Goal.com Transfer Talk is your 24/7 source for all the latest rumours in the global transfer market.
Aston Villa have launched an £8 million bid for Manchester United midfielder Tom Cleverley. The 25-year-old has been made available for transfer by Louis van Gaal and is expected to leave Old Trafford.
Arsenal have submitted a €15 million [£11.9m] bid for Borussia Dortmund centre-back Sokratis Papastathopoulos but the Bundesliga club want €25m [£19.9m].
Juventus chiefs will travel to Monaco on Thursday to discuss a potential loan deal for Radamel Falcao.
Fernando Torres has agreed to join AC Milan and the Serie A club are now trying to convince the 30-year-old to lower his salary demands.
Karim El Ahmadi wants to return to Feyenoord and the Dutch club are in talks with Aston Villa over potential deal.
Real Madrid will agree a €23 million deal with Borussia Dortmund to sign Marco Reus next summer. The reduced fee is due to Dortmund still owing money for Nuri Sahin.
Inter are looking to sign Bayern Munich's Xherdan Shaqiri as a replacement for Ricky Alvarez, who is set to join Sunderland.
Chelsea have accepted a £10 million bid from AC Milan for Fernando Torres but are set to bank only £4m after giving the 30-year-old a £6m pay-off to make the move.
Borussia Dortmund are considering the option of bringing Shinji Kagawa back to the club. The Japan international is struggling to secure a regular place at Manchester United under Louis van Gaal.
Hull City are on the brink of signing Palermo centre-forward Abel Hernandez. The Uruguayan is set to move to the Tigers for a reported £8 million.