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 or check out CNN’s guide to the 20 most wanted football players:

Let’s kick this rumor day off in England, where reports from The Guardian suggest Emmanuel Adebayor may top AC Milan’s target list, but this will only happen if the Italian giants fail to sign Wolfsburg striker Edin Dzeko. Adriano Galliani said: "If we fail to get Dzeko then Luis Fabiano could be an alternative – as could Adebayor."

Milan set their sights on Adebayor.

Adding to the Rossoneri's list of targets is Adebayor's teammate Cesc Fabregas. Rumors were swirling the past few weeks about Andrea Pirlo making a move to Chelsea. Italian newsmakers Corriere dello Sport have kept up the momentum claiming that Milan will try to sign the Spaniard, who has a $58 million price tag, to fill his vacant spot.

Back in England, Manchester United may be a step closer in their $49 million capture of Karim Benzema, despite their power struggle with Real Madrid. According to reports from The Daily Star, Lyon is looking to nab Porto striker Lisandro Lopez, indicating Benzema may be shipped out.

Continuing their tug-of-war with Real, Manchester United is upping the ante by offering Portuguese winger Nani to Wigan, so claims The Mirror. It seems the Red Devils are trying to win the Antonio Valencia deal by adding more bait to their hook. What tricks does Los Blancos have up their sleeve to fight back?

Meanwhile, United continue to grace The Mirror pages as they prepare to make a $66 million bid for David Villa. Despite the Spanish international ruling out a move to the Premier League, the Red Devils are hopeful of signing the Valencia superstar since rivals Los Merengues fell out of the race. But Barcelona are close on their heels with bids of their own.

Ribery me this. Ribery me that. Reports out of France are saying Bayern Munich president Karl-Heinze Rummenigge will not sell Franck Ribery. Speaking to L’Equipe, he said: “Ribéry is among the three best players in the world and when you have a player of this quality…he does not leave, even for a lot of money.”

Ending off back in England, it seems Peter Crouch’s weekly pay check is too rich for Sam Allardyce’s blood. The Sun reports the Portsmouth striker’s $1 million–a-week wage is breaking the Blackburn bank, which means Allardyce might have to look somewhere else for his Roque Santa Cruz replacement.