The transfer window is now open in most leagues across the world, and speculation is heating up about potential deals. Check out the latest gossip below and see all official moves here.
TOP STORY: Liverpool join race for Bayern's Alaba
While Real Madrid are the frontrunners in the race to secure Alaba's signature for free once his contract expires in 2021, it's certainly worth noting that the Reds have thrown their name in the hat, with Jurgen Klopp well aware of what the 28-year-old defender brings to the table.
It's all but certain Alaba won't be staying in Munich beyond the summer as he hasn't been able to agree a new deal, but Real Madrid have offered him "a long-term contract, believed to be four or five years, hoping to convince him to sign for them ahead of a host of other top clubs who are also interested."
21.13 GMT: Chelsea have recalled attacker Lucas Piazon from his loan at Portuguese outfit Rio Ave, according to Goal, as the Blues look to negotiate a permanent exit for the 26-year-old who signed with the West Londoners in 2012. The Brazilian's contract expires this summer, but the club hold a one-year option, ensuring they receive some return on his £5m fee as three clubs negotiate for Piazon's services.
20.26 GMT: Jonas Lossl has yet to make an appearance for Everton since joining the Toffees in 2019, and predictably the goalkeeper is said to be seeking a move away from Merseyside in search of first-team minutes, and the Miami Herald writes that Inter Miami CF is in talks with the 31-year-old to bring him to MLS as former Miami No. 1 Luis Robles announced his retirement on Wednesday.
19.39 GMT: West Bromwich Albion are in "advanced negotiations" with West Ham United over a deal that would see 33-year-old winger Robert Snodgrass move to the Hawthorns on a permanent basis, according to Sky Sports.
18.52 GMT: The performances of Lille attacker Yusuf Yazici this season have attracted the attentions of Juventus, Internazionale and Bayer Leverkusen, Le10 Sport reports. However, the Ligue 1 side is said to be unlikely to part with the 23-year-old Turkey international in January, but would be willing to do business in the months to come should they receive a fee in the region of €40m.
18.05 GMT: Freelance journalist James Nalton reports that Atlanta United FC are "well in the mix" for 19-year-old Ecuador midfielder Moises Caicedo, whose been linked with a move to Manchester United in recent weeks, and cites the appointment of new manager Gabriel Heinze as a strong pull for the Independiente del Valle star.
17.18 GMT: Liverpool have reached a stalemate in contract negotiations with Georginio Wijnaldum, according to Sky Sports. The report suggests that the 30-year-old hopes to remain at Anfield beyond the expiration of his contract in the summer, but wants a wage packet that "compares more favourably with the club's top earners."
16.31 GMT: Arsenal midfielder Mesut Ozil to MLS? It could happen soon.
15.48 GMT: David Beckham has held talks with former Manchester United teammate Phil Neville to discuss the coaching position at Inter Miami, sources have told ESPN's Mark Ogden.
Neville, a co-owner of EFL League Two club Salford City alongside Miami part-owner Beckham, is due to leave his post as head coach of the England Women's team later this year after initially announcing his decision to step down last April.
The 43-year-old pledged to continue in the role until after this summer's delayed Tokyo Olympics due to his successor, Sarina Wiegman, remaining in her post as head coach of Netherlands until September.
But with Beckham ready to offer Neville the opportunity to take charge of the MLS team ahead of the new season, which is scheduled to start in early March, sources have said that the former Everton midfielder is keen to find a solution with the English Football Association which will enable him to accept the Miami job and move to the United States.
15.30 GMT: With a new year upon us and the January transfer window open, the CIES Football Observatory has released its latest biannual transfer value list.
The CIES list charts how much a club would have to pay to sign a player across Europe's big five leagues, based on advanced algorithms dictated by key factors such as a player's age, the length of their contract, their club's financial situation, any previous transfer fees, and so on.
The list aims to provide a stable approximation of a market which is unstable at the best of times, let alone with elite football currently mired in uncertainty along with the rest of the world. Here's the top five:
1. €165.6m - Marcus Rashford, Manchester United
2. €152m - Erling Haaland, Borussia Dortmund
3. €151.6m - Trent Alexander-Arnold, Liverpool
4. €151.1m - Bruno Fernandes, Manchester United
5. €149.4m - Kylian Mbappe, PSG
15.10 GMT: Former USMNT defender Matt Besler has joined Austin FC.
14.45 GMT: Greg Vanney has a job on his hands at the LA Galaxy.
14.17 GMT: Chelsea midfielder Danny Drinkwater has been a flop since his £35m move from Leicester in 2017.
Drinkwater, 30, has gone on unsuccessful loan moves to Aston Villa and Burnley, while there has been tentative interest from Schalke and Cologne in Germany, but the Daily Mail says he "is in talks over a move to Kasimpasa in Turkey."
Kasimpasa are 14th in the Turkish Super Lig table and are ready to offer the midfielder an escape route.
