Milan move for Mourinho

AC Milan are the latest club to shape up as contenders to prise Jose Mourinho away from Real Madrid in the summer, while Djibril Cisse appears Middle East-bound. It's just another day in the busy transfer window.

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23.59 GMT That's it for another day of transfer news. Stay tuned for Thursday's paper round-up.

22.48 GMT Former World Footballer of the Year Rivaldo has left Angola to sign with Sao Caetano in his native Brazil. The ex-Barcelona forward is still going strong(ish) at the age of 40.

21.56 GMT The Evening Standard reckons Chelsea have secured first option to sign Malaga midfielder Isco, 20, in the summer. Real Madrid saw an offer of £13 million turned down but reports suggest the Blues have agreed a deal in principle.

21.30 GMT Palermo’s Josip Ilicic, reportedly a Tottenham target, will not be moving clubs in January his agent has said, though a move in the summer is a possibility. Amir Ruznic told TMW: “I have said it many times and I say it again: Ilicic will not leave Palermo. Maurizio Zamparini will not sell him at any price. He is too important. In the summer we will sit down and look at the offers. Ilicic wants to stay in Italy. Serie A is his first choice."

20.57 GMT: Manchester United have been linked with a shock move for Swansea defender Ashley Williams, the player who Sir Alex Ferguson angrily claimed "could have killed" Robin van Persie.

20.32 GMT: Loic Remy's arrival at QPR will leave DJ Campbell as the first casualty. The Fulham Chronicle claim that the striker will leave Loftus Road before the end of the week.

20.04 GMT Here's some top-notch light reading for you on Pep Guardiola: Bayern Munich blogger Susie Schaaf bids 'wilkommen' to the ex-Barcelona boss, while our La Liga expert Graham Hunter reflects on Pep's decision to move to the Allianz Arena.

19.46 GMT: We'll still have some sporadic posts and here's one to keep you ticking over - Everton are considering a move for Toulouse midfielder Capoue, valued at £10 million, as they search for a replacement for Marouane Fellaini - who could leave the club this summer.

19.30 GMT: We're switching our attentions to live match coverage now as Arsenal face Swansea and Man Utd host West Ham in FA Cup third-round replays. Join Michael Wade for all the live chat and updates now.

19.03 GMT: Theo Walcott has agreed in principle to a new £100,000 a-week contract at Arsenal, according to reports in the London Evening Standard.

18.39 GMT: Sky Sports are reporting that West Brom forward Peter Odemwingie could hand in a transfer request in order to engineer a move to QPR, if the Baggies do not agree to sell the 31-year-old Nigerian.

18:12 GMT: Nottingham Forest have signed Kuwait international goalkeeper Khalid Al-Rashidi, 25, who will replace Lee Camp as the club’s number one.

17:47 GMT: Montpellier chairman Louis Nicollin has invited Tottenham to bid for Younes Belhanda, but says no concrete interest in the player has emerged yet. He told L’Equipe: "Tottenham's interest? There has been nothing official as yet, but I would like there to be. If a good offer arrives, he will leave. We can live without him and he can live without us."

17:18 GMT: Numerous reports suggesting Swansea will make a move for Stoke city striker Kenwyne Jones. As Danny Graham moves closer to the exit.

17:05 GMT: Juventus have presented Athletic Bilbao with a final offer of £3.3 million for Fernando Llorente, and have given the Basque outfit until Friday to make a decision, Goal.com are reporting.

16:56 GMT: Southampton are interested in Lazio forward Mauro Zarate, according to reports from TalkSPORT.

16:42 GMT: According to Football-Italia.net Italian champions Juventus have been told by Genoa to forget about signing Ciro Immobile this month.

16:30 GMT: Newcastle United are ready to switch their attention to Manchester United and Arsenal target Mapou Yanga-Mbiwa as Alan Pardew looks to ease his defensive crisis reports TalkSPORT.

16:10 GMT: Ahmed El Mohamady has been recalled by Sunderland from his loan spell at Hull City.

15:58 GMT: DONE DEAL: It's now official! Pep Guardiola will be the new Bayern Munich coach at the end of the season. The Spaniard will take over from Jupp Heynckes who will be retiring. READ FULL STORY

15:52 GMT: Bradford City boss Phil Parkinson has confirmed the club have signed Kilmarnock defender Michael Nelson.

15:45 GMT: BREAKING: Bild reporting that Pep Guardiola will take over Bayern Munich at the end of the season when current manger Jupp Heynckes retires. The reports are gathering a lot of pace, as Munich look set to sign the ex-Barcelona manager.

15:41 GMT: Getafe are interested in taking Real Sociedad defender Jose Angel on loan for the rest of the season reports Football-Italia.net.

15:29 GMT: Benfica have announced that Oscar Cardozo has signed a new contract with the Portuguese club which will last until 2016.

