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.

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:

A few days ago it was reported that Manchester United were looking to acquire whiz kid Douglas Costa from Gremio, but today The Guardian is claiming that the Brazilian’s club will not allow the “new Ronaldinho” to go on trial at Old Trafford. The club was looking to see Costa in action before making a $29 million bid, but Gremio’s president has said “that this will not happen.” Looks like the money United received from the Ronaldo sale will continue to burn a hole in Alex Ferguson’s pocket.

Will Gremio let United near their golden gem?

And the fun continues in Britain as the battle between the Red Devils and Los Blancos intensifies. According to The Daily Mail ,Wigan Athletic winger Antonio Valencia will finally decide if he would rather stick out the England weather or move to a warmer climate. Speaking to The Mail, Wigan chairman Dave Whelan said “one club could offer $3 million more than the other but if Antonio says he doesn't want to go there then there is no point. We can't tell him where he wants to go.” No matter what happens someone may go home crying.

Meanwhile, the appeal for Arsenal's Cesc Fabregas continues after the Spaniard made some interesting comments about his club to The Sun. The rumor spreading tabloid are saying Fabregas, who has a price tag of around $73 million, is still being chased by Spanish rivals Barcelona and Real Madrid.

Hopping on the train to the Rhone-Alpes in France, next up is Lyon who told L’Equipe that no negotiations about Karim Benzema had occurred between the Ligue 1 side and Spanish giants Real Madrid. Despite reports to contrary, the club have said “Benzema and Olympique Lyon have confirmed their initial desire that the player wanted to stay one more year in Lyon.” Looks like Madrid are going to have to fish in different water yet again.

To the Italian peninsula now, where it looks like AC Milan might get their main transfer target after all, despite Wolfsburg’s persistence not to sell Edin Dzeko. According to the pink paper Gazzetta dello Sport, Dzeko would love to play for the northern club, but it seems the German giants are shopping around for a replacement. Whatever happens, one thing is for sure, by the weekend football fanatics will know if the Bosnian is going to wear the red and black stripes next season.

The rumor day ends where it started, back in England, and with Roque Santa Cruz packed and well on his way to Manchester, Blackburn boss Sam Allardyce needs to find that special someone to fill the hole. The bullseye he is looking to hit goes by the name of Peter Crouch, claims English paper The Daily Star. Maybe Allardyce can finally nab the England international after failing on past occasions.

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:

Yesterday Manchester United was across the pond in the southern hemisphere looking at their potential Ronaldo replacement, but today their heading deep into enemy territory. United boss Alex Ferguson is turning his sights towards Spain. British paper The Daily Star is claiming the Red Devils want to add $63 million striker Sergio Aguero to their line-up after giving up on their power struggle to take David Villa from Real Madrid’s clutches.

Could Aguero become a Red Devil?

But it seems that big spenders Real Madrid do not want Villa anymore. After attempts to secure the Valencia striker were struck down, Los Blancos are now diving head first into the Lyon pool. Reports are flying out of The Daily Mail that Karim Benzema is next on their hit list, but it sounds like they are trying to sneak in under the noses of rivals Manchester United who are also vying for the French international's signature.

We head on down to London town next, where Arsenal has offered Emmanuel Adebayor to AC Milan and Inter, or so The Mirror says. It seems the Gunners would rather see Adebayor shipped off to the Italian north than wear the Chelsea colors.

But hold on. Let's back the transfer train up. Britain’s top rumor spreading press, The Sun, are saying Adebayor’s agent have not received, nor heard any offers from Chelsea. The representative said “As of today, I have not even got evidence to speak of presumed interest from Chelsea…it's a given fact that Carlo Ancelotti likes the player seeing that last year he tried to sign him for Milan, although Chelsea have not contacted us.”

Despite having never contacted Arsenal, Chelsea has apparently been scouting in Russian territory, specifically with Yuri Zhirkov in their sights. Word out of the London Evening Standard says that the CSKA Moscow left back is expected to complete a $30 million deal by the end of next week and has been told he will make a regular appearance on the pitch.

It has been a busy day for transfer news, who knows what tomorrow will bring.

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:

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.

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:

We kick it all off in Germany, where Bayern Munich have angrily come out to deny the reports swirling around the club’s star player Franck Ribery, stating they are “untrue and incorrect”.

The Reds, who finished second in the Bundesliga last season, were outraged when BILD published a story claiming the board of directors decided to allow Ribery “to leave the club for an appropriate transfer fee”.

In response to the inaccurate claims, Bayern’s directors have issued a statement on the club’s Web site clarifying that they have "unanimously resolved not to offer the player Franck Ribery for sale.” 

