Mikel Arteta has used January to clear out a number of Arsenal players who were not part of his first-team plans with Pablo Mari the latest to depart, joining Udinese on loan.
The Gunners manager and technical director Edu are pushing to bring in the striker and midfielder that both crave, with Dusan Vlahovic the No.1 target and a move for Juventus' Arthur being negotiated.
Liverpool forward Roberto Firmino is linked with a move to Barcelona while Nat Phillips is expected to depart after Rhys Williams' recall, while Manchester United are ready to sell Jesse Lingard - but he's not keen on a Newcastle loan.
The Toon have had a £29million striker bid rejected and are continuing to pursue Sevilla's Diego Carlos, while Spurs are pushing for AC Milan's Franck Kessie, hoping to get a deal done now and avoid a summer scramble when he's a free agent.
That and much, much more is here in today's transfer blog.
Stick around throughout Thursday for live updates on confirmed transfers and gossip from across Europe.
19:45KEY EVENT
Arsenal eye another shot-stopper
Arsenal are reportedly close to submitting an official bid for American international goalkeeper Matt Turner of the New England Revolution.
ESPN claim the Gunners view Turner as a potential second-choice to current number one Aaron Ramsdale.
Arsenal's deputy 'keeper Bernd Leno is reportedly nearing the Emirates exit amid speculation he is on Newcastle's radar and Turner may be needed before the window's close.
19:13KEY EVENT
PSG propose Ndombele swap
Paris Saint-Germain are reportedly so keen on landing Tanguy Ndombele they are willing to offer up Leandro Paredes in return.
The Telgraph report that Mauricio Pochettino is eager on linking up with the man he first brough to Tottenham back in 2019.
Ndombele is Spurs' record-signing and has drastically underwhelmed, recently being booed off by his own fans during the FA Cup third round clash against Morecambe.
18:41Josh O'Brien
Aston Villa confirm contract extension
Aston Vill have taken to twitter to confirm central defender Kortney Hause has extended his stay at Villa Park by penning a new deal with the club.
The new contract will see the centre-back tied to the club for the next three years before it will be up for renewal again in the summer of 2025.
17:58KEY EVENT
Tottenham offered Ndombele hope
Tottenham Hotspur have reportedly received a boost in their hopes of getting rid of Tanguy Ndombele this month.
The Athletic claim that Paris Saint-Germain are keen on taking the 25-year-old midfielder on loan for the rest of the season.
A move to the French capital would reunite Ndombele with the manager who brought him to Tottenham for a club-record fee, Mauricio Pochettino.
17:13Samuel Meade
PSG 'send clubs list of 11 players available'
PSG are ready to conduct a mass overhaul of their youth system with more than ten players available to rival clubs.
The Parisians have spent millions on players since being acquired by their Qatari owners more than a decade ago.
The likes of Neymar and Kylian Mbappe have joined for mammoth fees as the club make themselves the dominant force in Europe.
Very few academy stars have broken through such is the quality of the first team squad.
Adrien Rabiot, now at Juventus, is one of those to have managed it whilst current defender Presnel Kimpembe also came through the ranks in Paris.
PSG though have contacted clubs in Ligue 1 and in Ligue 2 as well as overseas clubs regarding the availability of several youth stars.
Read the full story here.
16:51Nathan Ridley
Chelsea 'rejected two approaches' for Sarr
Chelsea have already rejected two approaches for centre-back Malang Sarr this month, according to French outfit Le10Sport.
Roma and Leicester City are reportedly interested in signing the 22-year-old but manager Thomas Tuchel sees Sarr as part of his future plans at Stamford Bridge.
The former Nice defender's left-footed nature makes him ideal for Tuchel's three-man back line and he started in the loss at Manchester City on Saturday.
16:25David Anderson
Burnley turn to Orsic
Burnley have turned to Dinamo Zagreb's Mislav Orsic in their striker search after ruling out a move for Christian Benteke.
Burnley are looking for a frontman to replace Chris Wood and have identified Croatian international Orsic.
Orsic, 29, scored a hat-trick against Tottenham to dump them out of last season's Europa League and has also netted against West Ham in this season's competition.
Dinamo value him at £10million and the Clarets have made inquiries after deciding Benteke is a non-starter.
16:06Press Association
Livingston fends off St Johnstone interest in Alan Forrest
David Martindale has revealed Livingston have rejected two bids from St Johnstone for winger Alan Forrest.