13.48 GMT: Hibernian are reportedly closing on a deal for Arsenal goalkeeper Matt Macey.
Macey, 26, is keen to leave for first-team football and, due to injuries in the squad, Hibernian goalkeeping coach Craig Samson was due to start against Celtic on Monday.
Macey, who is 6-foot-7 has only made two appearances for Arsenal since signing from Bristol Rovers in 2013 and is set for a medical today.
13.10 GMT: Mesut Ozil's future is expected to be finalised in the next 10 days with the midfielder undecided over his next move, his agent Dr Erkut Sogut has told ESPN's James Olley.
The 32-year-old is free to talk directly to overseas clubs after entering the final six months of his £350,000-a-week contract with the Gunners and has attracted interest from the United States, Turkey, Asia and Qatar.
Reports in Turkey on Wednesday (see 09.32 GMT) suggested he was on the brink of signing a three-year contract with Fenerbahce, but no agreement is close with any club.
Fenerbache are one of several interested clubs along with MLS side DC United, whose interest was first reported in the U.S. back in August 2019, but negotiations are not yet at an advanced stage.
And Sogut told ESPN: "We were not allowed to talk legally before Jan. 1 so now we are just starting to look at the options with the numbers and details. I can't talk about the clubs directly because it would be unprofessional but generally, there is six months left on the contract and it is nothing unusual that we will talk to people about different opportunities and try to find the best option for Mesut.
"He might stay at Arsenal until the summer but he might go. Mesut's priority is to stay but you never know in football, things can change very fast. For the moment, we are just checking all the options for January and the summer.
"If we want to leave in January, I need to talk to Arsenal. If we sign for the summer, we don't need to. That's the situation. In the next seven to 10 days, it will be a little clearer as now the transfer window is open, things can move faster."
Arsenal confirmed to ESPN that they were not actively involved in discussions with any clubs regarding Ozil at this point.
12.50 GMT: A £90m move to Manchester City for Tottenham striker Harry Kane?
The Athletic reports: "While they are yet to open new contract talks with Kane -- he still has over three years remaining on his current deal and the club are waiting until the end of the season to discuss new contracts with their players -- they are planning on him remaining with them for the foreseeable future. If Kane wants to leave, he is the one who will need to make it happen."
12.33 GMT: PSG appointed Mauricio Pochettino and of course they are being linked with one of his former players: Tottenham's Dele Alli. As well as Barcelona legend Lionel Messi.
Why there's a strong case for Ozil joining MLS
James Olley explains the pros and cons of Mesut Ozil choosing MLS as his next move.
12.11 GMT: Fabio Quagliarella's stunning return to Juventus at the age of 37 is edging closer, according to Sky Sport Italia.
Quagliarella spent four seasons at Juve from 2010 to 2014 and won three Serie A titles before joining Torino.
A sensational move for the Sampdoria striker is now reportedly at an advanced stage as the two parties are discussing a contract and Quagliarella will only accept a minimum 18-month deal. Quagliarella was Serie A top goal scorer in 2018-19 with 26 goals.
11.45 GMT: Marseille boss Andre Villas-Boas has hinted the French club could move to sign out-of-favour Napoli forward Arkadiusz Milik in January.
The Poland forward has not made a single appearance for Napoli this season after a summer move to Roma fell through and has also been linked with Juventus and various Premier League clubs.
"Milik interests us, but there have never been any advanced conversations with the club or the player," Villas-Boas told a news conference. "It won't happen in the next few days. It is an interest which emerged in the media. He is not our only option -- maybe the most difficult because he is a good player."
11.22 GMT: Inter Milan's Treble-winning right-back Maicon is making a return to Italy at the age of 39 with a move to fourth-tier side Sona.
The former Brazil international, who won 11 trophies during his six-year spell with Inter, was persuaded to join Sona by the scenic location the club finds itself in, sporting director Claudio Ferrarese said.
"Convincing the player was easier than I could have imagined," Ferrarese told reporters. "At Sona, we practically train on Lake Garda -- a truly suggestive scenery and very near to Milan, which Maicon loves so much."
Maicon's return prompted former teammate Mario Balotelli to post a photo on his Instagram story of the two together at Inter.
11.01 GMT: Luis Suarez has scored nine goals in 12 games for Atletico Madrid so far. Barcelona could really use that kind of form...
Greg Vanney stepping into 'full club overhaul' at LA Galaxy
Ale Moreno explains the challenge ahead for Greg Vanney after accepting the LA Galaxy job.
10.30 GMT: Barcelona have confirmed Carles Alena has joined Getafe on loan until the summer. Getafe will pay his wages, while there is no option to buy.
[LATEST NEWS ❗]— FC Barcelona (@FCBarcelona) January 6, 2021
Carles Aleñá loaned out to Getafe.
10.16 GMT: Milan are on fire but key trio Zlatan Ibrahimovic, Gianluigi Donnarumma and Hakan Calhanoglu are nearing free agency. Gab Marcotti on what the Italian giants should do.
