The future of Jose Mourinho at Real Madrid has been cast in doubt again, with Arsenal boss Arsene Wenger emerging as the favourite to replace the Portuguese at the Bernabeu. Manchester United, meanwhile, are set to reward Michael Carrick for his recent performances with a new contract, while MLS clubs have an eye on Liverpool's midfield talisman Steven Gerrard.
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- All the DONE DEALS
23:59 GMT: Stay tuned for the latest transfer rumours from newspapers around the world.
22.30 GMT Apologies for the slim picking tonight folks - with FA Cup shocks galore, as well as Europe's big boys playing today, it appears the transfer rumour mill has ground to a halt!
21.52 GMT The Mirror is linking Manchester United with defensive pair Ezequiel Garay and Angelo Ogbonna, who ply their trade for Benfica and Torino respectively.
21.10 GMT Sunderland are keen to bring former Wigan and West Brom midfielder Paul Scharner back to England on loan from Hamburg.
20.46 GMT A few tittering on Twitter suggesting that former Liverpool and Chelsea midfielder Raul Meireles - who is currently in Turkey with Fenerbahce - is being targeted by QPR boss Harry Redknapp.
20.01 GMT FULL STORY HERE on Galatasaray swooping for Chelsea legend Didier Drogba.
19.32 GMT Sporting coach Jesualdo Ferreira says the club may let Ricky van Wolfswinkel - formerly a reported target of Manchester United - leave the club in January if it suits all parties. He said: "The market is open and there are values that can advance business. I do not know what will happen. It is true that we need Ricky 100 percent, but there is also the need to strengthen Sporting's finances.
19.19 GMT Gremio director of football Rui Costa has denied reports that the Brazilian club are planning a £7 million bid for Liverpool's Uruguay international centre-back Sebastian Coates, according to respected Brazilian journalist Paulo Freitas.
18.43 GMT Hibernian boss Pat Fenlon says the club are in talks to sign Blackpool midfielder Scott Robertson, who has struggled for regular football since moving to England from Dundee United last summer.
18.28 GMT Real Madrid assistant manager Aitor Karanka says Kaka to AC Milan deal is not dead: "We are still negotiating over the Kaka situation and we’ll see how it ends, otherwise he will be an extra man for the squad."
18.00 GMT: AC Milan coach Massimiliano Allegri: "If I want to send Balotelli a message since he could be watching this? No. I don't have any comments. He's a City player."
17.25 GMT: It’s being widely reported that Didier Drogba’s move to Galatasaray has been completed. The striker has signed a one-year-deal, leaving Chinese club Shanghai Shenhua. Still awaiting official statements but looks like a done deal.
17.01 GMT: Reading boss Brian McDermott says he may bring in some new faces before the transfer window shuts on Thursday night.
"There may be. We have a couple of things that we could possibly do. we will see. We might be the ones that are trying to do things last minute. We never normally do that, but that would be quite nice, quite exciting, getting something done at 10.50pm on Thursday."
16.29 GMT: Quotes from Newcastle manager Alan Pardew: "There is slightly more value in the French market. Obviously, we have exploited that.
"Zaha is a typical example of trying to take a young player out of the Championship. I like Zaha. I wanted to take him but, seriously, we had no chance. We just can't pay that. We got four players for that. It suited our needs better to strengthen several positions for that sort of money. It was a case of getting the players that were right for us at the price that was right for us.
"We wanted players who had ambition in them, not just for six months but for the future. None of them was a knee-jerk reaction, otherwise we would have bought a 31-year-old from a squad in the Premier League. We bought players to take us forward. We are happy with the business we have done."
16.00 GMT: Fox Sports say David Beckham will convince Steven Gerrard to swap the Premier League for the MLS in the summer. Presumably the destination will be LA Galaxy.
15.38 GMT: Nick Blackman has rejected a move to Crystal Palace after Sheffield United accepted a fee of more than £1.2million, reports the Daily Mail.
15.15 GMT: BREAKING: QPR defender Anton Ferdinand is in talks with Turkish side Bursaspor over a potential loan move, Press Association Sport understands.
14.48 GMT: Bastia have put a £6million price tag on young midfielder Florian Thauvin. Arsenal and Newcastle are reportedly interested.
14.25 GMT: Some reports coming through that Al-Gharafa of Qatar have hijacked Schalke’s move for Lyon winger Michel Bastos. This is unconfirmed. It seemed yesterday that a deal was done to take the Brazilian to Germany. A late twist perhaps.
13.50 GMT: Newcastle signing Mapou Yanga-MBiwa: "It hurts my heart to leave Montpellier in this way."
13.20 GMT: Wantaway Leeds forward Luciano Becchio is left out of the squad for today's FA Cup tie with Tottenham. The match is live on ESPN.
13.15 GMT: BREAKING Tancredi Palmeri on Twitter: "Coutinho important update - According to Gazzetta, Inter president would be ready to stop the transfer if Inter would not get Paulinho."