The 25-year-old's contract is up in the summer but the Perth club, who are bottom of the cinch Premiership, are looking to bring in the former Ayr player this month.
However, Livi boss Martindale insists his valuation of Forrest, who came off the bench in the 2-0 home win over Dundee on Tuesday, has not been met by their league rivals.
He said: "It is a tough one, to be fair. Alan has been pretty honest and fair with me and told me he thinks his future is away from Livingston.
"I made him a contract offer and he is probably not going to sign that contract."
15:25Kit Mann
Will Southampton keep Armando Broja permanently?
Southampton are in no hurry to sign Chelsea prospect Armando Broja.
Broja has scored five times in 17 Premier League games for Saints since joining on loan.
But Hasenhuttl does not want the 20-year-old's future to become a distraction and says the situation can wait until the end of the season.
The Saints boss said: "He definitely enjoys it here and he should see what he has with this club, and I think he sees this. We gave him a big chance to show up.
"He just needs to continue to do his job... Let this guy play football."
15:10Press Association
Gnanduillet set to leave Hearts
Hearts manager Robbie Neilson has confirmed Armand Gnanduillet is in talks with another club.
Reports had claimed Le Mans were in pole position to sign the 29-year-old former Blackpool striker.
The Frenchman has been at Tynecastle for a year but most of his appearances have come off the bench and he has only scored once this season.
Neilson said: "Armand is speaking to another club. He has been given permission to speak to them. He is trying to get something sorted.
"If he gets something sorted, he goes with our best wishes. If he doesn't, then he will come back in with us."
14:53KEY EVENT
Liverpool recall Williams, Phillips development
Liverpool have recalled defender Rhys Williams from his loan spell at Swansea City.
Williams joined the Championship side on loan in August, but he's made just seven appearances in all competitions and the Reds have decided to bring him back.
"Everyone at Swansea City would like to thank Rhys for his contribution during his brief time at the club, and wish him every success in his future career," read a club statement.
The decision could allow manager Jurgen Klopp to sanction the sale of Nat Phillips, who's been linked with Premier League strugglers Burnley and Newcastle.
14:41Press Association
Lee Cattermole back at 'Boro in coaching role
Former Middlesbrough midfielder Lee Cattermole has returned to the club where he made his name to take up the role of under-18s lead coach.
The Stockton-born 33-year-old, who announced his retirement as a player in August 2020 to concentrate on his coaching career, has been handed the task of guiding players through the same academy system he emerged from to launch his senior career as a teenager.
Boro's academy manager Craig Liddle told the club's official website: "We're delighted to welcome Lee back to the club. He brings strong leadership qualities, high standards and he has a wealth of experience in the game.
"Obviously, he came through our academy and is a great example to the young players we have here now.
He followed the same development path as them, understands what they are going through and knows what it takes to have a good career in the game at the highest level."
14:17Tom Blow
Arthur's agent is in London
Arthur Melo's agent is in London currently negotiating a move to Arsenal, according to Gazzetta dello Sport.
The Gunners are keen on signing the Brazilian midfielder, 25, on loan from Juventus this month.
It's believed Juventus and Arthur would prefer an 18-month deal, although it's unclear if that would suit Arsenal.
13:47Freddie Keighley
Magpies ramping up Bakker pursuit
Newcastle are 'stepping up' their pursuit of Bayer Leverkusen defender Mitchel Bakker, reports the Daily Mail.
Eddie Howe is desperate to add a new left-back in the January transfer window and he Magpies have made an offer of £14.5million.
Bakker, 21, has made 15 appearances for Leverkusen since joining from Paris Saint-Germain last summer.
13:30KEY EVENT
Spurs weighing up Kessie swoop
Tottenham are pondering a January bid for AC Milan star Franck Kessie, according to the Daily Telegraph.
Kessie, 25, is highly regarded across Europe, having scored five goals in 16 Serie A apperances this season, and there could be a rush for his services when his contract expires in the summer.
Antonio Conte keen to avoid a bidding war, so the report claims Spurs could make their move this month, which would also boost their chances of a top-four finish.
12:54Freddie Keighley
Newcastle saw £29m Ekitike bid rejected
Reims president Jean-Pierre Caillot has confirmed his side turned down a €35million offer from Newcastle for Hugo Ekitike.
The 19-year-old striker has lit up Ligue 1 this season with eight goals in 19 appearances at the tender age of 19.
Therefore, Newcastle's interest is not a surprise, but Reims were unhappy with the structure of their bid.