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Chelsea set to spend Oscar money on Tiemoue Bakayoko

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Hislop: Sanchez frustrated but will stay (3:13)

ESPN FC's Shaka Hislop discusses Alexis Sanchez's frustrations at Arsenal this season. (3:13)

The winter transfer window is now in full swing! As usual, Transfer Talk has its finger on the pulse when it comes to which rumours are picking up steam. Check out all the latest deals here.

TOP STORY: Chelsea move for Bakayoko

Antonio Conte suffered his first Premier League defeat since October on Wednesday, but he could soon be smiling -- the Mail believes Chelsea will bid for Monaco midfielder Tiemoue Bakayoko.

The 22-year-old has been at the heart of the Ligue 1 side's title challenge this term and helped them qualify for the knockout stages of the Champions League, where they meet Manchester City in the round of 16.

Manchester United have also been credited with an interest in Bakayoko, but the Blues are looking to spend some of their £60 million windfall from Oscar's move to Shanghai SIPG.

LIVE BLOG

23.00 BST: That's time on our live blog for Thursday! Stay tuned in just a few short hours for a fresh look at the morning papers in our Friday edition of Transfer Talk!

22.40 BST: Inter have paid Felipe Melo €3 million to terminate his contract early and join Palmeiras, according to Football Italia.

Melo was busy dropping hints on Twitter on Wednesday night, tweeting a pig emoji, most likely in reference to Palmeiras' nickname.

22.16 BST: More news from China, where Shanghai Shenhua are reportedly interested in making an offer for Watford's Odion Ighalo, according to the Mirror. The forward has twice turned down big-money transfers, but the Hornets are said to be eager to cash in on the player.

22.05 BST: Carlos Tevez, Oscar and Axel Witsel have already become the latest high-profile players to sign deals with Chinese Super League clubs, but the Chinese government is now calling for restraint in an effort to cool the huge salaries and fees being offered by the league.

A government official was quoted on the website of the General Administration of Sport saying that the government would seek to "regulate and restrain high-priced signings, and make reasonable restrictions on players high incomes."

21.44 BST: Is a move on the horizon for frustrated Alexis Sanchez? Our Shaka Hislop assesses the situation.

21.20 BST: An update on Memphis Depay's situation at Manchester United... The way out from Old Trafford looks difficult for the midfielder, as the Red Devils fight to recoup a substantial amount of his initial £25 million transfer fee, the Telegraph reports. The 22-year-old's £20m price tag, in addition to his £90,000-a-week wages, are proving to be too high for potential suitors.

21.02 BST: Saido Berahino to Stoke? Mark Hughes is interested in adding the 23-year-old striker to his squad, but the boss is still waiting for West Brom to name a price, according to the Stoke Sentinel. It wasn't too long ago that Berahino was valued at £20 million, but his form has shot down in recent times.

20.40 BST: DONE DEAL Columbus Crew SC has announced the signing of seven-year Major League Soccer veteran defender Josh Williams.

A former Crew player, Williams is now one of seven footballers on the current squad to have featured in 100 regular-season MLS games.

20.22 BST: It's very unlikely that Tottenham will make a new and improved bid for Crystal Palace striker Wilfried Zaha this transfer window, according to the Guardian.

Zaha, who scored his fourth goal of the current campaign in the 2-1 loss to Swansea on Tuesday, has joined up with the Ivory Coast national team to participate in the African Nations Cup.

20.04 BST: DONE DEAL The Philadelphia Union have completed the signing of left-back Giliano Wijnaldum.

Netherlands native Wijnaldum brings experience from three top-flight Dutch clubs, including AZ Alkmaar, with whom he won the 2012-13 Dutch Cup.

19.46 BST: Middlesbrough are not ready to let Jordan Rhodes leave the Riverside for nothing, with reports from the Mirror saying the club have put a price tag of £10 million on the out-of-favour striker.

Aston Villa and manager Steve Bruce are keen to take Rhodes on loan, but Boro have so far refused a temporary move.

