Sol Campbell could be set for a shock return to Arsenal. The former England defender has been training with Arsenal since being released from Notts County earlier in the season and is expected to be given a short-term contract after playing in a reserve game.
Campbell's arrival will hasten the departure of Philippe Senderos, who has said he wants to leave the club. Blackburn may be interested if he does.
Bolivian midfielder Samuel Galindo could move to the Emirates, according to reports. The highly rated 17 year-old is already captain of his country's under-21 side.
Reports suggest Arsenal are preparing a bid for Louis Saha, whose future at Everton is in doubt over the striker's extravagant contract demands. The club are also reputed to be tracking Racing Santander's 18-year-old midfielder Sergio Canales.
Arsenal scouts have also been to watch Crystal Palace's Victor Moses, although Tottenham, Liverpool and Manchester City are also in the hunt. Arsene Wenger is also rumoured to be in the hunt for Ivory Coast striker Lacina Traore. The 19 year-old currently plays for Cluj in Romania and has been called 'the new Emmanuel Adebayor'.
Fran Merida could leave, with contract talks having stalled and a move to Atletico Madrid rumoured.
Villa are reportedly tracing Sporting Gijon left-back Roberto Canella, although Wigan are set to put in a bid for the 21 year-old. John Carew continues to be the subject of transfer speculation, although O'Neill has denied that he is willing to let the Norwegian go to Tottenham in exchange for Robbie Keane.
Craig Gardner is likely to leave the club after five years at Villa Park, with both Wolves and Birmingham interested.
Emile Heskey could also depart as he searches for regular first-team football ahead of the World Cup, but Martin O'Neill has said he is not looking to sell out-of-favour left-back Nicky Shorey.
O'Neill is rumoured to be interested in bringing Jermaine Pennant back to the Premier League, while a £12m move for Kenwyne Jones is another possibility. Graham Dorrans, another transfer target, will be staying at West Brom after he signed a new deal.
New owner Carson Yeung has handed Alex McLeish up to £40m to spend in January as they push for European football, and Sporting Gijon midfielder Michel is his first signing for £3m.
A £10m bid for Sunderland's Kenwyne Jones has also been lodged, while the club have expressed interest in Panathanaikos winger Dimitris Salpigidis, available for £1m. McLeish is also rumoured to be considering a move for former West Ham midfielder Sekou Baradji and Hull midfielder Stephen Hunt.
However, McLeish has been told Liverpool's Ryan Babel is not for sale, and the same goes for Celtic's Aiden McGeady. The club has made a fresh offer for Rangers striker Kris Boyd, while Aston Villa's Craig Gardner is another target.
Birmingham are keen on keeping Giles Barnes, currently on trial at the club and a free agent after being released by Derby. Meanwhile, Gary McSheffrey wants to leave after struggling to feature this season, with Sheffield United expressing an interest in taking on the winger.
Blackburn are rumoured to be considering a bid for Cardiff midfielder Joe Ledley, and are one of a number of teams reportedly in the hunt for former Wigan striker Amr Zaki.
Sam Allardyce is believed to be in talks with Feyernoord forward Andwele Slory over a loan deal and Algerian midfielder Amine Linganzi, who has been training at Ewood Park. Other targets include Portsmouth's Nadir Belhadj and Monaco's Eidur Gudjohnsen, who could be the subject of a £1.8m bid.
A swap deal for Stoke's James Beattie that could see Jason Roberts moving in the other direction is also in the pipeline. Out-of-favour Benni McCarthy will be allowed to leave, but Allardyce says no bids have been received yet. Striker Franco di Santo has extended his loan spell from Chelsea.
Elrio van Heerden has left Blackburn after making just two substitute appearances. The South African midfielder has joined Turkish club Sivasspor.
The appointment of Owen Coyle has spurred a whirlpool of transfer speculation. Chris Eagles and Tyrone Mears could join from Coyle's old club Burnley, while Jermaine Beckford of Leeds is a possible target, although a host of other clubs are also interested in the striker. Reports suggest Coyle will try and bring in Vladimir Weiss of Manchester City on loan, while he could also move for David Nugent, who is currently on loan at his old club Burnley.
Arsenal's Jack Wilshere, Real Madrid midfielder Guti and Barcelona striker Bojan Krkic may be available on loan, while the club have also been linked with Portuguese striker Nuno Gomes and Bosnian defender Safet Nadarevic.
Gary Cahill could be sold to raise funds for the new boss, while Hamburg have joined Marseille in the chase for striker Johan Elmander.
