The transfer window that operates during the close season of the European football calendar is a period of fervent business in the buying and selling of some of the world's most talented players. Goalmouth will keep you up-to-date with the latest spin from the transfer markets until deadline day of August 31.

Heard any rumors? Let us know by adding a comment at the bottom of the page, nobody likes gossip more than us:

Tuesday, June 9

So the Kaka transfer saga has come to end, with the Brazilian finally sealing his widely rumored move from AC Milan to Real Madrid for $100M. The only point left to debate is does the figure placed on the playmaker's head constitute a world record fee? Well, yes in dollars but no in euros. Pesky currency fluctuations spoiling headlines around the world.

Could Villa be next on Real Madrid's hit list?

Real's spending under new president Florento Perez is unlikely to stop at Kaka and according to Spanish sports daily Marca, Valencia striker David Villa is close to signing at the Bernabeu.

Villa starred for Spain in their victorious Euro 2008 squad but his club side are in financial turmoil and an offer of $53 million plus bonuses will secure his services claims the report.

The Kaka move could see a domino effect of player transfers, certainly if the press are to be believed. Now rich with cash, AC Milan are the new front-runners to secure the signing of Wolfsburg hotshot Bosnian Edin Dzeko according to British tabloid The Daily Mirror. A move that would see Manchester City and Arsenal miss out.

Milan are also set to improve their bank balance with the sale of Brazilian star Alexandre Pato to Premier League Chelsea, who are now managed by their former coach Carlo Ancelotti.

Pato is quoted in La Gazzetta dello Sport talking up the move.   "It's an honor to be liked by a club like Chelsea," Pato said.

Carlos Tevez is "seriously considering ­leaving Manchester United for ­Manchester City" because he's in a huff about the way he's been treated, so says The Guardian. The fee needed to make the Argentine cross the city is widely thought to be around $40m.

In France L'Equipe is reporting that World Cup and European Cup winner Patrick Viera could be set to move back home. The 33-year-old has both Paris Saint Germain and Lyon keen to sign him for next season, this despite injuries severely limiting his appearances for Italian champions Inter in the previous campaign.

La Gazetta dello Sport reports that Luca Toni is a favorite of Barcelona coach Pep Guardiola. The two played together at Italian side Brescia, and Gazetta says Pep would like to bring the 32-year-old Italian from Bayern Munich, where despite a disappointing league finish, Toni weighed in with plenty of goals.

Meanwhile, a player who could join the Bavarian giants is Dutch defender Edson Braafheid according to Süddeutschen Zeitung.

Monday, June 8:

Gazzetta dello Sport report that Premier League runners-up Liverpool have made a concrete $30m offer to sign the Napoli striker Ezequiel Lavezzi.

Eto'o listening to offers from England?.

The player's agent, always a reliable source in transfer matters, Eduardo Rossetto has confirmed the two clubs are set to meet to discuss the 24-year-old Argentina international's move to Anfield.

Staying with the Reds, it seems Xabi Alonso will be staying put despite the midfield player’s desire to move to Real Madrid according the the British newspaper The Times.

Only a "mind-blowing" offer by the Spanish giants to prise the 27-year-old away from England – this despite Real president Florentino Pérez telling the same newspaper "of course we’d love to have him."

Elsewhere The Sun says European Champions Barcelona will this week make a final bid to keep Manchester City target Samuel Eto'o.

President Joan Laporta says despite a $40m bid he wants to keep the Cameroon hit-man at the Camp Nou: "Samu is a top-class player and there are offers for him. He has given us everything, and I don't just mean his goals, but also his attitude and character."

Spanish paper Marca says Kaká is "closer than ever to joining Real Madrid" – this after Real doctor Juan Carlos Hernandez traveled to the Brazilian city of Recife to perform a medical examination on the player.

The Brazilian federation have also given the club permission to unveil the signing on Monday after the player is understood to have agreed a $90m transfer and five-year deal.

Meanwhile, in France L’Equipe report that Lyon are interested in striker Mamadou Niang.

It’s understood interest is "real" for the Teranga Lion despite denials to the contrary though Didier Deschamps is in no mood to sell.

Friday, June 5:

Manchester City continue a-pace with their plans to rule the world according to the Guardian – top of their recruitment list is Wolfsburg hotshot Edin Dzeko. The 23-year-old German footballer of the year will cost $15m – but with 26 goals in 32 games it could be good business.

Dzeko is on the radar of ambitious Manchester City.

What would sport writers do without Real Madrid in the close season? Real chairman Florentino Perez has told L'Equipe he tried to convince Arsene Wenger to leave Arsenal to join the Spanish giants.

"We have always liked the Frenchman and we talked a lot with him," Perez said. Perez also confirmed to the same newspaper he, along with most other big clubs from Europe, is in talks with Bayern Munich about Frank Ribery.

