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Manchester United are prepared to pay Neymar's €200 million Barcelona buyout clause, Spanish outlet Sport reports.
In addition to eclipsing the world record fee paid for Paul Pogba, the Red Devils are ready to make the Brazilian attacker the highest-paid player in the Premier League with a £415,000-per-week deal.
Chelsea have reached an agreement to sign Monaco holding midfielder Tiemoue Bakayoko, according to TuttoMercatoWeb.
The Blues are said to have stumped up €40 million to land the 22-year-old, with only the final details needing to be ironed out before the deal is completed.
Barcelona have been told that they must pay a massive €90 million if they are to re-sign Thiago Alcantara from Bayern Munich, Sport reports.
The Blaugrana are in the market for a midfield successor to Xavi and Andres Iniesta but will be unable to meet the Bundesliga champions' valuation of their former player.
Real Madrid have opened talks with Chelsea star Eden Hazard, according to Marca, and are deemed to have made positive progress.
Zinedine Zidane is keen to land the diminutive Belgian having recommended him in 2012, though it may depend on Antonio Conte's interest in Real attacker James Rodriguez.
The Colombian is thought to be actively looking for a way out of the Spanish capital, with Stamford Bridge being mooted as a possible destination.
Arsenal's Jack Wilshere is keen on making a permanent switch to Serie A in the summer, according to a report from the Daily Mail, with AC Milan the likeliest destination.
The England midfielder is currently on a season-long loan at Bournemouth with just one year remaining on his deal at the Emirates Stadium.
Milan have long been interested in Wilshere, who opted to stay in the Premier League over a switch to Italy in the summer, though it is now thought he is warming to the idea of a move.
Arsenal are interested in signing Leicester City goalkeeper Kasper Schmeichel in the summer, according to reports from the Mirror.
The Denmark international played a key role in the Foxes' historic Premier League title win last season and was crucial in the club's progression into the Champions League quarter-final.
Arsene Wenger and the Arsenal chiefs are on the search for a long-term replacement for Petr Cech, who is approaching his 35th birthday.
Monaco are said to have named their price for in-demand attacker Kylian Mbappe, according to Express, with the Ligue 1 side looking for bids over £130 million.
Clubs in England, Spain and France are interested in the 18-year-old prodigy, but Manchester United are reported to be ahead of the pack, having lodged a sizeable early bid.
Real Madrid star James Rodriguez has emerged as a target for Liverpool, should they qualify for next season's Champions League, according to a report from the Mirror.
The 25-year-old Colombia international is said to be actively looking for a move away from the Spanish capital having fallen out of favour with Los Blancos boss Zinedine Zidane.
Rodriguez has made just seven La Liga starts this season under the former France midfielder.
Barcelona have stepped up their interest in Liverpool playmaker Philippe Coutinho by opening talks with his Brazilian-based agent, according to Sport.
The La Liga giants have been tracking the South American for some time and believe they can get their man despite fresh terms being signed at Anfield.
Chelsea are ready to go head to head with Manchester United over the signing of Atletico Madrid's Antoine Griezmann, The Sun reports.
While Man Utd boss Jose Mourinho is a long-term admirer and the Red Devils are said to be out in front in terms of negotiations, Blues boss Antonio Conte is said to have made Griezmann his top target and are willing to match any bids made by their Premier League rivals.
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