Brian Laws may have taken over the reins at turf Moor, but the ghost of Owen Coyle still stalks the corridors. The club's former manager risks infuriating fans further if, as reported, he makes bids for Tyrone Mears and Chris Eagles, and hijacks the club's loan move for Jack Wilshere of Arsenal.
Midfielder Stuart Holden, currently playing in the US for Houston Dynamo, is poised to go to Burnley on trial. The cash-strapped club could join the chase for Stoke striker James Beattie. Tottenham's Gareth Bale is a loan option, and the club has the option to purchase on-loan striker David Nugent from Portsmouth for £1m.
Chelsea are reportedly interested in signing Everton's Marouane Fellaini, while Racing Santander midfielder Sergio Canales and Benfica winger Angel di Maria are other big names to be linked with Chelsea.
Canales, 18, is also being tracked by Liverpool, Arsenal and Manchester City, while £15m-rated di Maria has attracted interest from Inter Milan and Manchester United.
Joe Cole's faltering contract talks are rumoured to be attracting the attention of Tottenham. Cole is out of contract in the summer and Chelsea will be desperate not to let him leave on a Bosman free.
Chelsea have made their first big move of the window by offering Atletico Madrid £30m for striker Sergio Agüero, although this is substantially less than the £40m they had previously indicated they might offer.
A £36m move for Wolfsburg striker Edin Dzeko has been rumoured, with Chelsea hoping to beat AC Milan to the Bosnian striker's signature. "I can confirm that Milan likes the player," said Dzeko's agent. "They are the club which showed most interest. But attention must be paid to Chelsea as the Blues are following Dzeko."
The club could also move for Monaco midfielder Jerko Leko and Bayern Munich's Bastian Schweinsteiger, with Franck Ribery another target.
Everton are understood to have agreed a deal to sell defender Lucas Neill to Galatasaray for a fee of around £800,000.
Louis Saha could also be on his way out of Goodison Park. The club are understood to be unhappy with the striker's contract demands, and Arsenal could prepare a bid. Marouane Fellaini is reported to have attracted the attention of Chelsea.
Having already tied up a loan deal for the American Landon Donovan, David Moyes is in the hunt for Benni McCarthy, who will be allowed to leave Blackburn for £2.5m, and Olympiakos striker Matt Derbyshire, formerly of Blackburn.
The club have also agreed a deal with Malmo for 15-year-old defender Johan Hammar, but another teenage target, Maxime Lestienne of Belgian side Mouscron, has opted to join Bruges. Everton are believed to have had a loan move for Marseille's Hatem Ben Arfa rejected.
Philippe Senderos could join from Arsenal, and Everton are also pondering a loan move for former Gunners winger Jose Antonio Reyes.
A six-month loan deal for Stefano Okaka, who scored the winner for Roma against Fulham in the Europa League, looks to have been agreed, according to the 20-year-old striker's agent.
Hodgson could also enter the fierce battle for Crystal Palace's Victor Moses as he searches for a replacement for the injured Bobby Zamora. Romanian striker Florin Costea is another option, with Fulham prepared to pay £1.5 for the Universitatea Craiova player.
Fulham could also be preparing to steal Tottenham's Jamie O'Hara from under the noses of Portsmouth, where the 23 year-old is currently on loan. Panathanaikos winger Dimitris Salpigidis is another potential target, with a £1m move being considered.
Hodgson could also try and sign Spurs defender Alan Hutton to boost his defence, and may also be preparing an audacious loan bid for Arsenal's Jack Wilshere.
Winger Stephen Hunt is on the verge of joining Wolves, with the two clubs understood to be nearing agreement on a £3m deal.
Phil Brown could make bids for Leeds striker Jermaine Beckford and Hamilton Academicals midfielder James McArthur, and is rumoured to be looking at Marlon Harewood, currently on loan at Newcastle.
However, the club's attempt to sign Felipe Caicedo from Manchester City on loan has failed, with the striker opting for a move to Malaga.
Hull have missed out on American youngster Freddy Adu, who has decided to move to Greek club Aris from Benfica. Caleb Folan and Daniel Cousin could both go on loan as Phil Brown tries to cut the club's wage bill. Both are thought to be on the verge of joining QPR for the rest of the season.
Liverpool could be close to sealing a £25m move for highly-rated Bordeaux striker Marouane Chamakh. Reports suggest Liverpool have offered the 26 year-old Moroccan international a pre-contract agreement that the club expect him to sign.
Rafa Benitez is also on the verge of clinching a £1.5m deal for Maxi Rodriguez. The Atletico Madrid and Argentina winger has arrived at the club to have a medical before signing an 18-month contract.
