Manchester United defender Rio Ferdinand is set to sign a new one-year contract at the Old Trafford club after incoming new manager David Moyes sanctioned the deal.

Chelsea have entered the the race with Manchester United to sign Real Madrid's Cristiano Ronaldo. The Portugal international, who is valued at £80 million, is on the wanted list of incoming Stamford Bridge boss Jose Mourinho.

Arsenal are lining up a summer swoop for QPR goalkeeper Julio Cesar. The 33-year-old, who earns £70,000 a week at Loftus Road, will be available to leave Harry Redknapp's side at the end of the season.

Liverpool goalkeeper Pepe Reina has topped Barcelona's summer list of transfer targets.

Fiorentina will consider moves for Chelsea's Fernando Torres or Manchester City's Edin Dzeko if they offload Stevan Jovetic at the end of the season.

Rafa Benitez is in line for a £250,000 bonus if Chelsea secure third place in the Premier League.