Spanish sport paper AS confirmed the Merengues could be set to capitalize on the financial problems at Valencia by paying $40m for David Silva. The Times also ran with the story but focus on how the move will anger Liverpool boss Rafa Benitez who is fuming that he stands to miss out.

Julio Llorente and Amadeo Rangel, Silva’s agents, met Miguel Pardeza, Real’s sporting director, and Jorge Valdano, their director general, for nearly two hours at the Bernabeu yesterday.

Meanwhile, the sale of Zlatan Ibrahimovic is looking more likely if The Daily Telegraph is to be believed. The broadsheet says Inter president Massimo Moratti held a budget meeting with coach Jose Mourinho on Thursday and was later spotted dining with Barca counterpart Joan Laporta at a hotel in the Spanish city.

Prompting the Swede's agent Mino Raiola to add: "I only know that if the two clubs find an agreement we would not have trouble agreeing with Barcelona." Watch this space.

Thursday, June 4:

In an exclusive interview with Italy's La Gazzetta Dello Sport, AC Milan's Sport Director Adriano Galliani has told the pink paper the motivation for Kaka’s transfer is "purely economical."

Adriano Galliani looking suitably pleased with the impending loss of Kaka from Milan?

He added the decision could not be about the "heart" when such astronomical figures were involved because the Rossoneri are trying to compete with clubs at a "completely different financial level." Deal done and dusted then?

The British press have U-turned today in terms of Chelsea's bid to land Kaka: defeat has been conceded according the Guardian after Real Madrid have agreed a world record $90m for the player, the London side now have the hots for Bayern Munich's Franck Ribéry and David Villa of Valencia.

Whereas The Sun reports that the first move of Carlo Ancelotti will be to bring Brazilian Alexandre Pato from his former club to London.

The new Stamford Bridge boss has already offered his old club $50m for the 19-year-old striker according to the tabloid.

Barca may have cut through him like a hot knife through butter in the Champions League final but the Catalans want Manchester United's Nemanja Vidic – so says The Daily Mail.

The newspaper also reports Real Madrid will sign Liverpool's Xabi Alonso after Florentino Perez said: “I think he is the best passer of the ball in Europe. I would be happy [to have him]."

British broadcaster, Sky Sports News, says Obafemi Martins is a target for three Premier League clubs, with Everton, Arsenal and Aston Villa all keen to take advantage of Newcastle's relegation from the top flight.

Spanish newspaper, El Mundo Deportivo, states that Franck Ribery is the number one target for Barcelona with a price tag of $56m agreed between the Catalan side and Bayern Munich.

And it seems Cristiano Ronaldo's transfer between Real Madrid and Manchester United, far from being rumor, is already a done deal. An $120m agreement was struck at the end of last season – the one catch being that if Real pull out they have to fork out 60 million to the club and player in compensation. Softly, softly; catchy monkey.

Wednesday, June 3:

Brazilian star and former World Player of the Year, Kaka, has agreed to join Real Madrid from Italy's AC Milan in a $92 million deal, according to Spanish radio station Cadena Ser.

Cadena Ser claimed that Real president Florentino Perez had thrashed out a deal with AC Milan vice-president Adriano Galliani and Bosco Leite, Kaka's father and agent.

Kaka – should he stay or should he go?.

However, in true transfer-window style the man himself has said otherwise: "I'll say it for the last time. The last time. I don't want to leave Milan," he told La Gazzetta dello Sport.

Sources in Milan have told The Times that Chelsea — who were also targeting Andrea Pirlo — have offered Kaka “extraordinary” personal terms after they were advised of a possible hitch in the Real deal.

Manchester City's aggressive ambitions for the English Premier League continue – they plan to add to their $20m capture of Gareth Barry with a bid to lure Carlos Tevez from Old Trafford in a move that could be completed in the next 48 hours, according to British newspaper the Guardian.

Chelsea will improve Didier Drogba's existing $130,000-a-week contract to keep the Ivorian in London. The Daily Telegraph reports new manager Carlo Ancelotti says he wants to keep the 31-year-old who scored one of two goals to win the FA Cup on Saturday May 30.

Bayern Munich have been offered $70m for Franck Ribery by Chelsea, but this is not enough to seal the deal according to German newspaper De Bild.

Newly crowned European Champions Barcelona are looking to recruit, and top of Pep Guardiola's wish list is Inter Milan hotshot Zlatan Ibrahimovic according to La Gazzetta dello Sport.

Inter chairman Massimo Moratti values the Swede at $100m but according to the Italian sport broadsheet, a possible deal part exchange with Samuel Eto'o plus $40m cash could push things through.

Brazilian midfielder Ze Roberto is being linked with a move to big-spending Manchester City after Bayern Munich's refusal to offer him a new two-year contract.

The 34-year-old told newspaper Munich TZ: "I'm leaving with one eye smiling and the other in tears. "Right at the top of the list there is the interest shown by Manchester City," he added.