8am Transfer Talk Update: Pepe Reina, Carlos Vela, Aleksandar Kolarov

With plenty of transfer news and speculation emerging by the hour, Sports Mole has rounded up the latest stories.

Friday morning's headlines:

Arsenal to make £5m bid for Reina? Arsenal are reportedly ready to make a bid in the region of £5m for Liverpool goalkeeper Pepe Reina.

Vela unlikely to rejoin Arsenal? Arsenal reportedly have no interest in exercising their buy-back clause on Real Sociedad striker Carlos Vela.

Kolarov signs new Manchester City deal Manchester City defender Aleksandar Kolarov signs a new three-year deal at the Etihad Stadium.

Watford complete Dyer signing Watford sign Leicester City winger Lloyd Dyer on a three-year deal.

Newcastle told to increase Cabella bid Newcastle United are told that they must improved their offer if they want to sign Montpellier striker Remy Cabella.

Valencia keen on Perez? Valencia are keen to secure a deal for Benfica midfieldr Enzo Perez.

Lukaku rejects West Ham move Chelsea striker Romelu Lukaku reportedly turns down an offer to join West Ham United.

Hearn seals Mansfield move Mansfield Town sign former Grimsby Town striker Liam Hearn on a free transfer.