We'll be keeping you as up-to-date as possible on the latest transfer talk in On The Move. You can catch the morning newspaper gossip in Paper Round, read up on all the Latest Transfers and then follow the developing stories in our constantly updated transfer blog here:

11.59pm Former European Footballer of the Year Michael Owen may be on the verge of joining Manchester United from relegated Newcastle United, according to several reports in the UK media. The England international could move to the Premier League champions if he passes a stringent medical examination.

11.07pm Former Valencia defender Raul Albiol has become the latest player to be presented to the fans at the Santiago Bernabeu following his €15m (£13m) switch from the Estadio Mestalla. The Spain international, who has recently returned from the Confederations Cup in South Africa, said: "I don't have to say that I'm very happy to be here. It comes with great pride to be welcomed like that."

10.11pm Real Madrid have abandoned their pursuit of Valencia striker David Villa after buying Karim Benzema from Olympique Lyon, director general Jorge Valdano said on Thursday. Asked if the Frenchman's arrival had put an end to their bid for Villa he said: "Benzema and Villa both have these [goal scoring] characteristics so the answer to your question is yes."

8.24pm Wolves have announced Serbia midfielder Nenad Milijas has been granted a work permit following a successful apeal. The 26-year-old from Red Star Belgrade signed two weeks ago but he fell just short of the minimum number of international appearances required to secure a permit.

6.56pm Senegal defender Souleymane Diawara is set to leave Girondins Bordeaux for Olympique Marseille for a fee of around €6m. "There is an agreement in principle but the move is still pending medical tests. The player will then sign for four years," Marseille said on their website.

6.00pm Arsenal might not have signed too many big name players in the transfer window but they have certainly signed up plenty of their youngsters to new deals and Jack Wilshere has become the latest to commit to the Gunners.

5.38pm: Chelsea have bought themselves a nice backup to Petr Cech in 'Boro keeper Ross Turnbull, who has signed a four-year contract at Stamford Bridge. On a free too.

5.31pm: Bayern are not working themselves up too much over the future of Franck Ribery. Bayern Munich executive chairman Karl-Heinz Rummenigge reckons that: "Personally, I read Franck's statement like that: either Real Madrid or nothing. And our clear reply is: nothing!'' So that's that sorted then.

5.15pm: Liverpool are apparently interested in midfielder Gaetano D'Agostino, according to Udinese sporting director Sergio Gasperin. Juventus head the queue though, so Rafa Benitez might have to turn his attention elsewhere.

5.03pm: Lyon are going back in for FC Porto striker Lisandro Lopez and have confirmed that: "Negotiations have not broken down. We are still interested in signing the player." He should fill a Benzema-shaped hole quite nicely if they can bring him in.

4.58pm: Jack Wilshere has joined Aaron Ramsey in signing a new long-term deal at Arsenal. Good news for fans of the Carling Cup.

4.21pm: The latest in the David Villa saga: Valencia president Manuel Llorente reckons that there are no negotiations going on with Barcelona, which goes against almost everything we've heard from the Nou Camp club. It would be nice if someone would just admit there are talks going on, then he might actually sign something.

3.57pm: Nemanja Vidic's agent has quashed speculation the Manchester United defender will leave Old Trafford this summer. Barcelona, AC Milan and a host of others are interested in the Serbian, but he's going nowhere.

3.49pm: Uefa president Michel Platini says he is ''embarrassed'' by the amount of money changing hands in the transfer market although he insists he is powerless to stop it. And a good thing too, otherwise we'd have nothing to write about!

3.29pm: Arsenal fans might want to close their eyes again. But only because it's Jose Antonio Reyes we're talking about now. A player who Arsene Wenger paid a vast sum of money for now can't get a game at Atletico Madrid or Benfica and now looks set to move to Fiorentina.

3.01pm: Arsenal fans close your eyes. Cesc Fabregas has said he wants to play for Barcelona. El Mundo Deportivo asked him and he said: “I would like to''... Ok now open them again, as he added: ''but I have a contract with Arsenal and it is necessary to respect it.” Disclaimer: It is not actually advisable to read transfer rumours with your eyes closed. Or ride bikes, Phil.

