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Manchester United and Zenit St Petrsburg are ready to battle for Inter midfielder Fredy Guarin. Red Devils boss Louis van Gaal is keen to strengthen his midfield before the end of the window, though Andre Villas-Boas also wants the Colombian.
Barcelona are keen to sign Marco Reus from Borussia Dortmund, but fear Bayern Munich are on the verge of beating them to the Germany international's signature.
Manchester United have had an official bid for Benfica's Nicolas Gaitan rejected. Although the offer exceeded the amount Atletico Madrid and Monaco were prepared to pay, it was nevertheless short of the Portuguese side's £36m valuation.
Arsenal are weighing up a move for Sporting's William Carvalho but fear time is running out to tie up a deal complicated by third-party ownership issues. Sami Khedira could yet move to the Emirates, but must lower his wage demands first.
AC Milan are preparing an offer for Tottenham striker Roberto Soldado as they brace themself for life without Liverpool-bound Mario Balotelli. Spurs will allow the Spaniard to leave and are ready to replace him with QPR's Loic Remy.
Juventus have turned their attention to Shakhtar Donetsk striker Luiz Adriano as they aim to further strengthen their attack before the end of the month.
Napoli have joined Sunderland in the race for Liverpool attacker Fabio Borini. The Premier League giants are ready to sell the attacker for a fee of €10 million.
Barcelona face a tough task to sign Koke from Atletico Madrid as the Liga champions have no intention of letting go of the midfielder for anything less than his €60 million buy-out clause.
Federico Fazio will fly into London on Friday to take a medical and sign personal terms with Tottenham. With their pursuit of Mateo Musacchio stalling, Spurs have instead opted to meet the Sevilla captain's £8 million release clause.
VfL Wolfsburg are ready to sign Lilles Salomon Kalou. The 29-year-old Ivorian is going to cost around €5m and will sign his contract in the next couple of days.