12.59 GMT: Portuguese newspaper A Bola claim Porto defender Rolando will be in London today to sign for QPR.
12.38 GMT: The Sunday Express says Manchester City and Manchester United both want Stoke goalkeeper Asmir Begovic, although the title rivals apparently only want him to provide competition for their existing goalkeepers.
12.22 GMT: Italian newspapers claim that AC Milan have offered €20 million for Mario Balotelli and his agent is in Manchester to discuss the deal with City, reports Football-Italia.net.
11.52 GMT: Wigan striker Mauro Boselli has joined Serie A side Palermo on loan until the end of the season.
"Mauro will go back to Italy where he had a spell with Genoa. That's the reason he wasn't in the FA Cup squad," manager Roberto Martinez said.
11.20 GMT: Tottenham are reportedly preparing a third bid for Schalke’s Lewis Holtby to land the midfielder this month.
10.47 GMT: Inter Milan legend Luis Suarez has given his thoughts on Philippe Coutinho, who appears set to leave the San Siro to join Liverpool. “If the club thinks the boy has quality and has a great future they should play him all the time, but not just give him minutes here and there,” he told Calcio Mercato. “When he was at Espanyol last season he showed his full potential - he knew that, even if he played badly, they’d keep faith in him.”
10.30 GMT: The Sunday People claims Reading are plotting an £8 million bid for Blackpool winger Tom Ince. Liverpool have been struggling in their attempts to re-sign the player.
10.15 GMT: Arsene Wenger wants to add a quality striker to his squad... but it seems he probably won't. Story here.
09.58 GMT: Aston Villa will offload Stephen Warnock to West Ham on a free transfer, the Sunday Telegraph reports, as he is on £40,000 a week and Paul Lambert would like to use the funds on fresh signings.
09.43 GMT: Rafa Benitez is asking Roman Abramovich to give him a long-term contract at Chelsea, but the Daily Star Sunday thinks Everton boss David Moyes is “emerging as a genuine candidate” for the role.
09.35 GMT: Aston Villa forward Christian Benteke is, according to the Sunday Mirror, attracting the interest of Tottenham, Manchester City, Arsenal and Liverpool. Spurs have shown strongest interest, apparently, although any deal will only take place in the summer.
09.21 GMT: Newcastle United defender Fabricio Coloccini still appears determined to return to San Lorenzo even though he’s staying at St James’ Park for the rest of the season. According to the Sunday Mirror, the defender wrote a letter on the Argentinean club’s Facebook page: “I write these lines from a long way away where I am missing my country, my family and my close ones. And with sadness of knowing that after a ¬series of meetings held here in Newcastle that my return to Argentina has been ¬momentarily suspended.”
08.30 GMT: Thai Premier League side Chonburi FC have signed the poster boy of Indonesian football, Irfan Bachdim, from Persema Malang on a two-year deal. The forward is considered one of the most popular players throughout Asia.
07.35 GMT: Reports out of China claiming Guangzhou Evergrande striker Cleo is set to play on-loan at J.League outfit Kashiwa Reysol next season.
05.55 GMT: Manchester City maverick Mario Balotelli is again linked with a return to Italy. Reports of interest from Inter Milan and AC Milan abound, and his agent says it is a possibility. Mino Raiola said: "Anything can happen from here until January 31 and we are keeping vigilant. A loan? This formula for a transfer has been ruled out by Manchester City directors. City received an offer of €40 million cash during the Euros."
04.55 GMT: Fenerbahce are confident of signing Montpellier's Younes Belhanda before the transfer window closes. Vice-president Abdullah Kigili confirmed that a deal is in the offing, saying: "There are some details we have to deal with and discuss with the Montpellier board, but I think that we will be able to give good news about this transfer soon."
04.00 GMT: We're back with another 24 hours of transfer news and views.
While reports of player movement continue to circulate, speculation over high-profile managers dominates the headlines. The Sunday People reports that Real Madrid are hoping to lure Arsenal's Arsene Wenger to the Bernabeu this summer, with the departure of Jose Mourinho seemingly imminent. Madrid president Florentino Perez is evidently a keen admirer of the Frenchman, who has come under fire from certain sections of the Gunners' fan base over recent years. It is said Perez's aim to sign Wenger is part of a plan to get himself re-elected to the top job.
Sir Alex Ferguson, meanwhile, is set to reward Michael Carrick with a new deal, which The Sun newspaper claims will be worth £80,000 per week. Tottenham and West Ham are thought to be interested in signing the midfielder, but Ferguson will stave off any offers from elsewhere by getting his signature on another a one-year contract.
MLS clubs have their eye on a Premier League midfielder also, with David Beckham contacted to help convince his countrymen to move to the United States. The Daily Mirror states Liverpool skipper Steven Gerrard is top of the hit-list, with a host of clubs after the England international. Peter Crouch, Ashley Cole and Joe Cole are also believed to be targets, as Beckham - a former LA Galaxy midfielder - reportedly acting as a middle man.