Is Arsene Wenger set to dip into the transfer market to revive his club's campaign? Rumours over the future of Barcelona striker David Villa have resurfaced, with Arsenal again heavily linked with the Spain international. The Gunners are also keen on QPR goalkeeper Julio Cesar, but face stiff competition from Manchester United. Meanwhile, Wenger is keeping a close eye on Mohamed Diame, who seems destined for a dispute with West Ham.

GettyImagesArsenal's failure to sign David Villa could be pounced on by an eager Manchester City

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23.59 GMT: Wow, that day just flew by! Keep a lookout for Thursday's pape round-up, coming up soon.

22.31 GMT: We know Juventus are after a new striker, but an offer for Fred was turned down by Fluminense during the Christmas period, according to Sky Italy.

22.18 GMT: Bolton's Lee Chung-Yong is being tracked by Liverpool and Stoke and Sky Sports say that a bid will be made before the end of the window.

22.07 GMT: Inter Milan starlet Philippe Coutinho is being tracked by Liverpool, but reports suggest that Southampton are looking to hijack a deal and persuade him to move to the south coast.

21.47 GMT: DONE DEAL: Yoan Gouffran has signed for Newcastle from Bordeaux on a four-year deal.

21.01 GMT Standard Liege are close to signing Chilean U-20 international striker Nicolas Castillo for around €3.5m according to Eurosport Italia.

20.26 GMT Mauro Formica has left Blackburn to join Palermo's fight against relegation from Serie A on a permanent deal.

19.55 GMT Tottenham youngster Yago Falque looks set to join Premera Liga promotion hopefuls Almeria on loan until the end of the season.

19.17 GMT Chile international Francisco Silva could make his debut for Osasuna against Barcelona this weekend after joining on loan from Universidad Catolica until the end of the season.

18.34 GMT Rennes have announced the sale of Yann M'Vila to Rubin Kazan, but the deal remains shrouded in mystery with the Russian club under a transfer embargo. FULL STORY HERE

18.12 GMT Goalkeeper Lee Camp is set to sign for Norwich following his release from Nottingham Forest. The 28-year-old's move as cover for the injured John Ruddy is subject to the relevant paperwork being completed. "I'm delighted," Camp said on www.canaries.co.uk. "It all came around pretty quickly and it turned out to be a pretty straightforward decision in the end. I'm really pleased to be here."

17.30 GMT Arsenal target Adrian Lopez insists he is unaffected by speculation linking him with the north London club and says he plans to continue at Atletico Madrid.

TalkSPORT quote the striker saying: "I do not think about them. I do not take them seriously, I’m happy here and I want to continue."

17.15 GMT West Ham United are interested in signing Ghana defender Samuel Inkoom, according to the player’s agent.

"It’s true. Last summer, a Premier League club and Sporting Lisbon did put forward an offer for Inkoom. However, an agreement was not reached. During this window, there has been a lot of interest shown in Samuel across Europe so we are considering things carefully."

17.00 GMT Russian newspaper Izvestia has reported that Real Madrid defender Ricardo Carvalho is close to joining Rubin Kazan.

16.48 GMT Besiktas are on the verge of signing Shakhtar Donetsk striker Dentinho, reports Turkish-football.com.

16.26 GMT BBC's Dan Roan on Twitter: "Hearing Wigan have joined race to sign Newcastle's Danny Simpson who apparently favours a move. 6 months left on his contract."

16.15 GMT San Lorenzo have officially announced that Fabricio Coloccini will stay with Newcastle until the end of the season.

16.05 GMT The Daily Star are reporting that Manchester United may bid for Liverpool goalkeeper Pepe Reina, with a fee believed to be around £15 million.

15.55 GMT Manchester United are willing to listen to offers for goalkeeper David De Gea. FULL STORY HERE.

15.48 GMT PSG confirm the loan of Diego Lugano to Malaga until the end of the season.

15.24 GMT Sky Sports are reporting that Bolton Wanderers have won the race to sign England Under-21 defender Craig Dawson.

