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 and then follow the developing stories in our constantly updated transfer blog here:

11.36pm: Bringing a close to proceedings on Wednesday night is a fantastically unsubstantiated piece of gossip. Ready? Here goes: AC Milan are interested in everyone's favourite elongated striker, Peter Crouch.

The rumour goes that the England man - and sometime robot dance move aficionado - is just the man Milan are looking for. Though quite whether the fans will see Crouchy as Kaka's long-term successor remains to be seen.

Anyway, if this implausible report turns out to be true, remember we told you first. If it proves to be wibble of the highest order, it came from Studio Sport.

10.36pm: HOLD THE FRONT PAGE! Jim Gannon has only gone and made his first signing since becoming Motherwell manager.

And what a signing it is! No, not Carlos Tevez, but 24-year-old Tranmere midfielder Steve Jennings... Someone shoot me.

7.15pm: Inter Milan have given 53-year-old defender Marco Materazzi a new contract keeping him with the Serie A champions for another three seasons. Ok, he's actually only 35, but you get the point...

6.04pm: So, after Kaka, Ronaldo and Raul Albiol 21-year old Benzema becomes Madrid's fourth signing of president Florentino Perez's second stint at the club and takes spending to over 200m euros.

5.55pm: The fee for Benzema is at least 35m euros (£30m) and could rise to 41m euros depending on various performances clauses.

5.49pm: Lyon have agreed to sell Karim Benzema to Real Madrid! More when we get it...

5.29pm: Well we never thought we'd see this happen. A player has gone from West Ham to Sheffield United. Evidently all the water has passed under the bridge since the days of 'Tevez-gate' and Kyel Reid is the man. Ok fine, it's not all roses as Reid was actually a free agent meaning he could go wherever he pleased.

5.10pm: Things not to do: number one is wait until everyone knows you've got a cool £30m knocking around from the sale of one of your star players and THEN make a bid for his replacement. Case in point: Lyon with Karim Benzema and Porto's Lisandro Lopez. Of course Porto are going to want more than the £15m you've bid, especially when they know you're desperate for a striker and have bags of cash falling out of your pockets! The fools.

4.53pm: After a strong showing at the Confederations Cup, Standard Liege defender Oguchi Onyewu could be on the move. English side Fulham are interested, but at the moment it looks like Genoa and Fenerbahce are the ones in the driving seat.

4.21pm: Thiago Motta has completed his move to Inter Milan. So all those English clubs that were tracking the former Barcelona star can now back off..

3.49pm: Real Madrid may have a host of players coming in, but Christoph Metzelder could be on his way out. The German defender is on his way to Besiktas where he will link up with fellow Germans Fabian Ernst and Michael Fink.

3.34pm: Corinthians defender Andre Santos, still polishing his Confederations Cup winners' medal says he would happily ''run to Italy'' in order to get a transfer to AS Roma. With John Arne Riise possibly on his way out, the Italians are in the market for a full-back or two - although they'd probably want one that wasn't knackered.

3.07pm: Arsenal have a new signing. But, calm down Gunners fans, it's just Aaron Ramsey, who has signed a new long-term deal at the Emirates.

3.02pm: Defender alert! Brazil's Confederations Cup winner Lucio could be on his way out of Bayern Munich after he revealed he has been ''sad'' about rumours that the club don't want him anymore. ''A transfer would be the best thing for me to find peace again,'' he said. Better not join Man City then.

2.36pm: Juventus have been busy denying that they're interested in any players and certainly haven't been talking to AC Milan about David Trezeguet and Amauri. Juventus director Renzo Castagnini said: "It's all just stupid news." And doesn't that just sum it all up.

2.18pm: Burnley have begun to pick through the wreckage of the fallen Newcastle side. They've snapped up defender David Edgar from Newcastle on a four-year deal.

1.54pm: More Spanish reports, but this time Barcelona are involved. Valencia striker David Villa is reportedly edging closer to a Barcelona move after meeting with Camp Nou sporting director Txiki Begiristain. We're awaiting some denials and retractions...

12.59pm: New Ajax coach Martin Jol has failed in an attempt to persuade AC Milan midfielder Clarence Seedorf to return to the club. Good thing too given that the Amersterdam club have a history of blooding their youth products and Clarence is 33. Maybe they could get him in as a coach?

12.45pm: Lyon claim they haven't agreed anything with Madrid, so we'll have to wait and see how this develops. They have receieved a big bid from someone though.

12.34pm: A Benin international is being lined up by Chelsea. Paris Saint Germain ace Stephane Sessegnon claims he's been in contact with various English clubs and the Blues are one who were lucky enough to get a name-check.

12.25pm: Now Benzema's agent is claiming that the Madrid deal has been agreed and told French radio that only personal terms and a medical need to be completed to see the move go through. Turns out sometimes you can believe what you read..

11.58am: Apparently Blackburn are keen to splash some of the cash they picked up for Roque Santa Cruz and are tracking Chelsea youngster Franco Di Santo. Toulouse hitman Andre-Pierre Gignac, 23, is also on the radar but is also being watched by Manchester United.

11.37am: Surprise, surprise, Jermaine Pennant is unsure where his future lies. England or Spain appears to be the option and the man who turned down Real Madrid must be kicking himself now, as he'll probably end up somewhere like Celta Vigo.

11.34am: William Gallas says he'll stay at Arsenal next season after Inter Milan reportedly showed some interest in taking him to Italy. The sulky Frenchman will have to get used to competition for places if he does stick around as the Gunners are reportedly tracking Serdar Tasci and Sebastien Bassong.

11.17am: Michael Chopra [Remember him? The new Alan Shearer!] has signed for Cardiff in a club record £3m deal. The club won't get all the cash at once though as the Sunderland Echo think it'll be £500,000 up front and £2.5m in installments.

11.13am: Reports are coming in from Spain that Karim Benzema has already signed for Real Madrid in a deal worth 35m euros. The French striker is in both AS and Marca , with a deal agreed; but now the clubs are just waiting for the player himself to give the green light to it.

11.09am: Mark Hughes has said he would be very interested in signing Carlos Tevez and Samuel Eto'o. The City boss has quite a few strikers backing up at Eastlands now, but really wants a few who are better than Ched Evans.

10.50am: Get out while you still can! Andrew Surman has brought some much needed cash to Southampton - in the region of £1m - as he's signed for Wolves.

10.28am: Apparently Mikael Silvestre is being lined up for a move to France now that Arsenal have strengthened their defence. Laurent Blanc's Bordeaux is the club.

10.16am: It's breaking. It's news. But wait, it's just that fact that Cristiano Ronaldo has completed his move to Real Madrid for £80m. You might be able to hear the huge sigh of relief from journos around the country.

9.41am: Bolton have confirmed the signing of Sean Davis on a free transfer from Portsmouth, so they have now added to their 'combative midfielder' numbers - although they have just released five 'first-team' players from their squad in the form of: Glen Little, Lauren, Noe Pamarot, Djimi Traore and Jerome Thomas.

9.39am: Dynamo Kiev are pretty keen to sign Andriy Shevchenko, although he'll probably fancy coming back to Chelsea now that Carlo Ancelotti is there.

9.30am: Liverpool winger Sebastian Leto has left Anfield to join Greek outfit Panathinaikos. What a loss for Rafa Benitez.

9.05am: Nemanja Vidic has revealed he has had offers from AC Milan, Barcelona and Real Madrid, but it's his wife that wants to leave, not him.

8.30am: Birmingham are chasing Spurs left-back Gareth Bale - providing that he actually recovers from the injuries that have caused him problems during his time at White Hart Lane.