19.28 BST: FC Dallas will be informed of Fabian Castillo's future and whether or not Trabzonspor of Turkey will acquire him on a permanent basis on Saturday, according to a club spokesperson.

The midfielder was loaned to Trabzonspor in August 2016, capping a strange transfer saga in which he traveled to Turkey without the Major League Soccer club's permission.

19.12 BST: Everton are at it again, with Ronald Koeman eager to follow the signing of Ademola Lookman with a move for Manchester United midfielder Morgan Schneiderlin, according to the Guardian.

The Toffees' opening offer of £19 million for Schneiderlin was rejected, but Koeman insists: "We know what we want. We know the players we want and it is up to the board to make the deal and then, OK, if we don't get that positive call from the board then I am focused on my job, which is to prepare the team for the next game."

18.56 BST: John Obi Mikel is the latest name to be linked with a move to the Chinese Super League, with the Standard Sport reporting that he has decided to leave Chelsea for Tianjin TEDA. The Nigeria international is reported to be undergoing a medical on Thursday after being offered a three-year contract worth £140,000-a-week.

18.32 BST: It's that time again... Glen Jonhson to West Ham? Mamadou Sakho to Paris Saint-Germain? Daniel Sturridge to Arsenal?

Let's rate some rumours with the FC TV crew!

18.15 BST: DONE DEAL x 2 in Major League Soccer! Minnesota United has announced the signings of striker Christian Ramirez and midfielder Miguel Ibarra, the latter of whom makes his return to Minnesota following his transfer to Leon of Liga MX in 2015.

17.56 BST: Rangers are in advanced talks with Arsenal for the loan move of Jon Toral, according to Sky Sports. The 21-year-old midfielder, who was brought up in the Barcelona youth academy, has yet to make an appearance with the Gunners' first team.

17.30 BST: Wilfred Ndidi has been talking for the first time as a Leicester City player, after signing for the Premier League champions from Genk on a contract until 2022.

"I feel good. My team-mates are nice people and they have welcomed me, so I'm happy," Ndidi told LCFC TV. "My first impression was 'wow'. I trained and it was really good because it was really high intensity. I feel I can learn a lot here.

"Claudio welcomed me and then he explained to me how the team and everything worked, which I've sometimes seen on TV."

17.16 BST: Metz have reinforced their attacking options with the loan signing of Osmanlispor striker Cheick Diabate until the end of the season, with an option to make the move permanent.

The 28-year-old Mali international joined the Turkish Super Lig side last year after scoring 50 goals in 129 appearances in an eight-year spell at Ligue 1 rivals Bordeaux.

A statement on Metz's official website said: "Cheick is a great striker who does not allow himself to be easily moved by the opposing defence. The contribution of this striker offers an extra dynamic to [coach] Philippe Hinschberger's squad and should be beneficial as part of the group.

"His return to France also shows the will of the club to approach the second part of the season in a spirit of conquest. Diabate will carry the number 18 shirt and will be presented to the press this Friday at 16:30. Welcome Cheick!"

16.55 BST: The plot thickens with West Ham United's search for a new striker. The Daily Record claims the Hammers have submitted a £20m bid for Moussa Dembele.

16.34 BST: Chelsea's Izzy Brown set to join Huddersfield on loan -- sources close to both clubs have confirmed to ESPN FC.

16.20 BST: There's a DONE DEAL of sorts to report from Reading who have tied goalkeeper Ali Al-Habsi to a new contract that will run until 2019.

Reading boss Jaap Stam said: "As we all know, Ali is a great goalkeeper - a fine shot stopper with good reactions who even at this stage in his career is still improving his game and becoming better and better as a player," Stam said.

"He is very calm on the ball which is important to us, especially in the way we want to play out from the back at Reading. And just as important to this group...Ali is a great person with a very good mentality. So we are all very happy that he has signed another deal at the club."

16.06 BST: Breaking news from Southampton: Club captain Jose Fonte has handed in a transfer request.

Speaking to BBC Sport, Southampton's director of football Les Reed said: "He's had several opportunities to improve the contract situation. He's reserved his right not to do that.