From Germany, we fly over to Britain where The Mirror reports another Italian thoroughbred is keen to link up with Carlo Ancelotti. AC Milan playmaker Andrea Pirlo has become the latest from the San Siro to let his intentions regarding Chelsea be known.

"It's possible that I could join Ancelotti in London. He is a great coach, perhaps I could play with him again," the player speculated.

Ancelotti ponders his prey in the transfer market.

This comments follow yesterday's report in the same newspaper that fellow Milanista Gennaro Gattuso was so heartbroken over losing Ancelotti that the Italian international issued a come-and-get-me-plea to the man he calls "a second father."

Staying on the Italian theme, Roma fans continue to hold their breath as Manchester United renew their interest in one of the side's beloved players.

The Daily Mail says striker Mirko Vucinic is back on the radar of United, a place he’s been making blips for the past two years. Vucinic hopes the Red Devils will come up with a definite offer as United look to fill the void left by Ronaldo by signing another player capable of filling multiple positions and with an eye for the back of the net. Vucinic could be a perfect fit.

Over in Spain, Real Madrid president Florentino Perez is looking to strengthen his growing army with more European talent. This time all roads lead to Rome, as Real moves on the second phase of their spending spree. Reports in Spain's El Mundo Deportivo, claimed Roma midfielder Daniele De Rossi has caught the eye of Perez, but the Italian international has stated he wants to remain a Giallorossi.

Also in the sights of Perez is Arsenal ace Cesc Fabregas, who is currently performing at the Confederations Cup. The Spaniard, however, has other things in mind for the moment. Mainly honoring his commitment to play for Arsene Wenger.

And it looks like the Spaniards will continue to rule the headlines this week. David Villa stated last night he made a decision about his future, but wouldn't reveal who the lucky club would be. Today Marca is claiming the Spanish international will be planting his feet in Real Madrid's Santiago Bernabeu. Despite The Sun claiming yesterday that Villa told close friends he would leave Spain if it was to make a home in Liverpool. Villa wants to join forces with fellow compatriots Rafa Benitez and Fernando Torres; however, the Liverpool manager has never put in an offer. It seems the Anfield outfit cannot compete with the bottomless bags of money that Madrid and Barca have.

We'll end the speculation vacation with a trip to England, where horns are locking at Anfield. Strong statement to make, but after word came out that Javier Mascherano's agent held talks with Barcelona last night, it might just happen. The Telegraph is saying that despite Rafa Benitez reiterating Mascherano will not move, the Argentine has claimed he would if Barca made the offer. Can Rafa keep his coveted midfielder within arm's reach?

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 off with some tabloid tittle-tattle from Britain. The Mirror reports, in a battle that evokes the clash of the "Spanish Armada" with the boats of England, Real Madrid and Manchester United are in a tug-of-war struggle to sign Valencia striker David Villa.

Villa could be England bound, like the ill-fated Armada?

United boss Alex Ferguson has thrown his hat into the ring as he looks to make a British record $74 million bid for the player who is currently helping Spain's effort at the Confederations Cup. Now Marca are reporting that Barcelona have also jumped on the Villa bandwagon, pushing to the front of the queue with their own $69 million offer. Will Real's bid be sunk like the ill-fated Spanish fleet? It seems so, as The Daily Mail reveals the Spanish giant's deal collapsed, opening the door for other top-flight clubs.

The Sun says the wooing of Glen Johnson by Chelsea continues, as the Blues edge closer to signing the Portsmouth full-back with a $29 million offer.

Elsewhere, The Daily Mail states that Johnson will move to Anfield instead with a $28 million move with Liverpool being finalized this week.

Manchester City, Bayern Munich and Tottenham have also unveiled their interest in the England international.

The Sun also says French legend Zinedine Zidane has offered his services in an attempt to convince compatriot Franck Ribery to the Bernabeu for around $92 million.

If the Spanish giants snatch up all their targets, which includes the recent Ronaldo and Kaka signings, it would take their total spending spree to a wallet-busting $380 million. Recession, what recession?

In Italy, Gazzetta dello Sport confirm that Inter Milan have slapped a $125 million price tag on Sweden striker Zlatan Ibrahimovic.

The big pink reports that Inter's president Massimo Moratti set the minimum price after hearing Bayern Munich had "placed a $97 million tag" on Ribery.

Meanwhile, on the box in Italy Diretta Stadio have news that the agent of Juventus attacker David Trezeguet says Real Madrid want to sign his client. Surely not the optimistic actions of an agent aiming to bump up the price of his man?