Radamel Falcao is set to be the biggest mover on deadline day, with many conflicting reports regarding the Monaco striker's future.
- Boot Room: Deadline day LIVE
Falcao, 28, has been chiefly linked with a move to European champions Real Madrid this summer, but in the last week he has also been reported to be of interest to Premier League trio Manchester City, Manchester United and Arsenal.
The Colombia striker, who has scored 141 goals in 169 domestic league and European appearances since moving to Europe with Porto in 2009, already has two goals in three Ligue 1 games for Monaco this season.
Here, ESPN FC sums up the latest news and reports on the situation on Monday morning from correspondents in France, Spain and England.
France correspondent Ian Holyman
French media believe Manchester City lead the transfer deadline day race for Monaco's wantaway striker.
The 28-year-old was surprisingly left out of his club's matchday squad to face Lille on Saturday, and watched from the stands of the Stade Louis II as they drew 1-1 to continue their sluggish start to the campaign.
RMC claims City head the lengthy and illustrious queue for Falcao, who only signed a five-year deal with the Ligue 1 club last summer, though the radio station also reports the Premier League champions are seeking reassurances about the state of the Colombia international's left knee.
Falcao ruptured ligaments in the joint during a Coupe de France tie in January, which meant he sat out the remainder of the season and missed the World Cup.
L'Equipe reports Real Madrid, who have been almost constantly linked to the former Atletico Madrid forward since his arrival in the principality last summer, are unlikely to sign him as coach Carlo Ancelotti feels he does not need the player in his squad.
France's main sports daily also states Juventus are probably out of the chase given that Falcao's 14 million-euro salary is double that of the Bianconeri's current highest earner, Carlos Tevez, which could lead to dressing room unrest.
Spain correspondent Dermot Corrigan
Real Madrid's disastrous 4-2 defeat at Real Sociedad on Sunday night has taken some of the attention away from transfers this Monday morning.
AS reports: "Falcao to City and [Alvaro] Negredo to Valencia. That is the route map to follow on Monday. There is agreement between all parties and just needs the 'yes' from UEFA for the English club, who have a sanction pending due to financial fair play, to sign the Colombian."
The same paper also says that a deal for Negredo is a season-long loan, with City able to force Valencia to buy the Spain striker next summer for 25 million euros if they wish.
Later on Monday morning, AS also reported that United have got ahead of City and Juventus to sign Falcao, with a 65 million-euro deal done last night at 3am. A potential issue with that story is it is not from one of the newspaper's reporters with strong links to clubs, but one who usually writes more speculative stories.
Marca -- Madrid's other daily sports paper -- is not not too worried about Falcao anymore. It says the deal is done for Javier "Chicharito" Hernandez to join from Manchester United. Despite earlier talk of a 20 million-euro fee, it will be a loan deal for the season.
Manchester correspondent Richard Jolly
Manchester City are unlikely to make a late move for Radamel Falcao because they already have four strikers, sources have told ESPN FC.
Real Madrid are the favourites to sign the 28-year-old, although he claimed a tweet from his account saying "dream come true #halamadrid" was fake.
If that @FALCAO tweet was faked why did it show up briefly (below his denial) when I just called up his timeline pic.twitter.com/nScJJp1Ytp
- Rob Harris (@RobHarris) August 30, 2014
City have also been linked with the former Atletico Madrid forward, who cost Monaco 60 million euros last summer, but manager Manuel Pellegrini shrugged off talk he would move for Falcao as "just rumours" in his news conference after Saturday's 1-0 defeat to Stoke.
A further consideration for City were they to move for Falcao is financial fair play. After they were found guilty of breaching UEFA's regulations, they were limited to a net spend of 49 million pounds this year.
They have spent 50 million pounds on centre-back Eliaquim Mangala, midfielders Fernando and Bruno Zuculini and goalkeeper Willy Caballero, while their other two summer acquisitions, right-back Bacary Sagna and on-loan Frank Lampard, did not command transfer fees.
However, they have also recouped 22 million pounds by selling Javi Garcia to Zenit St Petersburg and Jack Rodwell to Sunderland and received a further 2 million pounds from Everton when Gareth Barry signed a contract at Goodison Park following his loan move last year.
Micah Richards, Scott Sinclair and John Guidetti are all available for transfer after Pellegrini informed them they did not figure in his plans, but none would command a sizeable price.