15:14 GMT: Corrie Dello Sport have reported that Liverpool target Modibo Diakite doesn't want to renew his contract with Lazio, and is therefore waiting for the Premier League club to come in for him.

14:59 GMT: Tayfun Pekturk has left Greuther Furth and signed with Istanbul BB until 2015. "We would like to thank Tayfun for his work. As a member of our promoting win team he will he always be part of the club history," Furth sporting director Rouven Schroder said.

14:48 GMT: Savio Nsereko has joined fourth tier team Viktoria Koln. Recently the former West Ham player had been linked with a move to Bundesliga III club Preussen Munster, with the deal falling through at last minute.

14:35 GMT: MK Dons have rejected an approach from Blackpool to speak to manager Karl Robinson about taking over the Tangerines, reports Sky Sports.

14:30 GMT: Reading have signed former Greece international Yannis Anastasiou to their coaching staff until at least the end of the season.

14:24 GMT: Ibtimes.co.uk, amongst others, are reporting that Sao Paulo want to sign Arsenal midfielder Denilson on a permanent deal in the summer. President Juvenal Juvencio is quoted saying: "It's still too early. We'll see if we buy him, but not now, rather in the middle of the year," he told Sky Sports.

14:16 GMT: Harry Redknapp on Remy signing: "I'm delighted to bring him in, he's a great buy for us. I didn't think we'd get him to be honest. He's quick, can score goals and makes great runs. His movement is excellent."

14:11 GMT: Remy has said: "I want to develop my game here. This season the objective is to stay up but beyond that we have greater objectives. After seven years in France, this is the right time for me to pursue a new challenge in the Premier League."

14:05 GMT: DONE DEAL: QPR have completed the signing of Loic Remy from Marseille on a four-and-a-half-year deal.

14:01 GMT: The Times are reporting that Fulham fullback John Arne Riise could be set to leave the club, after being told he can leave, following a bust-up with manager Martin Jol.

13:42 GMT: Spurs youngster Alex Pritchard is reportedly wanted by Liverpool. The midfielder has attracted attention with his displays in the Next Gen series.

13:29 GMT: According to the Daily Mail Fulham are interested in securing the signature of Aston Villa fullback Stephen Warnock.

13:16 GMT: Clubcall.com report that Scott Sinclair could be heading out on loan after failing to make an impact at Manchester City. Aston Villa are reportedly interested in taking the winger.

13:00 GMT: El Confidential report that Chelsea have reached a preferential agreement with Malaga for Isco. So, the coaching team led by Rafa Benitez will have priority over other clubs when signing Isco. This was agreed as part of the Lucas Piazon loan deal, which went through yesterday.

12:48 GMT: Lyon Capitale are reporting that Newcastle United are set to bid for Lyon striker Bafetimbi Gomis after missing out on Loic Remy.

12:35 GMT: DONE DEAL: Hamburg midfielder Robert Tesche has gone to Fortuna Dusseldorf on a loan deal until the end of the season, Hamburg announced via twitter. Full story.

12:30 GMT: MK Dons have rejected an approach from Blackpool to speak to manager Karl Robinson about taking over at the Tangerines, reports Sky Sports.

12:10 GMT: Norwich are committed to reinforcing the squad, but there will be no headlong descent to the financial abyss, writes Paddy Davitt. Read on here.

12:00 GMT: Inter Milan have shown an interest in signing Siena midfielder Gaetano D'Agostino this month, Goal.com are reporting.

11:48 GMT: A new twist in the race for Iago Aspas. It appears Valencia may have won the race to sign him. Full story.

11:36 GMT: According to Getreading.co.uk, Reading are willing to smash their transfer record by meeting in-demand Celta Vigo striker Iago Aspas' £8.3 million release clause. Aspas is of course a target for Chelsea and other Premier League clubs.

11:24 GMT: Napoli have said that a move for Mario Balotelli will be complicated, and that a deal is more likely in future transfer windows. Full story.

11:12 GMT: DONE DEAL: Championship side Crystal Palace have completed the signing of Norwich City midfielder Jacob Butterfield on an emergency loan deal until Feb 19.

11:09 GMT: More on Raffael move to Schalke. The deal includes a buy option for the Kiev player, who had only joined the club from Hertha Berlin ahead of the season.

10:58 GMT: The Sun are reporting that Swansea striker Danny Graham is keen on a switch to Sunderland, despite interest from QPR, Reading and Norwich City.

10:43 GMT: DONE DEAL: Schalke have taken Raffael on loan from Dynamo Kiev until the end of the season.

10:35 GMT: More news on Michael Johnson, who was released by Manchester City. He has told Manchester Evening News: "I have been attending the Priory Clinic for a number of years now with regard to my mental health and would be grateful if I could now be left alone to live the rest of my life. I am more disappointed than anyone, but that's the way it goes."

