A look at the deals that could still happen
We've already seen a few big transfers this winter with Luis Suarez set to leave Ajax for Liverpool, Edin Dzeko saying farewell to Wolfsburg in order to join Manchester City, AC Milan snapping up Antonio Cassano, Mark van Bommel and Urby Emanuelson and Real Madrid adding Emmanuel Adebayor to their squad.
Nevertheless, plenty of action awaits on Monday, January 31.
Fernando Torres - Liverpool to Chelsea
Torres had a transfer request officially turned down by Liverpool, but following Luis Suarez's move to Anfield the chances are still real that the Spaniard could quit for Stamford Bridge before the end of the January window. A fee of £50 million has been mooted.
Ashley Young - Aston Villa to Liverpool
Very outside chance of anything happening with this one, but director Damien Comolli has already confirmed Liverpool's interest in the winger, and should the Torres deal go through they'll have more than enough money to acquire him.
Charlie Adam - Blackpool to Liverpool
The midfielder has been Blackpool's absolute star player this season and his good performances haven't gone unnoticed elsewhere. Liverpool are eager to add the Scotland international to their ranks, but they've so far been reluctant to meet Blackpool's hefty asking price.
Niko Kranjcar - Tottenham to Everton
Kranjcar is expected to leave White Hart Lane, and wants to remain in the Premier League. Everton are believed to have had a £3m offer rejected for the Croatian, but David Moyes could sign the midfielder if he returns with an increased offer - around £5m would probably seal it, although Harry Redknapp has now confirmed that he would like to keep the player.
Sergio Aguero - Atletico Madrid to Tottenham
The Champions League hopefuls are desperate to add a world-class attacker to their squad this winter and have previously been linked with Luis Suarez and Fernando Llorente. Spurs reportedly had a big money offer rejected on Sunday, but they could give it another try on deadline day.
Dimitri Payet - Saint Etienne to Paris Saint-Germain
Paris Saint-Germain are in need of a winger after selling Stephane Sessegnon to Sunderland and view Payet as an ideal replacement. Capable of playing on either side of the field, the former Nantes youth has received international recognition with France this season and has started the campaign with Sainte superbly. His form has since faded a little and now the 23-year-old is at odds with his club over this potential move.
Yann M'Vila - Stade Rennais to Olympique Lyonnais
The highly rated youngster is one of the most sought after players in Ligue 1 and has been linked with several big clubs. Lyon lost Jean Makoun to Aston Villa, while Kim Kallstrom could also leave the club on Monday. The €20m (£17.1m) rated M'Vila could be brought in as a replacement.
Jefferson Farfan - Schalke to Wolfsburg
Wolfsburg have been in the market for attacking reinforcements ever since the departure of Dzeko to City earlier this month and Farfan now appears to be the top candidate. The Peru international is unhappy at Schalke and has set his sights on a move away from the club in January.
Jonathan Pitroipa - Hamburg to Wolfsburg
Yet another winger who could be on his way to Wolfsburg on Monday. The Woelfe are impressed with Pitroipa's dribbling skills and have supposedly already made a first offer for the winger. HSV are holding out for a fee in the region of €6m (£5.1m) though.
Alessandro Matri - Cagliari to Juventus
The Turin side are desperate to add another attacker to their squad because of the injuries to Luca Toni and Fabio Quagliarella. They missed out on Antonio Floro Flores and have now apparently set their sights on Matri. Cagliari's hefty demands could frustrate the move, but Juve won't give up on their man just like that.
Royston Drenthe - Hercules to Juventus
Juve have been playing the entire season so far without a natural left midfielder, and are expected to make a late loan bid for the on-loan Real Madrid speedster who is at odds with his temporary club.
Nicola Legrottaglie - Juventus to AC Milan
The experienced defender appears to be surplus to requirements at Juventus and could be on his way out this winter. Legrottaglie was previously linked with Cesena and Celtic, but AC Milan now appear to be sitting in pole position.
Tim Matavz - Groningen to Napoli
Napoli are being heavily linked with young Groningen attacker Tim Matavz and saw a first offer rejected at the weekend. The Dutch side have set an €8m (£6.8m) asking price for their star striker and it remains to be seen whether Napoli are willing to go that far. They will definitely give it another try though.
Bas Dost - Heerenveen to Ajax
Ajax consider Dost to be the perfect replacement for Suarez, who left the club for Liverpool. The striker joined Heerenveen last summer, but is unhappy with his lack of first team action and wants to move on. Ajax saw a €4m (£3.4m) offer rejected, but they are expected to make a higher offer on Monday.
Marcel Meeuwis - Borussia Moenchengladbach to Feyenoord
Feyenoord coach Mario Been stated at the weekend that the transfer of Meeuwis is almost a done deal. An official declaration of Feyenoord has not been released yet, but the holding midfielder is expected to undergo a medical on Monday before signing a six-months loan deal.
Lucas Leiva - Liverpool to Villarreal
The Yellow Submarine are in the market for a new midfielder to replace the ageing Marcos Senna and they supposedly see Lucas as the perfect replacement. Both clubs have yet to officially open talks, but there definitely seems to be something going on.
Gonzalo Castro - Real Mallorca to Atletico Madrid
Atletico haven't been too impressive in the first half of the season and are therefore looking to add to their ranks. They've been linked with Castro for several weeks now and the midfielder could very well be on the move on deadline day.
Nikola Zigic - Birmingham City to Racing Santander
Zigic left Spain for an English adventure last summer, but the towering forward has been struggling to find his best form in the Premier League. A return to Spain seems to be on the cards and Santander are ready to make a loan move for the attacker.