For a list of confirmed transfers, check out the transfers page.
Manchester United are confident Wayne Rooney, 28, is ready to begin discussions on a new four-year contract worth £50m with Tom Cleverley, Danny Welbeck, Javier Hernandez, Anderson and Alex Buttner among those who could be leaving Old Trafford.
Liverpool and Arsenal are among five Premier League sides chasing £12m-rated Hoffenheim winger Kevin Volland, 21.
Chelsea are hoping to beat Manchester United to the signing of £15m-rated Fredy Guarin, 27, after making an offer for the Inter Milan midfielder.
Chelsea's chances of signing Adrien Rabiot, 18, could be dashed should Paris St-Germain fail to sign midfielder Paul Pogba, 20, from Juventus.
Manchester City defender Aleksander Kolarov, 28, could be heading back to Italy with Inter Milan after failing to hold down a first-team place under Manuel Pellegrini.
Manager Arsene Wenger, 64, will sign a new contract with Arsenal in the next month to keep him at the club until 2017.
Manchester United boss David Moyes says the money is in place to make a major signing that would demonstrate the club's ambition - however he might not be able to do a deal in January.
Fulham manager Rene Meulensteen has offered his former Manchester United colleague Mike Phelan the chance to be his number two at Craven Cottage. The pair worked successfully under Sir Alex Ferguson at United.
Defender John Terry, 33, is set for a new one-year contract at Chelsea after impressing boss Jose Mourinho.
West Ham boss Sam Allardyce has defended the £15m summer signing of 24-year-old striker Andy Carroll, who has been out injured since August.
Norwich boss Chris Hughton says the club will not be selling any of their key players in January.
Real Madrid forward Cristiano Ronaldo, 28, has launched his own Facebook-style social network - all about himself.
QPR manager Harry Redknapp has admitted to a secret addiction to feeding birds and says he spends almost £2,000 a year on bird feed.