10am Transfer Talk Update: Frank Lampard, David Villa, Luka Modric

With the January transfer window now in full swing, Sports Mole rounds up the latest transfer speculation.

This morning's headlines:

Lampard rejects Everton offer? Chelsea midfielder Frank Lampard reportedly turns down a three-year contract offer from Everton.

Chelsea to offer Lampard new contract? Chelsea are reportedly ready to perform a U-turn and offer Lampard a new contract at the club.

Arsenal make David Villa bid? Arsenal make a formal approach for David Villa ahead of a proposed £13.8m transfer.

English trio eye Modric Chelsea, Manchester United and Manchester City are keeping tabs on Real Madrid midfielder Luka Modric over a possible return to English football.

Chelsea agree Isco fee? Chelsea reportedly agree a £15m deal with Malaga for midfielder Isco.

Arsenal target £7m M'Vila? Arsenal are alerted to a possible cut-price deal for Yann M'Vila.

Laudrup rules out Michu departure Swansea boss Michael Laudrup rules out a move for Michu in the January transfer window.

Fellaini to cost Chelsea £30m Everton reportedly tell Chelsea that Marouane Fellaini will not be allowed to leave the club for less than £30m.

Spurs lead Zaha chase Spurs are in pole position to secure the signature of Crystal Palace forward Wilfried Zaha, according to reports.

Arsenal prepare McCarthy bid? Arsenal eye up an £8m bid for Wigan midfielder James McCarthy.

Lescott staying at Man City Manchester City defender Joleon Lescott says that he has "no desire" to leave the Premier League champions.

Paulista on verge of West Ham move Cruzeiro striker Wellington Paulista confirms that he is on the verge of joining West Ham.

Hull agree Robbie Brady fee Hull City reportedly agree a fee with Manchester United for Robbie Brady.