Good morning and welcome to Sports Mole's live transfer blog. We are now just 40 hours away from the closing point of the mid-season window, meaning that time really is running out for sides to complete their purchases.

Will Chelsea get their proposed double swoop for Douglas Costa and Juan Cuadrado over the line? Is there any substance to the rumours linking Tottenham Hotspur with a swoop for Yohan Cabaye? Is Mats Hummels still a target for Manchester United?

All will be revealed over the next couple of days, so be sure to stick with us as we keep you up-to-date with all the latest news.

We saw plenty of speculation emerge overnight, all of which we will round up at around 8am, but in the meantime here is a quick look at the big stories doing the rounds this morning:

- Tottenham Hotspur 'preparing summer swoop for Yohan Cabaye'

- Manchester United 'preparing last-ditch bid for Mats Hummels'

- Liverpool linked with £6.5m Winston Reid swoop

As promised, it's time to bring you all the latest news from the mid-season window with our first Transfer Talk Update of the day.

There's news of one more potential deal to bring you before I hand things over to Chris O'Keefe for the next few hours, and it concerns Manchester United midfielder Darren Fletcher.

The Scotland international looked certain to be on his way out of Old Trafford before tomorrow night's deadline, although a proposed switch to West Ham United broke down at the last hurdle.

Fresh reports claim that West Bromwich Albion could now be in for Fletcher, who will be allowed to leave United on a free contract. Click here to read more.

Thanks Dan. There's no doubt that the future of Darren Fletcher will be one of the talking points as the transfer window reaches its climax. In less than 48 hours we should know who has moved where. You can almost hear the over-excitement in silver-haired Scottish sports presenters everywhere!

Remember the Yevhen Konoplyanka transfer saga from last January? Well, it appears that the Ukrainian winger is trying to force through a move to the Premier League. He told his official Youtube channel that he has turned down a move to Roma in order to seal a switch, with Liverpool and Tottenham Hotspur thought to be the most likely destinations.

One team who don't look like delving into the transfer market is Newcastle United. Head coach John Carver appeared to dismiss suggestions that he would looking to add to his squad before the deadline.

Elsewhere in the Premier League, Arsenal and Liverpool have reportedly been offered the chance to sign Real Madrid left back Fabio Coentrao this month, but a deal before Monday night's deadline appears unlikely.

Sticking with Arsenal and the Gunners are rumoured to be activating a £20m release clause to sign Borussia Dortmund's Marco Reus. The Gunners appears to have moved ahead of Chelsea, Manchester United and Liverpool in the race for the German international.

More Gunners news and another player linked with a move to Emirates Stadium is one Morgan Schneiderlin. According to L'Equipe, the Frenchman has a "personal agreement" to join the Gunners in the summer.

Manchester City news now and reports claim that Fenerbahce have offered £12m to sign Edin Dzeko, who has scored only four times during the current campaign.

DONE DEAL! Crystal Palace have confirmed the signing of Papa Souare from French club Lille. We'll have more details of the deal soon.

More on that Souare deal. The Senegal international has agreed a three-and-a-half-year deal to join the Eagles, subject to gaining a work permit.

Before I hand you over to Shane Callaghan, some news regarding Manchester United target Aleksandar Dragovic. The Red Devils may need to force through a deal today to avoid losing the defender to Roma after the Serie A side entered the race for the Austrian star.

Thanks, Mr O'Keefe. Good afternoon ladies and gents, and let's kick off the afternoon shift with the news that Theo Walcott has backed Arsenal new boy Gabriel to cope with the physical demands of the Premier League.

You have probably heard that Chelsea are on the brink of sealing a £26m deal for Fiorentina winger Juan Cuadrado? But it seems as if the Colombian has been given the seal of approval by Arsenal legend Thierry Henry.

Good news for Chelsea fans and, after one club legend in Frank Lampard faced off AGAINST your team yesterday, it may come as a relief to hear Didier Drogba confirm that he will be staying at Stamford Bridge beyond the summer. We'll have more on this very soon.

Here's a little more on the Drogba news that we promised.

Right, that's lunch, but Daniel Lewis is with you for the next four hours to keep you updated with all the latest murmurs from in and around the transfer world. See you later folks.