10:22 GMT: Manchester United keeper David De Gea is the first choice goalkeeper on Barcelona's wanted list report The Daily Star...

That's because it is thought their keeper Victor Valdez, will be moving to Liverpool. Which throws Pepe Reina's future into doubt.

However, Valdez wrote on Twitter: "I want to declare that I haven't said anything regarding my future yet - I will do when the time comes. Everything that has been said in this respect is speculation."

10:10 GMT: Louis Saha is set to leave Sunderland, and he may be off to South Africa. Full story.

10:00 GMT: Diego Lugano may have to wait to end his Paris Saint-Germain nightmare with his proposed loan move to Malaga stalling. Full story.

09:49 GMT: TalkSPORT are reporting that Chelsea's young goalkeeper Thibaut Courtois has told the club that he would like to remain on loan at Atletico Madrid for another season.

09:38 GMT: The Mirror report that Arsenal manager Arsene Wenger has said that his team is 'too good'. This comes after his last interview yesterday, where he admitted he has money to spend in the transfer market. It appears he will only move if he feels the player is fully capable of playing his brand of football.

"It has become more difficult for one simple reason: We have a good squad. I know we swim against the stream a bit because people don't believe that. I say we have a very good squad."

"We have some improvements to make and we know exactly where. In January it is difficult to find the players that are really better and can give something special to the squad. The number is right. We have a good balance. We are working very hard to find what we want. We will certainly do something else. At the moment I cannot tell you more."

09:20 GMT: According to SportBild Schalke have had initial talks with Lyon's Michel Bastos, who is said to be interested in a move to Germany.

08:17 GMT: Bad new for Reading, but good news for Celtic. Central Coast Mariners have announced that midfielder Tomas Rogic has agreed to join Celtic subject to agreeing personal terms.

07:56 GMT: Leeds United manager Neil Warnock has rejected reports that Luciano Becchio was with Wigan Athletic after he was left out of the club's FA Cup win at Birmingham City on Tuesday night - but stopped short of saying the striker would not be sold in the January window.

06:00 GMT: A-League club Central Coast Mariners have confirmed that a deal has been agreed with Celtic for the transfer of midfielder Tom Rogic. The 20-year-old will now enter personal negotiations with the Scottish giants to finalise the deal.

04:58 GMT: West Ham boss Sam Allardyce insists he will be looking to add to the Hammers defence, not weaken it, so Newcastle target James Tomkins won't be leaving Upton Park.

03:45 GMT: Marseille are keen to extend Joey Barton's stay at the club and will begin negotiations with QPR in the coming weeks. There won't be much dispute from Rangers if Remy and M'Vila sign. Story here.

02:49 GMT: Chelsea and Manchester City are on notice after Pep Guardiola revealed his ambition to lead a Premier League team. Story here.

01:50 GMT: There have been some interesting reports from the David Beckham camp with Gazzetta dello Sport reporting that the 37-year-old is holding contract negotiations to return to AC Milan. According to Sky Sport Italia, though, Beckham offered himself to Milan recently and was turned away.

01:15 GMT: Here's Wednesday's paper round-up to get the transfer news started.

It will take a monumental offer for Real Madrid to keep Jose Mourinho at the Bernabeu, with clubs across Europe chiming in for a slice of the Portuguese boss. The latest? AC Milan. Current Rossoneri boss Massimiliano Allegri is struggling to hold onto his spot at the club with Milan sitting in seventh place, and Mourinho tops the list to replace Allegri, according to the Sun. Mourinho's success at Milan's rivals Inter is an alluring prospect for the struggling side who are eager to restore their former glory. The Special One has also been persistently linked with a move to his former club Chelsea or another Premier League club, although Paris Saint-Germain and Bayern Munich have also stepped into the frame.

Milan are also looking to beef up their playing stocks, with Newcastle goalkeeper Tim Krul on the club's radar. The Daily Mail says the Toon have received a £10 million bid from the Serie A giants, although the Dutchman is valued closer to £20m. Birmingham 'keeper Jack Butland is being touted as a replacement for Krul.

Harry Redknapp's changes at QPR continue to come thick and fast, with Djibril Cisse the latest mover from the London club. The Mirror says Cisse is set for a six-month loan deal to the Middle East in a bid to free up some cash for the impending deals of Loic Remy and Yann M'Vila. Although French side Lille have expressed interest in the 31-year-old, it is believed Cisse would look for a new challenge in the Middle East.

Newcastle are expected to plead with defender Fabricio Coloccini on Wednesday in an attempt to persuade the captain to remain at St James' Park until the summer, the Mirror says. Coloccini has revealed he would like to return to Argentina for "personal reasons", but the Magpies are reluctant to let the 30-year-old depart until at least July as they battle for survival. The defender is likely to continue his pursuit of a release from Newcastle, making the contract negotiations fragile.