BBC Sport profiles the most likely transfer targets during the January window - at home and abroad.
Last January, the headlines were made on deadline day when Chelsea spent £50m on Fernando Torres and Liverpool replaced the Spaniard with £35m striker Andy Carroll.
Here are our top 50 suggestions for high-profile moves this time...
POTENTIAL PREMIER LEAGUE MOVERS
CARLOS TEVEZ (aged 27, forward) Manchester City The Argentine is on his way out and, although City want a permanent deal, they may be prepared to initially loan him to AC Milan.
WAYNE BRIDGE (31, left-back) Manchester City Pocketing a reported £90k-a-week but not in manager Roberto Mancini's plans and looks certain to leave. Possible Arsenal target.
CHEICK TIOTE (25, midfielder) Newcastle United Despite signing a new long-term contract in February, the Ivory Coast star has created a lot of interest prior to leaving for the Africa Cup of Nations.
MAROUANE CHAMAKH (27, forward) Arsenal After a blistering start to his Arsenal career, went dramatically off the boil. He will not want to sit on the bench for too much longer.
JACK RODWELL (20, midfielder) Everton The Toffees are desperate for a striker but David Moyes needs to sell before he can buy. Everton could be tempted if a high enough offer comes in.
GARY CAHILL (26, centre-back) Bolton Wanderers The England international's contract expires at the end of the season and Bolton will sell him. Chelsea are the front-runners.
CHRIS SAMBA (27, centre-back) Blackburn Rovers Unhappy at the club and has made that clear for a while now. A big asking price may put off any potential suitors from making a bid.
JUNIOR HOILETT (21, winger) Blackburn Rovers Rovers's top performer in their despairing situation. Contract ends in the summer so Rovers may take the money for the Canadian.
FLORENT MALOUDA (31, winger) Chelsea Has been sidelined since Juan Mata's arrival at Stamford Bridge. He may return to France and join ex-Blues boss Carlo Ancelotti at Paris Saint-Germain.
DARRON GIBSON (24, midfielder) Manchester United Joined Everton on a four-and-a-half year deal after finding first-team opportunities limited at Old Trafford.
TOMASZ KUSZCZAK (29, goalkeeper) Manchester United Another whose contract expires at the end of the season, but the reserve keeper may move earlier having stated his desire to quit United.
POTENTIAL FOOTBALL LEAGUE AND SPL MOVERS
JAMES TOMKINS (22, centre-back) West Ham United Talented England Under-21 central defender who could be snapped up by a top-flight club should they be looking to strengthen their backline.
ROBERT SNODGRASS (24, winger) Leeds United Had appendix surgery at Christmas but wants to cement his place in the Scotland team. A Premier League club could target him.
JORDAN RHODES (21, forward) Huddersfield Town Has already scored 19 League One goals and West Ham have declared a strong interest in the English-born Scottish international.
LEWIS McGUGAN (23, midfielder) Nottingham Forest With Forest struggling, he may be sold by Steve Cotterill to bring in more players. His thunderbolt shooting is his greatest asset.
LIAM RIDGEWELL (27, centre-back) Birmingham The defender had a transfer request rejected in August. Nothing has changed for him to rethink his decision about leaving.
WILFRIED ZAHA (19, forward) Crystal Palace Impressed against Manchester United in their Carling Cup win, the England Under-19 man possesses all the qualities to be a top striker.
NICKY MAYNARD (25, forward) Bristol City After refusing to sign a new contract, he has been told he can leave Ashton Gate. There won't be any shortage of managers wanting him.
NIKICA JELAVIC (26, forward) Rangers Nearly moved to Leicester in the summer, the Croatian will be looking to test himself in England and plenty of clubs will be lining up for him.
POTENTIAL EUROPEAN MOVERS
WESLEY SNEIJDER (27, midfielder) Inter Milan Inter may decide to cash-in on their Dutch star but a destination isn't clear. His sky-high wages and a hefty transfer fee could put clubs off.
MARIO GOTZE (19, midfielder/forward) Borussia Dortmund 'The German Messi' as described by Franz Beckenbauer. Extremely skilful and attracting plenty of interest from Arsenal and Manchester United.
CHRISTIAN ERIKSEN (19, midfielder/forward) Ajax Starred for Denmark against England in February. Manchester United are among a host of major clubs who have been tracking him.
RASMUS ELM (23, midfielder) AZ Alkmaar The talented Swede has attracted plenty of interest from Premier League and Serie A clubs, including Arsenal, Manchester United and Spurs.
MARCO REUS (22, midfielder/forward) Borussia Monchengladbach Champions Borussia Dortmund showed big intent by re-signing their former youth player for €17.5million on a five-year deal.
XHERDAN SHAQIRI (20, midfielder) FC Basel The talented Swiss impressed against Manchester United in the Champions League and both United and Liverpool may target the £10m-rated player.
