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.

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Well, what would a transfer rumor day be without Real Madrid? It would be like England without John Terry. This summer may go down as “the summer of the shift” as Real Madrid continues to flex its spending muscles. Marca reports that Los Blancos have offered $73 million from their money bag for Liverpool duo Xabi Alonso and Alvaro Arbeloa.

Alonso could be set to return home in a move to Real.

It looks like Madrid is still hopeful of obtaining Alonso despite having their $37 million offer thrown out the window. As for Arbeloa, he might make his trip to Santiago Bernabeu for $15 million. Whatever comes out of this, one thing is definitely for sure. Real Madrid is still hungry for more big name signings.

But despite the Spanish-English power struggle, Manchester United is going out to prove that the Premier League still has muscle by looking for their Ronaldo replacement and it seems they might have found him. According to The Daily Mail, the 18-year-old Gremio midfielder Douglas Costa, dubbed “the new Ronaldinho”, has a $29 million price tag that might cause the Red Devils to squirm a little. Costa’s agent said "I don’t believe that (Manchester United) will reach this figure. Right now, an offer might come in at a maximum of $11 million. But this would not be enough for [Gremio] president Duda Kroeff." Will the Ronaldinho wonderkid have his chance to don the red kit?

From the North West of England we head down to the streets of London, where Chelsea have finally set the record straight. They did not have an interest in Inter Milan’s Zlatan Ibrahimovic, reported The Telegraph. They do, however, have a continued interest in Bayern Munich’s French sensation Franck Ribery and AC Milan’s playmaker Andrea Pirlo, whose sale price is around $33 million.

But stop the press because Milan big-wig Adriano Galliani would just like to clear the air. “We have not received any offers for Pirlo, not from Chelsea or any other club.” British tabloid rumor-makers The Sun claimed that Milan owner Silvio Berlusconi also came forth to say his club had not been given any offers for the midfielder. However, if the price is right he would be willing to ship him off. Pirlo has been a devoted Milanese since 2001, but would he consider a move to the Premier League?

Following the announcement of Manchester City signing Roque Santa Cruz , The Telegraph reported that City are sinking their claws into Carlos Tevez next. The Eastlands club are hopeful of closing a $41 million deal on July 1.

Departing from England, we head over to Italy and following an embarrassing display of football on Sunday, it seemed some good news was much needed for Fabio Grosso. Reports from Tuttosport claim the left back might make a return to Serie A’s Juventus for around $3 million. In return, Lyon are looking to take winger Mauro Camoranesi off The Old Lady’s hands. Looks like she might have to ask for a little more to get her money’s worth.

We will end this transfer day in Germany, where Danijel Pranjic will soon be taking up residence. The Croatian international signed an $11 million deal with Bayern Munich. But here’s the catch. Voetbal International has reported that Pranjic had to dig deep into his pockets for the rest of the fee before it could be completed. It seems the German giants did not want to pay more than $10 million.