Brendan Rodgers has been granted the funds by the Liverpool hierarchy to launch an £8m offer for FC Basel winger Mohamed Salah after weeks of continued interest.
According to The Mirror, the Kop manager met with the club's American owners John Henry and Tom Werner on Friday after they flew to Britain to discuss transfer dealings.
Newcastle United are preparing themselves for a considerable offer for Yohan Cabaye from Paris Saint Germain after it emerged that the Ligue 1 champions are willing to part with £21m for the midfielder.
Roma star Miralem Pjanic has left the door open on a possible move to reigning Premier League champions Manchester United after admitting that he is 'flattered' by their interest.
Mirko Vucinic and Fredy Guarin, both targets for the likes of Chelsea and Arsenal, are rumoured to be involved in a part-exchange deal between Juventus and Inter Milan respectively.
PSG and Real Madrid are reportedly undeterred by Luis Suarez signing a new contract at Liverpool and plan to make an offer for the Premier League's top scorer in the summer.
West Ham United manager Sam Allardyce admits that the Premier League strugglers remain keen on Arsenal captain Thomas Vermaelen, but doubts their chances of concluding a deal.
Arsene Wenger remains adamant that the Premier League leaders are still pursuing a new striker even as the club's injury list continues to shorten.
The Gunners boss is also reportedly interested in bringing Juventus’s Mirko Vucinic to the Emirates on loan, despite publicly denying any particular interest in the Montenegrin striker.
Tottenham chairman Daniel Levy is considering an intriguing £1.5m bid for former Spurs striker Dimitar Berbatov - despite Tim Sherwood seeing no need to sign new forwards.
Madrid forward Alvaro Morata has informed club chiefs that he would like to stay at the Bernabeu - despite interest from a host of Premier League clubs.
Everton will apply for a work permit for Monaco’s Ivory Coast 6ft 8in international striker Lacina Traoré in the next 48 hours, with some aspects of the player’s medical at the Merseyside club understood already to have been completed.
Fulham manager René Meulensteen looks set to miss out on Leicester City defender Liam Moore as neither the East Midlands club, nor the player, consider the deal worthwhile.
Sydney FC's former World Cup winner Alessandro Del Piero is subject to an ambitious bid from Thai side PTT Rayong.