"He's made it very clear he would like to explore the opportunities for a transfer. That's where we are at the moment, Jose wants to leave the club. He's formally asked for a transfer."

15.59 BST: Reading are closing in on the signing of Tiago Ilori from Liverpool, it seems...

15.42 BST: L'equipe reports that Paris Saint-Germain forward Jese Rodriguez is not enthusiastic about joining Roma, preferring instead to head to his hometown club of Las Palmas.

Carlo Ancelotti has reportedly advised AC Milan to keep tabs on the situation of the former Real Madrid player, who has been unable to break into the PSG first team since his arrival at the Parc des Princes last summer.

15.20 BST: Could Javier Pastore be the next big-name arrival in the Chinese Super League?

15.08 BST: Only the most fervent followers of French football would have turned their head to gaze had Monaco midfielder Tiemoue Bakayoko passed them in the street six months ago.

But the 22-year-old is now linked to Chelsea this week and last month to Manchester United, and with good reason. Here are five things you need to know about the athletic defensive midfielder who could be Premier League-bound this January.

14.52 BST: A Premier League move for Borussia Dortmund defender Neven Subotic could still be on the cards this month, according to Bild. The Serbian is also linked with Hamburg.

14.35 BST: Borussia Monchengladbach have welcomed new signing Timothee Kolodziejczak to the club in typically brilliant fashion.

14.22 BST: Sunderland striker Jermain Defoe is keen on a move back to West Ham United during this month's transfer window, sources close to the player have told ESPN FC.

The Hammers' opening offer of £6M was rejected by Sunderland, but they are expected to come back with an improved bid after asking the Black Cats what price it would take for them to consider selling Defoe.

14.09 BST: Arsenal manager Arsene Wenger has denied interest in Porto full-back Ricardo Pereira, and said that he's not planning any buys in the January transfer window.

Reacting to reports that the Gunners were preparing a £20m bid for the versatile Portuguese defender, who can play on either flank, Wenger said: "No, we are not."

However, Arsenal are close to signing 20-year-old left-back Cohen Bramall from seventh-tier club Hednesford, whom Wenger has likened to a young Ashley Cole. A club source told ESPN FC on Wednesday that the deal could be completed by the end of the week.

13.53 BST: Sevilla boss Jorge Sampaoli has said he is unlikely to be reunited with Hoffenheim forward Eduardo Vargas, a player he coached for Chile, in the transfer window.

13.46 BST: Everton have completed the signing of Charlton Athletic forward Ademola Lookman, widely regarded as one of the brightest talents in the lower divisions. The 19-year-old told Everton's official website: "It feels great to be an Everton player. As soon as I heard about Everton's interest I knew this would be the right place for me."

13.31 BST: Reading are on the brink of signing Liverpool defender Tiago Ilori on a permanent deal after a fee was agreed between the two clubs, a source has told ESPN FC.

The Championship side are close to completing a £3.75 million deal to sign the Portuguese defender, who has made just three first-team appearances for the Reds since joining from Sporting Lisbon for an initial £3.5m the summer of 2013.

13.27 BST: French defender Clement Lenglet has arrived at Sevilla to undergo a medical ahead of his transfer from Nancy, the La Liga club have confirmed.

12.57 BST: Sky Sports reports that West Ham are keen to bring in Stoke City defender Glen Johnson, who began his career with the Hammers before moving across London to Chelsea.

12.50 BST: Paris Saint-Germain chairman and CEO Nasser Al-Khelaifi has played down speculation that the French champions could move for River Plate's Lucas Alario and Liverpool's Mamadou Sakho in the January transfer window.

12.30 BST: Sevilla are looking to reinforce their attacking line but are not going to rekindle their interest in Hoffenheim forward Eduardo Vargas, according to reports in Spain.

12.23 BST: Bayern Munich president Uli Hoeness has labelled the spending power of Chinese clubs "sick" the day after Borussia Dortmund star Pierre-Emerick Aubameyang was linked to a world-record €150 million move to Shanghai SIPG.