15.05 GMT Celta Vigo winger Michael Krohn-Dehli, who left Brondby after impressing with Denmark at Euro 2012, has played down links with Sevilla and Real Betis. "I don’t know anything about it and I haven’t heard anything," he told sporten.dk. "I'm not looking to go anywhere. I just got here."

14.55 GMT Inter Milan technical director Marco Branca: "We don't like contradicting the Montpellier president but Inter have not made an offer for Younes Belhanda."

14.40 GMT Why are PSG thinking about further big-name signings when they're struggling to fashion a coherent unit forom what they already have? Asks Jonathan Johnson. Read the blog here.

14.25 GMT Anderlecht have secured Dutch midfielder Demy de Zeeuw on loan from Spartak Moscow until the end of the season.

13.55 GMT IBTimes.co.uk are reporting that Tottenham are considering making a bid for Hamburg star Heung-Min Son, according to local reports. This comes after much speculation about Spurs' interest in the player over the last couple of weeks.

13.35 GMT Inter Milan have seemingly won the race to sign Montpellier midfielder Younes Belhanda.

Fenerbahce were believed to be leading the race for the highly rated Moroccan, but their £6.7 million proposal proved insufficient.

"In the negotiations with Fenerbahce, there are no new developments to report," Montpellier president Louis Nicollin revealed in an interview with Turkish newspaper AMK.

"But, I can confirm, however, that Inter Milan submitted an offer for Belhanda worth £11.8 million on Tuesday. I have accepted this offer."

13.22 GMT Manchester United have been told to double their money if they want to land Benfica star Ezequiel Garay, the Daily Star report. The Premier League leaders are thought to have offered an initial £12.5 million bid for the centre-back, who they view as an ideal replacement for Rio Ferdinand.

13.00 GMT Roma playmaker Miralem Pjanic has spoken to Spanish news agency EFE about his future: "Roma is my priority, I feel good here. Only if the club wants to negotiate, I could start thinking about a move to Spain. Barcelona is the club where every footballer wants to play, and it's clear that if Roma allows it, I would join them."

"It’s true, Barcelona are tracking me and enquired about my situation with my club, they were watching me during the game with Fiorentina. It is Roma who have to decide, as the clubs deal with these matters."

"In any case, it is clear that Barcelona are a team everyone would like to play for and it is an honour that they are interested in me."

12.50 GMT West Ham United have announced that Guy Demel has signed a new contract at the club until 2015.

12.40 GMT The Daily Mail are reporting that David Beckham's son Brooklyn has had a trial at Chelsea. The youngster reportedly played at their training ground in Cobham on Tuesday, with his father in attendance. Will Brooklyn live up to his father's name? The pressure on him will be huge from day one, that's for sure.

12.20 GMT Newcastle United have made an approach for Sporting Lisbon striker Ricky van Wolfswinkel, according to Portuguese newspaper O Jogo.

11.58 GMT Edin Dzeko's agent: "Are Inter interested in him for next summer? I know nothing. Inter have never contacted me and I think the answer would be obvious. Edin is happy at Manchester City and he's not going to move from there, neither in January nor in summer."

"He still has two-and-a half years on his contract and there is no reason to talk about the future. And then I repeat: neither Inter nor any other club have called me."

11.35 GMT: BREAKING: Swansea City's star signing from the summer Michu, has agreed to a new deal at the club for an extra year. The deal keeps him at the club until 2016.

11.30 GMT Lucas Biglia returned to Anderlecht last night, according to belga.be. The Argentine midfielder, who has been linked with clubs including Inter Milan and Southampton, had apparently gone AWOL, although his representatives have suggested his absence was due to illness.

Anderlecht general manager Herman van Holsbeek told calciomercato.com that there have been no concrete offers and that his £9.3 million valuation "is a sum few can or will shell out."

11.10 GMT Gianluigi Buffon is set to sign a new three year contract at Juventus today. It will be announced in a press conference this afternoon.

