Manchester United and Chelsea appear to have suffered a hefty blow in the race to sign one of the Premier League's brightest stars.
According to the Daily Mail, the 18-year-old left-back, who has earned frequent plaudits for his mature displays for Mauricio Pochettino's Southampton, has told his current employers that he does not want to leave St. Mary's during the current transfer window.
The same reports also suggest that Saints chairman Nicola Cortese will reject any offers that the club may receive for Shaw during January.
Shaw, an England U21 international who could realistically force his way into Roy Hodgson's senior squad for this year's World Cup in Brazil, has been an instrumental figure for Southampton as they have impressed fans and pundits alike with their quick passing, high pressure style.
Such form has seen Shaw, who is reportedly valued at around £20 million, inevitably become the subject of rather frenzied transfer speculation in recent months, with Manchester United - who are currently struggling to regain their place in the top four - having been frequently linked with a move.
Chelsea are also believed to be considering a move for the player who they initially rejected as an eight-year-old.
Manchester United's need for a new left-back would appear to be somewhat greater than Chelsea's, however. Although Patrice Evra is evidently still capable of holding down the position, the Frenchman is out of contract this summer and it seems incredibly unlikely that either Fabio da Silva or Alex Buttner will be relied upon to fill the void upon his departure.
Chelsea, meanwhile, still possess arguably one of the world's best full-backs in England stalwart Ashley Cole and a very capable deputy in compatriot and understudy Ryan Bertrand.
Nevertheless, it now looks very much as if the two title rivals will have to begin looking elsewhere.
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