Liverpool face competition from Borussia Dortmund and Juventus for Shakhtar Donetsk midfielder Henrik Mkhitaryan.
The Reds also hope to finalise a deal around £9m for Sunderland goalkeeper Simon Mignolet this week.
Any move for the Belgium international makes Pepe Reina's exit appear increasingly likely.
Zinedine Zidane has told Gareth Bale to tell Tottenham he wants to quit in order to help speed along his move to Real Madrid.
The flying Welshman is the Spanish giants' No 1 summer transfer target and the club's sporting director has been charged with luring Bale away.
But Zidane believes the opportunity to join Europe's most successful club is too good to turn down, and that Bale should force the issue.
'I think Real Madrid have made their admiration of Gareth Bale very clear - and it has been made clear that we would not be put off by the cost of the player,' Zidane told the Sunday People.
'But if Gareth feels now is the time to move then he has to have a private discussion with his club and express that he wants to leave.'
Inter Milan president Massimo Moratti has confirmed Tottenham are keen on midfielder Fredy Guarin.
Tottenham have had a £17m bid rejected and Moratti said: 'Tottenham are really interested.'
Spurs boss Andre Villas-Boas is also keen on Roma's Erik Lamela and Cagliari's Radja Nainggolan
'But if Gareth feels now is the time to move then he has to have a private discussion with his club and express that he wants to leave.'
Inter Milan president Massimo Moratti has confirmed Tottenham are keen on midfielder Fredy Guarin.
Tottenham have had a £17m bid rejected and Moratti said: 'Tottenham are really interested.'
Spurs boss Andre Villas-Boas is also keen on Roma's Erik Lamela and Cagliari's Radja Nainggolan
Nani says he yet to decide whether he will leave Manchester United. Monaco are keen on the Portugal international who is about to enter the final year of his contract at Old Trafford.
He said: 'My future? Nothing is certain. I am calm. I have everything in my hands. I am not saying that I will not continue at Manchester United.
Manchester United may well be interested in signing Gareth Bale, but their attentions are also focused elsewhere, according to John Richardson of the Express.
Reports are stating that David Moyes wants to make 20-year-old Marco van Ginkel his first big-money signing and that United have sent their chief scout to watch Van Ginkel in action during the European Under-21 Championship, where Van Ginkel's Holland side were knocked out by Italy on Saturday.
A £15 million bid is said to be enough to seal the deal, but with Chelsea also interested, United might have to wait to make their move with the London side involved in a first-option deal with Dutch club Vitesse, where the attacker currently plays.
The same report indicates that Cesc Fabregas remains at the top of Moyes' list of targets, but Van Ginkel would be a suitable alternative if the former Arsenal man is not moving this summer.
Manchester City target Isco has revealed that Real Madrid's Spanish youngsters have been trying to persuade him to join them at the Bernabeu.
The £30million-rated Malaga man is expected to follow his former boss Manuel Pellegrini to the Etihad when the transfer window opens next month, but Real are long-term admirers of the 21-year-old.
Pellegrini has made the playmaker his No 1 target after City already secured deals for Fernandinho and Jesus Navas, but Isco's comments will give him cause for concern.
Speaking in Israel where Spain are waiting to play the final of the Under 21 European Championships, Isco said: 'Those [Morata, Nacho and Carvajal] indeed are the guys insisting [for the move to Real Madrid]. We'll see what happens.
'I try to draw the line there. We have the Under 21 final and need to focus all five senses on that now.'
Arsenal are another Premier League club said to be looking to do big business this summer, and striker Gonzalo Higuain appears to be on top of their target list.
Now it is being reported by Ulises Sanchez-Flor of Marca that the Gunners are going to outbid Juventus in their battle to secure the signature of the Argentine forward, with a club record deal in the offering.
Marca report that Juve are happy to pay €22 million for the striker, payable over five installments, while Arsenal are prepared to offer much more favourable terms to Real Madrid: an up-front payment of the full amount of €30 million to get the deal done (£26 million, $40 million).
Higuain seems certain to leave Real this summer, and only his next destination is as yet unknown.
Arsenal are also showing interest in Lille and France winger Dimitri Payet.
The 26-year-old scored 12 times for the Ligue 1 club last season and could bolster Arsene Wenger's attacking options at the Emirates.
Arsenal have made a £25m offer to Real Madrid for Gonzalo Higuain which outstrips the one bid so far by Juventus. However, the Argentina forward is keen on a move to Turin.
New Ligue 1 side Monaco have already invested heavily this summer, spending more than £100 million on Radamel Falcao, James Rodriguez and Joao Moutinho, but one target they haven't snared—yet—is Newcastle United's Yohan Cabaye.
There were indications that the French international midfielder was in Monaco for a medical ahead of a big-money move, but Newcastle have completely dismissed that notion, according to Martin Hardy at The Independent.
Cabaye has enjoyed great success since moving to the Premier League two seasons ago, and it is no surprise to see him being linked back to his home country where there is cash aplenty to spend between Monaco and Paris Saint-Germain.
However, it seems for now at least he remains a Magpie, though whether they will resist the chance to sell him if a huge offer is put forward is yet to be seen.
Roma and Tottenham, along with the two French clubs, are said to be interested in signing Cabaye.
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