A bid for Wolves defender Richard Stearman is also being considered, as is a loan move for Manchester City's Nedum Onuoha. Rumours are also flying over a £2m deal for Reading goalkeeper Adam Federici.
Benitez is also preparing to make a £1m down-payment on 20-year-old Nicolas Lodeiro, described as 'the Uruguayan Messi'.
Andrea Dossena has signed for Napoli for a deal worth around £4.5m, and Andriy Voronin has ended his unhappy stay at Anfield by agreeing a trasnfer to Dinamo Moscow.
Liverpool have rejected one bid of £8m by Birmingham for Ryan Babel, while Voronin is wanted by Dinamo Moscow. A bid by Olympiakos for Yossi Benayoun has been rejected, and the agent of Albert Riera has dismissed speculation linking him to the same club.
Having signed Patrick Vieira on a six-month contract at Eastlands, Real Madrid's Fernando Gago could be Roberto Mancini's next signing. The Argentinian midfielder would be available for around £7.5m, according to reports.
However, Mancini has played down speculation over Argentina international left-back Cristian Ansaldi, currently at Russian champions Rubin Kazan, and has told an Italian newspaper he is not interested in signing Barcelona forward Zlatan Ibrahimovic.
In the other direction, Liverpool are reportedly contemplating a loan deal for Nedum Onuoha.
City have reportedly joined the chase for Crystal Palace's Victor Moses, with Liverpool, Tottenham and Arsenal all also in pursuit of the 19-year-old striker.
The club are also reported to be tracking Racing Santander's 18-year-old midfielder Sergio Canales.
Danish defender Simon Kjaer, currently at Palermo, could also move in an £18m deal. However, Mancini appears to have failed in his attempt to lure Juan Sebastian Veron to Eastlands.
Moves for Juventus's Giorgio Chiellini, Hamburg defender Jerome Boateng and Portsmouth's Younes Kaboul have been rumoured. But City are understood to be cooling on Inter Milan pair Maicon and Ivan Cordoba.
Sir Alex Ferguson is planning a massive summer clear-out, according to reports. Dimitar Berbatov, Nani, Anderson and Nemanja Vidic could all be sold.
Even Wayne Rooney may not be safe, it has been reported, with Manchester United prepared to cash in on the striker to ease their mounting debts. Real Madrid and Barcelona could prepare £70m bids.
United are interested in Fiorentina goalkeeper Sebastian Frey as a potential replacement for Edwin van der Sar, the player's agent has claimed. French international goalkeeper Hugo Lloris is another option, while a shock move for Portsmouth's David James has also been rumoured.
Nani has been touted for a exit as part of an exchange deal for Benfica winger Angel di Maria. The 21-year-old Argentinian is regarded as one of the most promising young talents in Europe, but Chelsea and Inter Milan are also reported to be interested.
Ben Foster is also available for £4m, according to reports, while Frederico Macheda could go to Real Zaragoza or Bologna on loan.
Ferguson could also swoop for 18-year-old Rangers defender Danny Wilson or Serbian defender Uros Cosic, and may attempt to hijack rivals Manchester City's move for Juventus defender Giorgio Chiellini.
Avram Grant has been linked with a deal to sign Egyptian striker Emad Moteab if the club's transfer ban is lifted. The club has also been linked with Benfica defender Miguel Vitor on loan. Marseille winger Hatem Ben Arfa, though, looks like staying put.
Grant has the option of recalling striker David Nugent from his loan spell at Burnley in the event that Pompey are barred from signing any new players. However, Aruna Dindane could be recalled by parent club Lens.
Younes Kaboul and David James have both been linked with moves away. Kaboul is wanted by Manchester City and Sunderland, while James could be the subject of a shock move by Manchester United.
Stoke are thinking big as they search for a striker. The club has made an approach to Real Madrid for Ruud van Nistelrooy, while Wigan's Hugo Rodallega, available for £10m, is another possibility.
Stoke have also been linked with Kenwyne Jones and Emile Heskey as replacements for James Beattie, who may leave. They are also reportedly considering a move for Egyptian Amr Zaki, formerly of Wigan. Dimitris Salpigidis, the Panathanaikos winger, has also been linked with the club.
Meanwhile, Pulis is rumoured to have entered the race for West Ham's Scott Parker, and they could try and sign Barcelona prodigy Oriel Romeu on loan.
Defender Richard Cresswell has moved to Sheffield United for an undisclosed fee.