YOANN GOURCUFF (25, midfielder/forward) Lyon Disappointing since his £18m move from Bordeaux, Lyon are ready to cut their losses on the playmaker and may even consider a loan.
ANDRE-PIERRE GIGNAC (26, forward) Marseille His move to Fulham collapsed at the last minute in August but could be back on after a falling out with coach Didier Deschamps.
EDEN HAZARD (20, winger/forward) Lille The exciting Belgian is a tasty prospect for Arsenal, Chelsea and Man City fans, but is also being targeted by wealthy domestic rivals Paris Saint-Germain.
BENJAMIN CORGNET (24, midfielder/forward) Dijon Hugely impressive in his first Ligue 1 season, the dynamic attacking midfielder is reportedly attracting interest from Chelsea and Liverpool.
OLIVIER GIROUD (25, forward) Montpellier His strength and aerial prowess make him an attractive prospect but it would take a large bid to sway the title hopefuls.
MODIBO MAIGA (25, winger/forward) Sochaux Unhappy with Newcastle's decision to withdraw interest following a medical, the Malian would be open to offers from other Premier League clubs.
PAPA 'BABA' DIAWARA (23, forward) Maritimo The Senegalese striker nearly moved to Celtic last summer and could be on his way this time via imminent receipt of a Portuguese passport.
ALVARO PEREIRA (26, left-back) FC Porto The attacking full-back is strongly linked with Chelsea. The Portuguese champions have a replacement in Brazil's Alex Sandro and may be ready to haggle.
EWERTON (22, centre-back) SC Braga The defender has impressed while on loan from Corinthians Alagoano, but his fate is not in Braga's hands. Porto and some Premier League sides are keen.
NICOLAS GAITAN (23, midfielder) Benfica The Argentine sparkled in the Champions League group stage, but the extent of Manchester United's interest is the subject of some debate.
HULK (25, forward) Porto Few clubs in the world have a realistic chance of luring the burly Brazil striker, who has an £83m buy-out clause - but Chelsea or Paris Saint-Germain might be tempted to break the bank.
KAKA (29, forward) Real Madrid The Spanish giants are keen to offload a player earning £8.5m-plus per year. Paris Saint-Germain, Chelsea and a return to Brazil have all been mooted but the £25m price tag is too high.
MARTIN CACERES (24, full-back) Sevilla Selling the cultured Uruguayan would raise funds for Sevilla. He has attracted admiring glances in La Liga and abroad. Juventus are keen and £8m might do it.
NILMAR (27, forward) Villarreal The Brazilian striker initially flopped at Lyon but has impressed since arriving from Internacional. Roma and Barcelona are monitoring but would need to find £25m.
ESTEBAN GRANERO (24, midfielder) Real Madrid Has been limited to a handful of minutes as a sub this season. Arsenal have a long-standing admiration, as do Malaga.
CARLOS KAMENI (27, goalkeeper) Espanyol The Catalans are keen to sell to generate transfer funds and the Cameroonian stopper is one of their big assets. Moneybags Malaga are especially keen.
JOSE ANTONIO REYES (28, midfielder) Sevilla The ex-Arsenal utility frontman rejoined Sevilla from Atlético Madrid on 5 January, signing a contract through to 2015.
DANIELE DE ROSSI (28, midfielder) Roma His contract expires in the summer and has not yet signed a new deal. Manchester City have repeatedly denied an interest in the Italian.
RICCARDO MONTOLIVO (26, midfielder) Fiorentina The Italian looks likely to move away from the Viola with Arsenal potential suitors. AC Milan and Liverpool are also in the frame.
POTENTIAL SOUTH AMERICAN MOVERS
NEYMAR (19, forward) Santos Outrageously talented wonderkid whose desire for a move may have been boosted by the mauling his Brazilian club suffered against Barcelona in the World Club Cup.
DEDE (23, centre-back) Vasco da Gama Tall, strong and very quick. A giant in defence who also likes to make an attacking contribution. Linked with Real Madrid.
LEANDRO DAMIAO (22, forward) Internacional Tall target man who enjoyed a wonderful 2011. Has been attracting interest from Tottenham, Arsenal and Juventus.
CARLOS LUQUE (18, winger) Colon Displays pace and tricky dribbling skills. A hit in the World Youth Cup, which Brazil won, the Argentine has been doing well at senior level.
LUCAS OCAMPO (17, midfielder/forward) River Plate Tall, dynamic and skilful and can play up front or in midfield, but may not be sold until his club have been promoted back to the First Division.
ANDY POLO (17, forward) Universitario Strong and stocky bullet-fast support striker who made a huge impression in 2011. The appalling financial position of his Peruvian club could force a sale.
Compiled by contributors Andy Brassell, Tim Vickery and Matt Spiro and BBC Sport's Shamoon Hafez and Howard Nurse.