Full story: Daily Telegraph
Meanwhile, the Merseysiders are to offer Lyon £12m for Brazilian winger Michel Bastos as boss Kenny Dalglish refuses to increase his bid for Downing.
Full story: caughtoffside
Aston Villa want to tie up a deal for Wigan winger Charles N'Zogbia as they seek a replacement for Downing.
Full story: Daily Mail
Championship outfit Southampton have laughed off Arsenal's £6m bid for winger Alex Oxlade-Chamberlain - the Saints say they will not do business for less than £12m.
Full story: Daily Star
Manchester United are set to make an offer of £10-12m cash plus two players for Tottenham star Luka Modric.
Full story: caughtoffside
Spurs lead a host of clubs in the hunt for 'the new Luka Modric', Hadjuk Split player Ante Vukusic.
Full story: Daily Star
Tottenham must fork out £20m to sign striker Pablo Osvaldo from Espanyol.
Full story: the Sun
Spurs midfielder Niko Kranjcar is waiting to discover if Italian side Fiorentina have made a bid for him - the Croat remains unhappy at his club's £12m asking price.
Full story: the Sun
Arsenal want £15m-rated Valencia winger Juan Mata - but to play alongside Samir Nasri rather than to replace him.
Full story: Daily Mirror
Barcelona are set to tempt the Gunners into accepting a cut-price transfer offer for Cesc Fabregas by throwing either Maxwell or Eric Abidal into the deal.
Full story: Metro
But Arsenal have told the Catalan giants that they must drop youngsters Jon Toral and Hector Bellerin from their bid for Fabregas before a deal can be agreed.
Full story: Daily Express
Chelsea are chasing £9m Genk keeper Thibaut Courtois, whom they see as a long-term successor to Petr Cech.
Full story: the Sun
Stoke want Olympiakos and Greece defender Vasilis Torosidis, who has a £6.3m buy-out clause in his contract.
Full story: Daily Mail
Blackburn Rovers will have to pay £8.5m to sign FC Copenhagen striker Dame N'Doye.
Full story: Daily Mirror
Rovers striker Nikola Kalinic is wanted by Dynamo Kiev - and the Ewood Park club are keen to recoup the £6m they paid for him.
Full story: Daily Mail
Blackburn have approached Monaco about a £3m deal for DR Congo international defender Cedric Mongongu.
Full story: Daily Star
West Ham manager Sam Allardyce is preparing an ambitious bid to sign Liverpool pair Joe Cole and Paul Konchesky.
Full story: caughtoffside
QPR boss Neil Warnock is to launch a £6m raid on the Hammers for striker Carlton Cole.
Full story: Daily Mirror
Bolton have stepped up their efforts to land Rodrigo from Benfica after he impressed on loan last season.
Full story: Talksport
Aston Villa are ready to spend £5m to secure the transfer of defender Alan Hutton from Spurs.
Full story:Metro
Villa have also moved ahead of Tottenham in the pursuit of West Ham's Scott Parker, because Spurs must sell before they buy.
Full story: Daily Mirror
Norwich are lining up a £2m move for Arsenal midfielder Henri Lansbury.
Full story: the Sun
West Ham will decide next week whether to sign Polish defender Hernani da Rosi from Korona Kielce.
Full story: the Sun
Aston Villa will finally sign Manchester City goalkeeper Shay Given for £4m by the end of the weekend.
Full story: the Sun
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