2.38pm: Mark Hughes won't be messed around with in the transfer deals for Carlos Tevez or Samuel Eto'o. "We will give every deal the patience we feel it deserves and if we get to a point where we feel things aren’t going to happen and we feel the process is stalling then that’s the time we walk away, and we’ve done that in the past," he said.

2.05pm: PSG are in for Patrick Vieira. The ex-Arsenal skipper is attracting attention now that his Inter Milan future looks bleak and the French club are interested - although ''not at any price'' as they have already splashed cash on Mevlut Erding and Gregory Coupet.

1.49pm: Despite already owning a host of talented strikers, Bayern Munich are adopting the Newcastle United approach to the transfer window and are now supposed to be interested in Swedish U-21 star Marcus Berg.

1.20pm: Roma striker Vincenzo Montella has retired, according to Il Corriere Dello Sport. AC Milan are planning a raid to put him at the heart of their defence...

1.12pm: Benzema replacement watch: Lyon want to sign Real Madrid's Dutch striker Ruud Van Nistelrooy, but probably should have thought about getting him involved in the deal in the first place. Plus, he might join Blackburn!

12.32pm: Wolves are continuing their pursuit of players, and have gone for Greg Halford. He's played for Colchester, Reading, Sunderland, Charlton Athletic and Sheffield United in little under two years - so what's one more club?

12.20pm: Odd one this. A Japanese consortium have taken over Plymouth. Not sure how, why, or what their plans are; but expect a lot of Japanese internationals to suddenly be plying their trade on the English south coast.

12.09pm: Chelsea are expected to complete the signing of 'Boro goalkeeper Ross Turnbull by the end of the week. The stopper wants first-team football, but has evidently been persuaded to forget his ambition for a nice pay-day. Petr Cech won't be worried.

11.52am: Barcelona president Joan Laporta is really pulling at the heart strings when he says he has been ''saddened'' by the Samuel Eto'o situation. A deal of two years, with the same salary seems a fair offer, so we can understand why he's sad: it's the greedy and money-grubbing nature of modern footballers. We sort of hope that Eto'o goes to Man City and stews in mid-table if he doesn't accept that offer - but then he would have his mountain of cash to keep him happy.

11.29am: The search for Benzema's replacement goes on and why not another tall, but slightly older, French striker - David Trezeguet? Goal.com have an interview in which Trezeguet's agent Antonio Caliendo has said the Juventus man could join Lyon or Atletico Madrid. But hinted he would prefer a move back to France.

11.12am: It's been around for a while, but Blackburn might be finally making their move for Chelsea striker Franco Di Santo. "We would be interested in anybody from Chelsea if the price is right for us," said Big Sam. Really? Even Hilario?

10.52am: Southampton are clinging to the wreckage and they're pretty keen to keep 'keeper Kelvin Davis, who would rather jump ship and sign for West Ham - even if it means sitting on a bench behind Rob Green.

10.35am: Stoke PR machine going into overdrive. They're not interested in Obafemi Martins though and, given he turns up late for training most of the time and can't hit a cow's barn door with a banjo [or some other such action], we're not surprised.

10.28am: Stoke have played down links with West Ham defender James Collins. They could probably use another centre-half though. We'll see how this develops.

10.16am: Quotes from Mr Ribery appear to have sealed his future. "I have decided that I want to leave. It will be Real Madrid or nothing,'' said the Frenchman. So Madrid it is.

10.05am: Sunderland are keen to snap up Reading winger Stephen Hunt as he is poised to leave the Madejski Stadium and has a host of clubs sniffing around him.

9.58am: West Ham and Wigan are considering a move for Peter Lovenkrands, as the former Newcastle winger is available on a free.

9.52am: Lyon's Abdul Kader Keita - linked with a few Premier League clubs - is on his way to Galatasaray. So now the French club need to sign two strikers.

9.45am: Wigan have added another Honduras player to their squad - Hendry Thomas from Deportivo Olimpia - and are considering changing their name to Wigan Olimpia.

9.36am: It looks like Sol Campbell is on his way out of Portsmouth, as the club are releasing players like it's going out of fashion. His wages might be a problem, but he can always head off 'abroad' to.. erm.. Villa.

9.30am: Morrning all, and we'll start of with more Franck Ribery talk. L'Equipe claim that he's said he really wants to go to Madrid. Can the Bernabeu club dig deep into their pockets and come up with another huge bid to finish off their frontline.