Manchester City's position as the richest club in the world is being exploited by Blackburn Rovers who are holding the Eastlands outfit to ransom over the sale of Roque Santa Cruz.

The Guardian reports that the Paraguayan striker is now demanding a move after Rovers rejected an £18m bid on Thursday.

The Daily Star suggest that City might even be priced out of the bidding unless Rovers accept £18m for the player who cost them just £3.2m.

There's nothing wrong with wanting to hold onto your best player, but if he's not scoring, wants to leave and you are being offering six times what you paid for him surely it's time to cash in?

Still with The Daily Star and it looks like Arsenal's chances of signing Russia's youngest looking 27-year-old, Andrei Arshavin, are stalling becasue of his wage demands.

The rosy-cheeked playmaker is on around £100,000 a week with Zenit St Petersburg, which would bust Arsenal's wage structure, and it is thought Arshavin is looking for an increase. Frankly, it's not happening.

Another problem is that Zenit are demanding £25m for Arshavin, all of which means the deal is dead in the water unless Zenit and the player get real.

Liverpool might not be looking to bring in any new players this January, but according to The Telegraph Rafa Benitez has offered Jermaine Pennant a new 12-month Anfield contract, despite looking to get rid of him in the transfer window.

Incredibly the former Arsenal man has been linked with moves to both Real Madrid and AC Milan, though more realistic options appear to be the slightly less glamorous environs of Stoke or Wigan.

Elsewhere The Sun say that Nicky Shorey has been told he can leave Aston Villa just five months after joining from Reading for £3m and that Alan Smith can put his dummy back in after spitting it out over reports that Newcastle were ready to offload him to Boro as part of a switch to bring Mido to St James's; apparantly the deal is off.

Tottenham have had a £6m bid for striker Kenwyne Jones rejected by Sunderland, say The Telegraph. Not surprising really, £6m is hardly compensation for taking the club's only decent striker.

BEST OF THE REST:

Wigan's Antonio Valencia is a £15m target for Real Madrid says The Daily Star, who also add that Man City are lining up improved offers for West Ham pair Scott Parker and Craig Bellamy but are not planning to bid for Newcastle keeper Shay Given.

A busy Daily Star sports desk also claim that Arsenal's hopes of signing midfielder Niko Kranjcar have been kyboshed by the news that Pompey have said no more players will be leaving Fratton Park.

Remarkably West Ham might actually get some cash for one-time midfielder Luis Boa Morte; Hull are ready to splash £1.5m for the Portuguese say The Mirror.

The Express report that Newcastle winger Charles N'Zogbia says Arsenal is his first-choice destination should he get his wish and escape the lunacy on Tyneside.

And finally, it wouldn't be a transfer round-up/ gossip-fest without the latest on Real Madrid's not very clandestine attempts to lure the shiny Cristiano Ronaldo away from Old Trafford.

The Times report that Ronaldo's agent, Jorge Mendez, has reached a verbal agreement that his meal ticket, sorry, player will move to the Bernabeu... "at some point."

So, that's that cleared up. Maybe they'll give him a new car.