Milan have a huge call to make as three key players all become free agents at the end of the 2020-21 season. Gianluigi Donnarumma, Hakan Calhanoglu and Zlatan Ibrahimovic are in the last six months of their contracts, and for the latter pair, as of Jan. 1 they can sign with any club outside Italy for next season.
It's an unprecedented situation: league-leading teams don't let three of their most important players all get within six months of free agency, and yet there are reasons why Milan find themselves in this situation. The fact that Donnarumma (21), Calhanoglu (26) and Ibrahimovic (39) are all at different stages of their careers makes each an interesting case study of the myriad factors a club must weigh up.
10.01 GMT: Beijing Guoan have appointed former West Bromwich Albion manager Slaven Bilic as their new head coach on a two-year contract to replace Bruno Genesio, the Chinese Super League (CSL) club said on Wednesday.
Beijing made the announcement on social media and said they had decided not to renew the contract of Frenchman Genesio, who guided them to third in the CSL and the quarterfinals of the Asian Champions League.
Bilic returns to management less than a month since he was sacked by English Premier League side West Brom following a poor start to the 2020-21 season in which they claimed seven points in 13 games.
The 52-year-old has vast coaching experience across the world, having managed Lokomotiv Moscow, Besiktas, West Ham United, Al Ittihad and West Brom after a spell with the Croatia national team.
09.32 GMT: One to watch, but reports in Turkey claim that Arsenal midfielder Mesut Ozil has agreed a three-and-a-half year deal with Fenerbahce.
The 32-year-old entered the final six months of his £350,000-a-week contract in January and is free to negotiate directly with overseas clubs.
MLS sides D.C. United and LA Galaxy have been linked with a move for Ozil, while sources told ESPN that David Beckham's Inter Miami were also among a host of other clubs in multiple countries monitoring the situation.
Ozil has not played for Arsenal since March 7 and was left out of the club's Premier League and Europa League squads by manager Mikel Arteta.
09.02 GMT: Leicester winger Demarai Gray has held initial talks with Marseille about a free transfer in the summer, says The Daily Mail.
Gray, 24, has a contract which expires in 2021 and has been linked with a move to Southampton.
The report claims: "Benfica and Monaco are also thought to be interested in Gray, who has been with Leicester since 2016."
08.30 GMT: ICYMI - Manchester City are closely monitoring Sergio Ramos' situation at Real Madrid with an eye to signing him as a free agent this summer, multiple sources have told ESPN.
The Madrid captain is yet to renew his contract at the Bernabeu, which expires on June 30, and has been free to negotiate with other clubs since Jan. 1.
City are aware that a deal would be complicated but are looking to reinforce their defence ahead of next season.
Sources told ESPN that Pep Guardiola is a fan of Ramos and would be keen on a deal for the veteran centre-back.
Pochettino coy on Messi and Dele Alli rumours
Mauricio Pochettino fields questions galore about potential signings he might be able to make at PSG.
PAPER TALK (by Harry Kettle)
No Man United contact over Goncalves
The man known as 'Pote' has been attracting a great deal of attention as he's a similar style of central midfielder to Bruno Fernandes, who United brought to Old Trafford from Sporting for around €80m in January 2020.
Previous reports had indicated that United had already made the first steps towards signing Pote, but it appears that isn't the case.
Sokratis to leave Gunners?
William Saliba (Nice) and Sead Kolasinac (Schalke) have both left the club on separate loan deals over the course of the last few days, and it appears that manager Mikel Arteta isn't planning on stopping there.
Arteta recognises that he needs to make wholesale changes if the Gunners are to find success in the second half of the season, and with Serie A side Genoa asking after Sokratis, it's looking increasingly likely that the 32-year-old Greece international will be the next one to go.
- Sky Germany is reporting that Bayern Munich are set to lock teenage sensation Jamal Musiala down to a new contract. The playmaker has a deal that keeps him with the Bundesliga champions until at least 2022, but on his 18th birthday next month, that will be extended to ensure he remains in Munich until 2025.
- On-loan defender Diego Laxalt could be available to Celtic in a cut-price deal this summer, Sky Italy reports. Laxalt made his way to Glasgow on Deadline Day back in October with Celtic and his parent club AC Milan failing to come to terms on an 'option to buy' clause. Now, however, after he was initially valued at £9m, Milan could be willing to drop their asking price to around £7m or lower in the name of moving him on.
- Barcelona are interested in pursuing a deal for Leicester City youngster Sidnei Tavares, The Sun reports. The 19-year-old, who is the cousin of former Manchester United star Nani, will see his contract come to an end with the Foxes during the summer. Alas, the Spanish giants are hoping that a decent fee put forward this month will lure him to Camp Nou -- but if it doesn't work, there is reported to be a gentleman's agreement in place with Barca at the front of the queue if he doesn't re-sign with Leicester.