With striker Kenwyne Jones linked with a move to Birmingham, Steve Bruce wants to replace him Paraguay striker Salvador Cabanas or Leeds striker Jermaine Beckford, but he has denied making a £5m bid for Wigan goalkeeper Chris Kirkland. Sunderland are rumoured to be one of a number of clubs pursuing former wigan striker Amr Zaki, currently playing in Egypt.
Former transfer target Kevin Kuranyi has pledged his future to Schalke and will not move this window, but Middlesbrough's Adam Johnson could be heading to the Stadium of Light.
Ivory Coast full-back Guy Demel could also move to the Stadium of Light for £5.5m. The club could also move for Younes Kaboul of Portsmouth, although Pompey have reportedly rejected an initial bid of £5m plus Anton Ferdinand.
Alan Hutton and David Bentley could both join from Spurs, while the club may battle it out with Tottenham for Wigan's Maynor Figueroa. A move for Coventry goalkeeper Keiren Westwood is also on the cards.
Harry Redknapp's long-standing interest in Brazilian midfielder Sandro could be about to bear fruit, with reports that the 20 year-old is about to complete a £6m deal to join Tottenham.
Tottenham are following Joe Cole's faltering contract negotiations with Chelsea and could be tempted into making a bid, with Cole out of contract at the end of the season. A shock move for AC Milan midfielder Mathieu Flamini, who used to play for Arsenal, is also being considered.
Discontented striker Roman Pavlyuchenko could finally be about to leave the club, with Zenit St Petersburg allegedly lodging a bid of £10.2m.
Redknapp has failed with a reported £5m bid for Argentinian striker Javier Saviola, and also looks like missing out on Croatian international defender Dejan Lovren, who is negotiations with Lyon.
Meanwhile, Tottenham have joined the pursuit for 19-year-old Crystal Palace striker Victor Moses, rated as one of the most promising talents in the Football League.
Monaco striker Eidur Gudjohnsen and Sporting Lisbon's Miguel Veloso have also been linked with the club.
Peterborough captain George Boyd, Portsmouth goalkeeper David James and Wigan's Maynor Figueroa have all been linked with moves to White Hart Lane, even though Harry Redknapp has been told to sell before he buys.
West Ham United
Belarus striker Sergey Kornilenko is set to move to Upton Park from Zenit St Petersburg. The 26-year-old striker is training with the club and Zola will make the final decision on whether to go ahead with the transfer.
Monaco's Eidur Gudjohnsen, Portuguese veteran Nuno Gomes and Fiorentina striker Adrian Mutu are the latest names to have been linked with West Ham as Gianfranco Zola searches for a striker.
Alessandro Diamanti, the club's 26-year-old striker, has dismissed reports linking him with a move to AC Milan.
But with Scott Parker and Matthew Upson linked with moves away, Robert Huth of Stoke, 18-year-old Belgian winger Geoffrey Hairemans and James Beattie are possible targets, while the club could also make a £2.5m swoop for Tours striker Olivier Giroud.
Wigan have signed Ivory Coast defender Steven Gohouri until the end of the season, and Gary Caldwell looks set to reject an offer from Middlesbrough to join Wigan in a £1 million deal.
A move for Mallorca forward Aritz Aduriz that could see Hugo Rodallega moving in the opposite direction is also on the cards, while Roberto Martinez is rumoured to be lining up a £4.5m bid for Sporting Gijon left-back Roberto Canella, a £4m move for Genk's Brazilian defender Joao Carlos and a £3m bid for Leicester striker Matty Fryatt.
The club have already completed the loan signing of Serbian international goalkeeper Vladimir Stojkovic, but Celtic have rebuffed an approach for striker Scott McDonald.
Oliver Kapo has completed a loan move to French side Boulogne. Wigan are also hoping to send left-back Erik Edman on loan to Sheffield United. Chris Kirkland has been linked with a £5m move to Sunderland, while Daniel de Ridder has attracted the interest of Hapoel Tel Aviv.
Hull winger Stephen Hunt is on the verge of becoming Wolves's first signing of the window, with the two clubs understood to be nearing agreement on a £3m deal.
Wolves could hijack Newcastle's bid for Leeds striker Jermaine Beckford, but Mick McCarthy will need special Premier League dispensation to Tottenham's Jamie O'Hara on loan.
McCarthy is also interested in Derby's Kris Commons, Guingamp midfielder Richard Soumah and Aston Villa's Craig Gardner. However, the club's attempt to take Toulouse winger Fodé Mansaré on trial appears to have stalled.
Neil Collins has been sold to Preston for £750,000, while Richard Stearman could be a Liverpool target.