Manchester United are leading the race for Lazio midfielder Sergej Milinkovic-Savic, although any deal is likely to cost in excess of £65m. Juventus and Inter have also been credited with interest in the 26-year-old.
Anthony Martial is keen to leave United but is not interested in moving on loan to another Premier League club. Juventus and Sevilla have shown strong interest in the Frenchman to date, with Barcelona another possible option.
Bundesliga duo Amadou Haidara and Denis Zakaria are both on United's shortlist of midfield transfer targets, but interest has cooled in Monaco's Aurelien Tchouameni. That may clear the path for Chelsea to pursue a deal in the summer.
Juventus are also interested in securing Zakaria in January. He could leave Gladbach now rather than at the end of the season for free, and his arrival could lead to Arthur's proposed loan move to Arsenal being concluded.
Paulo Dybala may leave Juve at the end of the season, even though he verbally agreed terms on a new contract in November. Nothing has been signed and reports in Italy suggest that the contract offer may be withdrawn.
PSG could offer Kylian Mbappe a two-year contract extension as they continue to fight off interest from Real Madrid. Reports suggest that the Parisians will ensure his pay packet in the French capital would be substantially higher than what he may receive elsewhere.
Barcelona have given Ousmane Dembele 48 hours to decide his future. The Catalan giants want to tie him down to a new contract but will look to sell the Frenchman in the transfer window rather than risk losing him for free in the summer.
Real Madrid midfielder Eduardo Camavinga would leave the club to join Liverpool this summer, according to reports in Spain. The 19-year-old has struggled to settle at the Bernabeu following his £34m summer move from Rennes and previously turned down Liverpool to move to Madrid.
The Reds are also eyeing up a move for RB Leipzig's Christopher Nkunku, although his outstanding form likely means any deal will cost upwards of £50m.
PSV Eindhoven are interested in Liverpool central defender Nat Phillips. The 24-year-old is keen to play regular football and will be allowed to leave Anfield if a suitable offer is received – Phillips has experience of playing abroad after a previous loan spell at VfB Stuttgart.
Tottenham's pursuit of Adama Traore is picking up pace and there is hope of agreeing a loan deal with Wolves. There had been a delay while Bruno Lage's side sought a possible replacement, but promising winger Chiquinho has now put pen to paper.
Newcastle have offered €30m for Atalanta striker Duvan Zapata, having already shown interest in his teammate Robin Gosens. The Serie A side have no interest in parting ways with either though, and are keen to keep their squad together and maintain their push for Champions League qualification.
Deals for Diego Carlos and Hugo Ekitike are still being pursued by Newcastle, too, but a €40m bid for Monaco defender Benoit Badiashile has been knocked back.
Aston Villa expect to wrap up the loan signing of Roma goalkeeper Robin Olsen, should he successfully complete a medical.