Thanks Shane! What will the next few hours hold, I wonder? I'll start my stint in the transfer hot seat by bringing you some news from a little earlier concerning Championship side Sheffield Wednesday.

The Owls, who were taken over by a Thai consortium earlier this week, are said to be close to agreeing a deal for Romanian striker Sergiu Bus.

Fresh reports are emerging this afternoon suggesting that Chelsea winger Mohamed Salah is to undergo a medical at Fiorentina tomorrow afternoon ahead of a loan move to the Serie A side. More on that to follow.

Here's a little more on that news concerning Chelsea's Mohamed Salah, who is said to be closing in on a loan move to Fiorentina ahead of tomorrow night's deadline.

The deal is not expected to play any part in Juan Cuadrado's move in the opposite direction, but Jose Mourinho will no doubt be keen to free up a space in his squad to accommodate the Colombian.

There's been plenty of speculation mounting across the last few hours, so let's take a look at the transfer stories making the headlines so far today:

- Inter Milan eye Micah Richards?

- Didier Drogba confirms Chelsea stay

- Report: Salah to undergo Fiorentina medical in next 24 hours

Arsenal have certainly been linked with their fair share of players this month, the latest of which being Marseille striker Andre-Pierre Gignac. The Frenchman, who is out of contract at the Ligue 1 outfit this summer, is said to also have attracted the interest of Liverpool. Watch this space.

A rather downbeat Ronald Koeman has been speaking to reporters following his side's 1-0 defeat at the hands of Swansea City, where he admitted that "at least one player" could be brought into the club before tomorrow night's deadline.

It's now time to bring you a comprehensive roundup of all the day's activity in our Transfer Talk Update, which includes all the latest on Morgan Schneiderlin, Mohamed Salah, Edin Dzeko and many more of Europe's top stars.

That brings to an end my watch on transfer duty for today, but be sure to stick around as Giuseppe Labellarte takes you through the remainder of the evening. Enjoy!

Thanks Daniel! Giuseppe here and I'll be with you for the next few hours, bringing you the latest transfer news as they come.

Celtic midfielder Kris Commons has reportedly been on the radar of several clubs across Europe as contract talks between the Hoops and the 31-year-old appeared to be stalling, but he has now admitted that he is close to extending his deal at Parkhead, which currently runs until the end of the season.

MK Dons midfielder Dele Alli is deemed one of the brightest young players in the Football League, with Newcastle United and Aston Villa reportedly in talks with the 18-year-old. However, reports have emerged of Tottenham Hotspur joining the race to snap up the talented playmaker.

Galatasaray midfielder Wesley Sneijder has long been a reported target for Manchester United, and with news that Juventus are discontinuing their pursuit of the 30-year-old, Louis van Gaal is said to be renewing his interest in his compatriot.

In a report which is sure to upset West Ham United fans, defender Winston Reid has allegedly agreed in principle to join Tottenham Hotspur at the end of the current season - on a free transfer.

Newcastle United midfielder Moussa Sissoko, said to be a target for a number of clubs in the Premier League and abroad, has distanced himself from reports linking him with a move away from St James' Park.

Queens Park Rangers have reportedly had a bid for Ghana captain Andre Ayew turned down by Marseille. The Black Stars forward helped his country to the semi-finals of the Africa Cup of Nations earlier today.

And with that, my time on today's Transfer Talk blog has come to an end. But don't fear, because my colleague Shane Callaghan is here to bring you all the latest transfer news as they come. And believe me, with the January window shutting in just over 24 hours, you don't want to miss a beat!

Thanks Giuseppe. As we know, we're less than 24 hours before the transfer window shuts, and one manager hoping to add quality before the deadline is Southampton's Ronald Koeman. Here's what he had to say.

Things aren't great for Hull at the moment, but according to reports they're about to get worse as Spurs winger Aaron Lennon plans to snub his deadline-day loan move to the KC Stadium? Why? Have a read in here.

Just one more story of the night then, and Southampton leg-end Matt Le Tissier warns his former club that failure to bolster their striking options on deadline day (which is today!) could see their top-four prospect fizzle out. More on this here.

Well, that's all for now, folks, but we're back online in five hours time to bring you the last day of the transfe window. Forget about the agents and players and imagine how hectic it'll be for us poor divils. Hold me.