Tottenham Hotspur are ready to pay a club record £22m for Porto midfielder Joao Moutinho after Rafael van der Vaart completed his move to Hamburg.
But the north London club's deal for France keeper Hugo Lloris is looking shaky and is now only rated at '50-50' by Lyon's club president.
Over in Liverpool, Brendan Rodgers is eager to bring in another striker following the departure of Andy Carroll. The Reds boss has his eye on Chelsea forward Danny Sturridge and Brazil striker Leandro Damiao.
But Manchester United forward Dimitar Berbatov has sealed his move to Fulham, and joins on a two-year deal.
Reports in Portugal suggest Manchester City have agreed a deal with Benfica to sign Javi Garcia. Roberto Mancini is also expected to announce the capture of Brazil fullback Maicon, having already confirmed the signing of Swansea winger Scott Sinclair.
Arsene Wenger is looking to bring one or two new players to the Emirates Stadium but Niklas Bentder is set to leave. The Dane is nearing a move to Italian giants Juventus according to reports.