Roberto Martinez has rejected the chance to become the new Aston Villa manager, with Mark Hughes now the favourite for the role.
Liverpool have confirmed the signing of Jordan Henderson from Sunderland. The midfielder is understood to have cost around £20 million.
Steven Gerrard, who is aiming to return at peak condition next season, called on Henderson to follow in his footsteps at Anfield.
Manchester United are close to bringing Blackburn defender Phil Jones and Aston Villa midfielder Ashley Young to Old Trafford.
United have also opened talks with Arsenal playmaker Samir Nasri, who is stalling over a new deal at the Emirates Stadium.
However, Sir Alex Ferguson is set to miss out on Inter Milan's Wesley Sneijder, who is committed to the Italian side.
Harry Redknapp is keen to keep Peter Crouch at Tottenham, despite Sunderland being keen on the England striker.
But reports suggest Spurs would be willing to do a deal involving Asamoah Gyan moving to White Hart Lane in exchange.
Sunderland are also looking to bring Manchester United trio Wes Brown, John O'Shea and Darron Gibson to the Stadium of Light.
Arsene Wenger is close to landing Southampton teenager Alex Oxlade-Chamberlain, although United are also vying for his signature.
Meanwhile, Chelsea striker Fernando Torres says he is confident he will recapture his best form in time for next season.
Manchester City are readying a £17 million bid for Bolton defender Gary Cahill, but will face competition for his signature from Arsenal.