Arsenal are ready to make a £50 million bid for Paris St-Germain striker Edinson Cavani as Olivier Giroud, also 27, faces a lengthy spell on the sidelines.
The Gunners want Manchester United striker Danny Welbeck, 23, to replace the injured Giroud, but the Red Devils are reluctant to sell.
Arsenal boss Arsene Wenger is also interested in a loan deal for Monaco’s Colombia forward Radamel Falcao, 28, and France striker Loic Remy, 27, who is available for £8.5 million from QPR .
Manchester United boss Louis van Gaal is weighing up a shock £20 million move for Liverpool midfielder Joe Allen, 24 .
United are in talks to sign Daley Blind, 24, with former Old Trafford goalkeeper Edwin van der Sar currently in Manchester to finalise a deal for the Ajax and Netherlands defender.
The Red Devils are also considering offering Japan playmaker Shinji Kagawa, 25, or Mexico striker Javier Hernandez, 26, as a makeweight in a deal for Juventus midfielder Arturo Vidal, 27.
Real Madrid are to spend the majority of the money they received from Manchester United for Angel Di Maria on 28-year-old Monaco striker Radamel Falcao.
AC Milan have confirmed they are looking to sign the Chelsea pair of striker Fernando Torres, 30, and midfielder Marco van Ginkel, 21.
The Italian club are fed up waiting for Torres to make a decision and have handed him an ultimatum as they prepare to switch their attentions to Tottenham striker Robert Soldado, 29, or Liverpool forward Fabio Borini, 23.
Tottenham are poised to complete the signing of Sevilla central defender Federico Fazio, 27, after paying his £8 million buyout clause.
Spurs are also interested in Cameroon midfielder Alexandre Song, 26, who has been told that he can leave Barcelona on a free transfer.
QPR boss Harry Redknapp is ready to move for West Ham midfielder Mohammed Diame, 27, after tracking the Senegal international for 12 months.
Stoke full-back Geoff Cameron, 29, is wanted by Lazio after falling down the pecking order at the Britannia Stadium.
New Manchester United signing Angel Di Maria, 26, has claimed he did not want to leave Real Madrid, but was left no choice by the La Liga club’s board.
Former England midfielder Paul Gascoigne is out of hospital after his latest health scare, but facing a bleak future after losing a £14 million fortune.
Former Fulham defender John Arne Riise has criticised Felix Magath, claiming the current manager has flushed the club’s philosophy “down the toilet”.
Aston Villa youngster Jack Grealish will decide his own international future without interference from the club and Republic of Ireland assistant boss Roy Keane. The 18-year-old has played at youth level for the Republic, but is still eligible to play for England and is considering his options.
Crystal Palace are considering a surprise move for former manager Neil Warnock, four years after his controversial departure to QPR.
Juventus have joined Tottenham and AC Milan in pursuit of Paris St-Germain’s 19-year-old midfielder Adrien Rabiot.
Turkish club Trabzonspor are pursuing Hamburg midfielder Rafael van der Vaart, 31.
Atletico Madrid are considering making a move for Bayern Munich’s 22-year-old Switzerland midfielder Xheridan Shaqiri.
AC Milan have contacted Chelsea over the availability of 21-year-old Dutch midfielder Marco van Ginkel.
Napoli are on the verge of signing Spanish midfielder David Lopez, 24, from Espanyol.