For a list of confirmed transfers, check out the transfers page.
Chelsea and England left-back Ashley Cole, 33, is being linked with a move to Spanish giants Real Madrid, where former Chelsea boss Carlo Ancelotti is in charge.
Manchester United transfer target Leighton Baines, 29, is going nowhere in January, insists Everton boss Roberto Martinez.
However, Martinez admits striker Nikica Jelavic, 28, could be on his way out of Goodison Park with enquiries coming in from "two different clubs" ahead of the January transfer window.
Atletico Madrid and Inter Milan are believed to be battling it out to land Tottenham's attacking midfielder Erik Lamela, 21.
Forward Pedro, 26, has dealt a hammer blow to Arsenal, Manchester United and Liverpool with the news that he wants to stay at Barcelona.
Arsenal boss Arsene Wenger is considering a move for Real Madrid striker Alvaro Morata, 21, on a six-month loan to bolster his attacking options.
West Ham are facing a nervous January after it emerged they may have to sell 20-year-old England Under-21 international midfielder Ravel Morrison.
Porto centre-back Nicolas Otamendi, 25, wants Chelsea and Manchester City to firm up their interest, after expressing his belief that a mid-season move would not harm his chances of appearing for Argentina at the World Cup.
Tottenham are considering a move for West Brom striker Shane Long, 26, although chairman Daniel Levy says the Londoners must sell before they can buy after spending £110m in the summer.
Everton and Newcastle want to sign Reading's England Under-21 goalkeeper Alex McCarthy, 24.
Sunderland are believed to be close to a deal to bring Fiorentina left-back Marcos Alonso, 22, to Wearside on loan when the January transfer window opens.
Liverpool look set to miss out on the chance to bring midfielder Xabi Alonso, 32, back to Anfield, with reports in Spain suggesting he is ready to sign a new deal at Real Madrid.
Manchester City are considering a move for Benfica midfielder Nemanja Matic, 25, with the club willing to offer £20m plus midfielder Javi Garcia, 26.
Barcelona want on-loan Everton forward Gerard Deulofeu, 19, back at the Nou Camp at the end of the season.
Liverpool icon John Barnes fears striker Luis Suarez, 26, will leave Anfield in the summer even if the club finish in the top four.
Benfica midfielder Nicolas Gaitan, 25, says he is content at the Portuguese club despite interest from Manchester United and Paris St-Germain.
Tottenham are still believed to be interested in hiring Netherlands boss Louis van Gaal as manager despite giving Tim Sherwood an 18-month deal.
Former Manchester United boss Sir Alex Ferguson has told Molde manager Ole Gunnar Solskjaer, who played under Ferguson at Old Trafford, to turn down the Cardiff manager's job.
Manchester United manager David Moyes has ruled out the possibility of a January spending spree when the transfer window opens again during the week.
After playing in custom-made boots covered in his own newspaper clippings made up entirely of headlines about himself, AC Milan striker Mario Balotelli, 23, has now posted a picture of a piece of artwork on his Instagram account. The words are arranged to form a headshot of the former Manchester City player.