Transfer Talk: Alexis Sanchez the signing of the summer, but is Chelsea the title favorite?

Aidan Magee, Sam Lyon and Peter Staunton discuss the major talking points from the summer market.
It's already been a big summer of transfer activity around Europe, with Spain and England trading stars for big money as the biggest and best clubs strive for success in 2014-15.

But the window is not done yet, not by a long shot. Manchester United continue to go in search of big-name reinforcements in defense and midfield as Louis van Gaal prepares for his first season in English football.

The reigning Premier League champions, Manchester City, have also been in busy, shrewdly adding depth to an already impressive squad.

MORE: Biggest summer transfers | Soccer's beautiful fans

But will it be enough to retain the title? With Chelsea bringing in Thibaut Courtois, Cesc Fabregas and Diego Costa, among others, Jose Mourinho's hand is a strong one.

Arsene Wenger, buoyed by success in the FA Cup, might have something to say about it too given the £32m purchase of Alexis Sanchez, while Liverpool are tossing money into their squad following the departure of Luis Suarez.

And what does that Suarez capture mean for La Liga? With James Rodriguez and Toni Kroos heading to Real Madrid, there could be more big names on the way out of the Santiago Bernabeu.

So watch the video above to find out all the latest transfer news and the ramifications for Europe's major players.