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:

In a bizarre twist of fate it seems Jose Mourinho wants to be reunited with William Gallas despite famously falling out with the France defender when both men were in England at Chelsea.

Have Mourinho and Gallas buried the hatchet to seal a transfer to Inter?

L’Equipe is adamant that with just one year left on his Arsenal contract a move to the Nerrazzuri is on the cards for the fiery stopper.

Despite Cesc Fabregas reasserting his desire to stay at Arsenal, The Daily Star says the player's bluffing because in fact a $58 million move to Barcelona is going down. It seems it all comes down to money, at this point, and if it can talk loud enough the player may return to his former club.

Real Madrid remain good as ever for fresh gossip with Marca relaying inside knowledge that Karim Benzema will be Bernabeu-bound. The Spanish giants have raised their bid from $45 million to $49 million to push the move through. Looks like the tug-of-war between Los Blancos and Manchester United will continue throughout this transfer season, who will slip first?

La Gazzetta Dello Sport are also reporting on activity at the San Siro with Inter now refusing to pay more than $8m for the purchase of Portuguese duo Ricardo Carvalho and Deco despite Chelsea's higher valuations.

British newspaper The Sun brings good tidings for Everton fans with speculation that Brazil forward Jo will be back with club on another season-long loan from money-bags Manchester City.

Elsewhere, South Africa striker Benni McCarthy is worried that a lack of starts for Blackburn Rovers could jeopardize his chances of appearing for Bafana Bafana at next year's World Cup – consequently a move from the English Premier League to Spanish side Celta Vigo is in his mind according to the Daily Mirror

Ending this rumor day in Germany, Bild reveals that Bayern Munich midfielder Ze Roberto has failed to agree terms with his club and could be on his way to another Bundesliga club.

Despite having offers from Major League Soccer and the United Arab Emirates, it looks like Hamburg may get the golden one in a two-year contract. The Brazilian, who has continuously proven he is still a world-class midfielder, was only offered a one-year contract extension by Bayern.