10.45 GMT Massimiliano Allegri: "If Drogba joins Milan then I'll obviously be happy - just like I’ll be happy if any champion joins us and strengthens the squad. I think that if Galliani gets the chance to sign one or two champions, then he will do it."

10.35 GMT Sky Sports are reporting that Yoan Gouffran is at Newcastle having his medial now.

10.20 GMT Goal.com report that AC Milan are looking to offload defender Phillipe Mexes to help finance a deal for Manchester City striker Mario Balotelli this month.

09.45 GMT Arsenal target Adam Szalai has played down speculation of a move to the Premier League, by saying that he is likely to stay with Mainz.

"There hasn't been any connection made with the clubs who have been reported in the press, so I don’t have to think about being an Arsenal striker." He is quoted by Sky Sports.

"It’s improbable that I’ll go anywhere in the winter transfer window and that 15 million Euros will be paid for me."

09.20 GMT Marko Marin's agent has revealed that there are "several interesting offers" to take his client away on loan until the end of the season, reports the Daily Mirror.

"I will not hide the fact that Marin has several interesting offers of a loan until the end of the season, Marko wants more playing time but we understand that at a major club like Chelsea there will always be serious competition for places."

"Marin feels good in London but, in order to play regularly for the German national team, he needs to be a first-teamer. We'll have a conversation soon with the Chelsea hierarchy about all possible options for him to continue his career."

08.37 GMT Elsewhere in Germany, Hamburg are now interested in buying Chelsea's Jeffrey Bruma, according to MOPO.

08.28 GMT Bundesliga outfit Schalke continue to be linked with Deportivo Guadalajara midfielder Marco Fabián, 23. Fabian would cost the club between $8 million and $14 million, with sources claiming Schalke have already made a bid.

07.55 GMT In other United gossip - they could be set to go head-to-head with rivals Manchester City to sign Stoke goalkeeper Asmir Begovic. That's according to the Mirror.

07.39 GMT Manchester United’s plan to sign Wilfried Zaha from Crystal Palace and loan him straight back to the Championship side could be on hold, according to the Mirror, who reckon that the Football League would investigate any type of arrangement.

07.14 GMT A story in the Sun claims that former Barcelona midfielder Joan Verdu could be Mauricio Pochettino's first signing at Southampton. While Sky Sports say that the former Espanyol boss will raid La Liga to bolster Saints' fight against relegation.

06.31 GMT The Daily Mirror states Liverpool are set to make an improved bid for Inter Milan midfielder Philippe Coutinho. The Reds will launch an £8 million offer this week, it is reported.

05.20 GMT Former Blackburn defender and current Australia captain Lucas Neill is linked with a move away from Al Wasl in the UAE, with SBS TV reporting the 34-year-old is bound for the Chinese Super League with Tianjin Teda.

04.15 GMT Changes happening in the A-League, with midfielder Zenon Caravella leaving Adelaide United to join Newcastle Jets. Meanwhile, Nick Fitzgerald has cut short his stay with Brisbane Roar to link up with Central Coast Mariners seven months early.

02.45 GMT We're back with the latest transfer news and speculation from around the globe with Wednesday's paper round-up.

Barcelona and Spain marksman David Villa is once again leading the headlines in England, this time The Sun newspaper claims Arsenal are close to securing a £10-million deal for his services. Though the La Liga leaders insist Villa is not for sale, it is reported that the striker himself is hopeful of a move, and is agitating for a switch before the transfer window closes.

Arsenal are also hoping to fix their woes at the other end of the pitch, with links to QPR goalkeeper Julio Cesar reported in The Sun. However, Manchester United are also understood to be keen on the Brazilian, with David De Gea's tenure seeming at greater risk each day. The R's would be willing to let the shot-stopper depart, it is said, in order to lower their wage bill.

Will Mohamed Diame take West Ham to FIFA in a bitter dispute? That is the question posed by the Daily Mail, with the player reportedly desperate for the club to honour a £3.5million release clause in his contract. Wenger has expressed his admiration of the midfielder, and would be willing to trigger the clause in order to bolster his squad.

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