With plenty of transfer business in motion, Sports Mole rounds up all the latest news and speculation emerging from the rumour mill.
This morning's headlines:
Real Madrid 'make formal offer for Bale'
Real Madrid are reported to have tabled a players-plus-cash offer for Gareth Bale.
Ancelotti wants Ronaldo stay
Real Madrid coach Carlo Ancelotti says that he is relishing the opportunity to coach Cristiano Ronaldo next season.
Man City 'renew interest in Lewandowski'
Manchester City are reportedly lining up a move for Robert Lewandowski as a replacement for Carlos Tevez.
Higuain's brother admits Arsenal deal
Real Madrid striker Gonzalo Higuain is close to moving to Arsenal, according to his brother.
Ancelotti coy on Bale, Suarez moves
Carlo Ancelotti refuses to discuss the possibility of bringing Gareth Bale and Luis Suarez to Real Madrid.
Report: Baldini to contact Villa
Tottenham Hotspur technical director Franco Baldini will reportedly hold talks with Barcelona forward David Villa later this week.
Gerrard expects Reina to stay
Steven Gerrard expects Pepe Reina to stay and fight for his place at Liverpool following the arrival of Simon Mignolet.
Corinthians: 'Paulinho departure is imminent'
Corinthians president Mario Gobbi Filho says that Tottenham Hotspur target Paulinho's departure from the club is "imminent".
Swansea open to Shelvey talks?
Swansea City are reported to be holding talks with Liverpool regarding a summer move for midfielder Jonjo Shelvey.
Gomez opens door to Italy move
Bayern Munich's Mario Gomez says that he would be "very happy" to join an Italian club this summer.
Spurs outbid Roma for Jedvaj
Tottenham Hotspur reportedly lodge a £6.5m offer for Dinamo Zagreb's teenage defender Tin Jedvaj.
Report: West Ham close in on Montero
West Ham United are reportedly close to signing Ecuador winger Jefferson Montero on a four-year contract.
Sunderland 'close in on Mendy'
Sunderland are reportedly holding talks with Le Havre defender Benjamin Mendy.
Joel Grant joins Yeovil Town
Yeovil Town sign former Wycombe Wanderers winger Joel Grant on a two-year contract.