Liverpool manager Brendan Rodgers is hoping to steal a march on Arsenal's approach for Real Madrid striker Alvaro Morata despite the La Liga side maintaining there is no deal to be done.
Morata told Minuto 116: "Real Madrid have been my team since I was little and will be all my life, but I think the important thing is to have a relevant role in the team.
Ligue 1 leaders Paris Saint Germain are confident they will be able to ensnare Chelsea's Belgian winger Eden Hazard next summer with a €60m offer.
Borussia Dortmund are looking into the possibility of making a summer move for Arsenal's young midfielder Serge Gnabry. The Bundesliga side are already considering their options after Robert Lewandowski signed a pre-contract agreement with champions Bayern Munich.
David Moyes has made a unexpected move for Juventus star Claudio Marchisio as Manchester United continue in their search for an anchoring central midfielder to halt their mid-season slump.
Tottenham Hotspur and England striker Jermain Defoe is set to sign a lucrative contract with MLS side Toronto FC after finding his options limited at White Hart Lane. According to The Telegraph, Defoe will sign a deal worth £90,000-a-week while the transfer fee is likely to be in excess of £6m.
Borussia Dortmund remain confident that Manchester United will fail in any bid to sign İlkay Gündoğan and hope the German international will sign a new deal in the coming weeks.
Premier League rivals Arsenal and Liverpool are set to go head-to-head over a deal for Anderlecht's defender Cheikhou Kouyate after the player's agent revealed talks are progressing well.
Liverpool - January transfer targets
Liverpool - January transfer targets
1/13 Yevhen Konoplyanka - Ukrainian international winger who impressed against England in recent World Cup qualifiers. Happy playing on either flank.
2/13 Javier Pastore - Very impressive and highly rated as a youngster, the Argentine international's career has stalled slightly since his £40m move to PSG. With the French club pursuing Juan Mata, a move to Liverpool could help Pastore get his career back on track and secure his World Cup place. For Liverpool it looks like they could secure some top quality reinforcement fairly reasonably.
3/13 Will Hughes - Derby's teenage midfielder has been consistently linked with a move to Anfield. However despite Brendan Rodgers' penchant for nurturing young talent, the Liverpool manager has so far denied he will be making a move.
Liverpool are interested in Derby midfielder Will Hughes
4/13 Michu - Last season's sensation has suffered slightly from second season syndrome but nevertheless he remains an excellent player. The Spaniard recently expressed an interest in playing at a higher level, could his signing help Liverpool secure a precious Champions League spot?
5/13 Hakan Calhanoglu - Hamburg's young star has also attracted the attention of Arsenal but with the London side packed with a surfeit of high-profile attacking midfielders, Liverpool might prove an easier place for the Turk to establish himself.
6/13 Danny Ings - With Rodgers looking to reinforce his SAS strike partnership, England U21 international Ings could be in line for a January move. The Burnley hitman has 12 league goals so far this season.
7/13 Jorginho - With Liverpool wanting to ease the strain on ageing skipper Steven Gerrard, Verona's Brazilian Jorginho could be the man to make the move to Anfield with a rumoured £15m transfer.
8/13 Claudio Marchisio - With Juventus' early Champions League exit meaning the midfielder could be on his way out in order to recoup some money, Liverpool could swoop to pick up a classy long term alternative for Gerrard.
9/13 Konstaninos Mitroglou - The Olympiakos striker's exploits this season have alerted not only Arsenal but also Liverpool to a possible January move. Would help take the strain off Suarez.
10/13 Ivan Rakitic - The Sevilla man may have a rather off-putting €40m release clause but that allegedly hasn't put off Liverpool who are still keen on the Croatian.
11/13 Salomon Rondon - Reportedly a Liverpool target when Suarez's exit from the club seemed inevitable, Rondon could be on his way out at Rubin Kazan and Liverpool may well renew their interest in the forward.
12/13 Ola Toivonen - The Swede is available on a free in the summer but Rodgers is said to be hopeful of taking him on loan before then. His versatility could prove handy at Anfield.
13/13 Kevin Volland - Liverpool are said to be one of five Premier League clubs after the young winger whose performances in the Bundesliga have impressed.
Arsene Wenger has also sounded out a move for Auxerre striker Paul-Georges Ntep after injuries forced his hand in the January transfer window.
Montpellier attacking midfielder Remy Cabella has admitted that a move to Newcastle United could prove too tempting as the Magpies look to add to their squad.
Premier League duo Cardiff City and West Ham United are interested in signing Sporting Lisbon's Algerian striker Islam Slimani, according to reports.
Reports that Hull City are on the verge of sealing a £5m deal for West Brom striker Shane Long appear wide off the mark as the Tigers are yet to register their interest in the Republic of Ireland international.
Tony Pulis is chasing players who will roll their sleeves up and work hard for Crystal Palace in this month's winter transfer window as he bids to mastermind Premier League survival.
Swansea chairman Huw Jenkins has described reports the club are close to signing Blackpool winger Tom Ince as “pure speculation”.
Brentford have secured the month-long loan signing of Arsenal's England Under-19 star Chuba Akpom, and don't let his sullen demeanour fool you - the forward says he's 'buzzing' to be a Bee.