12.15 BST: DONE DEAL It's been a busy day at Middlesbrough -- two departure and now an arrival in the shape of Mikael Soisalo, a Finiish forward who arrives at the Riverside from Tampere and will go into the club's Academy side.

12.05 BST: Aston Villa manager Steve Bruce has been after a new goalkeeper for a while -- and now he's got one as Manchester United's Sam Johnstone joins on loan until the end of the season. Meanwhile, United have recalled Elgato Pereira from a loan spell with Belenenses.

11.43 BST: Manchester United midfielder Morgan Schneiderlin has posted an Instagram video of himself working out with a private fitness instructor in a park as speculation about his future mounts.

Schneiderlin, 27, has informed United manager Jose Mourinho that he wants to leave the club in the January transfer window, having not made a Premier League start since the Portuguese took charge last summer.

11.30 BST: DONE DEAL Rayo Vallecano have wrapped up the signing of Middlesbrough goalkeeper Tomas Mejias on a six-month loan deal.

11.00 BST: DONE DEAL Another loan deal involving the Championship is done and dusted:

10.45 BST: DONE DEAL A long-distance loan move for Fulham's Sean Kavanagh:

10.35 BST: Liverpool interim under-23 boss Mick Garrity has confirmed that Coventry City defender Cian Harries is on trial with the club.

Harries, 19, played the entire 90 minutes as a trialist in the U23s' 6-0 friendly win over Welsh side Bangor City on Wednesday evening.

10.30 BST: More from Bilic now -- it's goodbye to striker Simone Zaza after a frustrating loan spell at the London Stadium:

10.15 BST: West Ham United manager Slaven Bilic is giving nothing away about his January plans:

10.03 BST: A little more from Arsene Wenger, this time offering words of reassurance about Alexis Sanchez after the telegraph's earlier report that some of his teammates fear he could leave after an angry reaction to Tuesday's draw at Bournemouth. Wenger told a news conference: "Of course he is fine. What is surprising? We want to win the games -- if you don't, you're not happy. That is normal."

09.57 BST: Everybody wants Norwich City's Robbie Brady, it seems. Will, six clubs do, according to the Eastern Daily Press: Crystal Palace, Newcastle United, Aston Villa, Leicester, Burnley and Swansea.

09.51 BST: No reunion for Manchester United and Patrice Evra, says the Manchester Evening News: the club "will not be making an emotional move to take Patrice Evra back to Old Trafford in the January transfer window."

It says Rio Ferdinand had "ignited speculation that the French left-back could quit Juventus and return to the Reds when he wrote on Instagram: 'Patrice Evra, I'm hearing through social media you are coming home.'"

09.43 BST: An update from Arsenal manager Arsene Wenger:

09.40 BST: The agent of Inter Milan midfielder Ever Banega has dismissed speculation linking him with a move to Juventus but confirmed interest from China.

Juve were reportedly keen on Banega before he joined Inter a year ago, and with a move for Axel Witsel having broken down there had been talk that they would move for him this month.

09.30 BST: DONE DEAL Bristol City have completed the signing of Bosnia international striker Milan Djuric, who comes from Cesena for an undisclosed fee and has agreed a two-and-a-half-year contract.

09.20 BST: He has been quoted as saying he will not be rushing into action in the January window -- but the Mirror says Southampton manager Claude Puel is "plotting a £17million swoop for Napoli frontman Manolo Gabbiadini."

09.10 BST: Former Manchester United midfielder Ravel Morrison will train with Wigan Athletic, managed by his former Old Trafford coach Warren Joyce, as he looks for a new club after being told he is free to leave Lazio.

09.00 BST: Manchester United's Memphis Depay will not be joining Mario Balotelli at Nice after the Ligue 1 leaders said he was out of their price range.

Depay, who joined United for £25 million in the summer of 2015, has struggled to live up to his billing at Old Trafford and made only four substitute appearances in the Premier League this season.

