Liverpool remain in talks with Borussia Dortmund over midfielder Jude Bellingham and could even reach an agreement over a transfer in the coming weeks. The Reds are confident of signing the teenager next summer but could convince him to make the move in January.
Jurgen Klopp wants to avoid any other major signings this season but would be prepared to sign a striker if Roberto Firmino leaves. Inter hitman Lautaro Martinez is his preferred target to take over from the Brazilian.
Talks are also on over a move to Anfield for Santos youngster Marcos Leonardo, who has been described as 'the next Neymar'.
Juventus have added Barcelona forward Memphis Depay to their attacking shortlist, although the Dutchman has stressed to his current employers that he has no interest in leaving Camp Nou this summer.
Bianconeri chiefs have also expressed an interest in Manchester United's Anthony Martial, who will not be allowed to leave Old Trafford this summer because of the uncertainty surrounding the future of Cristiano Ronaldo.
United have held talks with the agent of Red Bull Salzburg striker Benjamin Sesko but are unlikely to pursue a deal after he was hit with a £55m price tag.
Contact has also been made between United and the representatives of Napoli midfielder Fabian Ruiz and Lazio's Sergej Milinkovic-Savic amid concerns that Barcelona will stand firm and refuse to sell Frenkie de Jong.
Barcelona manager Xavi has publicly backed a return to the club for Lionel Messi. The veteran forward still has 12 months left on his PSG contract, which also includes the option for a further year.
Staying in Spain, Real Madrid have launched an enquiry for Chelsea striker Armando Broja. The Blues don't want to lose him and have already rejected bids of around £35m for his services.
One striker Chelsea are prepared to offload, however, is Timo Werner. The German wants to return to RB Leipzig and is willing to take a pay cut to seal a season-long loan that would include an option to buy.
Chelsea continue to look for defensive reinforcements and have learned that Benjamin Pavard would be prepared to join the club from Bayern Munich.
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Tottenham are closing in on a deal to sign Roma star Nicolo Zaniolo, who could arrive on an initial loan deal with a view to a permanent move.
Spurs officials are also speaking with AC Milan over the sale of defender Japhet Tanganga. However, talks have stalled at the moment because the Serie A champions only want a loan move, while Spurs are pushing for a permanent exit.
Another Milan target, Borussia Monchengladbach left-back Ramy Bensebaini, is attracting significant interest from PSG.
Manchester City have denied reports they have agreed to sell Bernardo Silva to Barcelona, with Pep Guardiola reluctant to make any further significant changes to his attacking lineup after offloading Raheem Sterling and Gabriel Jesus.
An agreement is in place to take Youri Tielemans to Arsenal this summer, with the Gunners' summer spending close to breaching the £150m mark.
Leicester have to sell players to appease Financial Fair Play rules but have rejected a £40m bid from Newcastle for James Maddison, who they hope to tie down to a new contract.