With British record signing Andriy Shevchenko returning to former club AC Milan, Chelsea are also prepared to allow winger Shaun Wright-Phillips to re-join Manchester City for £9m, writing off an incredible £43m on the duo. (The Sun)
However, Everton and Portsmouth are also tracking Wright-Phillips. (Daily Express).
But Chelsea's spending spree is set to continue with Real Madrid's Brazilian striker Robinho joining the club for a fee of between £27m (The Sun) and £31m (Daily Mirror).
Uefa Cup champions Zenit Petersburg are attempting to offload striker Andrei Arshavin to Chelsea after his protracted move to Tottenham collapsed. (Daily Express)
Tottenham striker Dimitar Berbatov could risk "rotting in the reserves" if his proposed £30m move to Manchester United fails to materialise. (Various)
Everton's bid to bring £12m-rated Espanyol winger Albert Riera to Goodison Park could be hijacked by rivals Liverpool, who have shelved plans to sign Aston Villa's Gareth Barry. (Various)
Liverpool boss Rafa Benitez could raise £7m through the sale of winger Jermaine Pennant and centre-back Sami Hyypia to Stoke, while Everton are also looking into Valencia's 6ft 8in Serbia international striker Nikola Zigic. (The Guardian)
Toffees boss Dave Moyes is close to adding Guinea defender Kamil Zayatte to his squad for £2.5m from Swiss club Young Boys. (Daily Mail)
After having a £7m bid for West Ham defender Anton Ferdinand accepted, Sunderland boss Roy Keane is turning his attention to Man City's £1m-rated full-back Michael Ball. (The Sun)
Arsenal centre-back Philippe Senderos is set to complete a year's loan to Italian giants AC Milan. (Various)
West Brom agree a £2.5m deal for Charlton's China international Zheng Zhi. (Daily Mirror)
Baggies manager Tony Mowbray is also lining up a £4m bid for Real Mallorca striker Oscar Trejo. (Telegraph)
Bolton's Switzerland international Blerim Dzemaili is heading for the Reebok Stadium's exit door - without making a single appearance for the club. (Daily Mirror)
Real Betis are ready to step in to take Manchester City flop Nery Castillo on a year's loan. (Daily Mirror)
Aston Villa have moved a step closer to landing Reading striker Kevin Doyle in a £7.5m deal. (Daily Star)
Rangers will send midfielder Dean Furman on loan to Bradford City so that the South African can gain more first-team experience. (The Sun)
Celtic have ruled out a move for German international defender Alexander Madlung, who is currently with Vfl Wolfsburg. (The Herald)
Hearts striker Calum Elliot is close to agreeing a loan switch to Livingston. (Daily Record)
Aberdeen manager Jimmy Calderwood hopes to make two or three loan signings before the close of the transfer window, one of whom may be trialist Quido Lanzaat. (Various)
Motherwell will give Slovakian international defender Maros Klimpi the chance to win a move to Fir Park from Danish side Midtjylland. (Daily Express/Daily Star)