08.45 BST: Former QPR idol Adel Taarabt is set for another move, this time to Genoa on loan from Benfica for 18 months, according to Tuttomercato.web.

08.40 BST: Crystal Palace's difficult season took a turn for the worse when Swansea beat them at Selhurst Park on Tuesday, and new manager Sam Allardyce is keen to add a bit of spark in the form of Rennes forward Paul-Georges Ntep who is also interesting Bundesliga club Wolfsburg, according to L'Equipe.

08.30 BST: Atletico Madrid are reported to be concerned that Manchester City could swoop for centre-back Lucas Hernandez. Although the 20-year-old signed a new contract with a €40 million release clause last summer, City boss Pep Guardiola was interested in signing him during his time as Bayern Munich coach, reports in Spain say.

08.25 BST: Borussia Dortmund have described reports that star forward Pierre-Emerick Aubameyang has been the subject of a £128 million bid from Chinese Super League side Shanghai SIPG as "hypothetical."

Aubameyang has been strongly linked with both Real Madrid and Manchester City, but BVB are resisting pressure to sell the player, who has 20 goals in 22 games this season.

08.15 BST: Sky Sports reports that if Everton complete a move for Charlton Athletic forward Ademola Lookman that could mean Gerard Delofeu leaving Goodison Park, with AC Milan interested in taking him on loan with a view to a permanent move.

08.00 BST: Should Arsenal fans be worried about the future of Alexis Sanchez? The Daily Telegraph reckons they should, saying the star forward was in an angry mood after the 3-3 draw at Bournemouth and some colleagues now believe he could go.

It reports that Sanchez was angry as some of his colleagues celebrated their comeback from 3-0 down when he felt time still remained to find a winning goal.

And it adds that the Chile international "displayed his displeasure at the result and the performance by throwing his gloves to the floor and storming down the tunnel without acknowledging anybody," with his reaction leaving "a number of his teammates fearing the forward will leave."

Arsenal to bid £20m for Pereira

Arsenal are monitoring Porto right-back Ricardo Pereira, and the Star believes they will offer £20m for him.

The 23-year-old has shone on loan at Nice in Ligue 1 this term and is versatile enough to fill in at left-back too.

Pereira would add depth, with Hector Bellerin having committed his long-term future to the Emirates. But with Mathieu Debuchy and Carl Jenkinson seemingly on their way out, an additional full-back is thought to be a priority this month.

West Ham to improve Defoe offer

Having seen Sunderland reject their £6m offer, West Ham will go back in for Jermain Defoe and the Sun reports that the player is keen to return to one of his old clubs.

It follows failed moves by the Hammers for Liverpool's Daniel Sturridge and Mario Mandzukic of Juventus, according to the Star.

Both club and player appear intent on wrapping up a return for the 34-year-old, which could provide a huge blow to the Black Cats' hopes of Premier League survival.

Vidal, Jese on the move?

Is Arturo Vidal heading to Chelsea? Will former Real Madrid star Jese ply his trade on Merseyside?

Steve Nicol and Alexis Nunes take a look at the latest transfer rumours:

Tap-ins

- Manchester United say Everton can only sign Memphis Depay on a permanent deal, with the Sun revealing that Ronald Koeman was initially in favour of taking the player on loan.

The Netherlands international has knocked back an offer from Fenerbahce, with the Red Devils looking for close to the £25m they shelled out for the 22-year-old in 2015.

- Slaven Bilic's side have already seen a £10m offer for Brentford striker Scott Hogan rebuffed and the Mirror reports that the Bees will demand £15m to part with the 24-year-old.

With 14 goals in the Championship this term, Hogan is also attracting interest from Watford, West Brom, Newcastle and Reading, with a move now looking likely.

- There could be another scramble for a Championship star this month with the Mirror reporting that Norwich will hold out for £12m for Republic of Ireland international Robbie Brady.

Former club Hull will pocket 25 percent of any fee as Leicester, Burnley, Crystal Palace and Swansea monitor the situation.