
Real Madrid manager Carlo Ancelotti says he will not sell Sergio Ramos as the younger team members still have a lot to learn from the 27-year-old defender.
Hull manager Steve Bruce wants the dubious goals committee to award Tom Huddlestone with a goal from Sunday's win over Liverpool, so the 26-year-old midfielder can get his hair cut. The former Spurs player had pledged to grow his locks until the next time he scores.