The On The Move transfer blog is almost upon us with January 1, 2012, just two days away. Until our rolling transfer service begins in full swing, though, now is as good a time as any to commence a round-up of the rumours doing the rounds as teams consider how, and with whom, they can strengthen in the New Year. Brace yourselves for hearsay abound...

Guess who's (almost) back © Getty Images

Of course, the biggest transfer story right this moment is that of Thierry Henry's return to Arsenal, which seems all-but a done deal with the Frenchman set to join on a two-month loan. You can read our full story on that developing transfer, right here. And the story has since sprouted further, with Arsene Wenger speaking on the matter, here.

Another transfer that seemingly just needs rubber-stamping is that involving Gary Cahill, who looks poised to wrap up a switch from Bolton to Chelsea after the two sides agreed a fee. Read all about it. But, wait, is it imminent? Villas-Boas has tempered talk by revealing the club and the player are "miles apart" in their contract negotiations. Read about that, right here.

More from AVB - he says Chelsea may be ready to offload a few players in the January window. Full story here.

Elsewhere, The Sun runs with quotes from Chelsea defender Alex stating he is tempted by a return his homeland of Brazil when the transfer window reopens ... West Ham are said to be eyeing a move for Cardiff midfielder Peter Whittingham for around £3 million ... Stoke boss Tony Pulis has ruled out selling striker Kenwyne Jones.

The Mirror reports Barcelona will target Tottenham star Gareth Bale in the summer, but are unwilling to pay over £25 million for the Wales international ... Chelsea boss Andre Villas-Boas will seek a midfielder, a right-back and a striker, as well as Bolton defender Gary Cahill next month ... Aston Villa and Wolves will battle it out for the loan capture of Arsenal's Emmanuel Frimpong.

The Daily Mail suggests Chelsea could launch an astonishing £84 million bid to land Porto striker Hulk ... AC Milan are to up their ante in their pursuit of Carlos Tevez after confirming the Manchester City man is there top target.

Finally, Swansea have completed the long-awaited signing of Rory Donnelly from Cliftonville. He was also attracting interest from Liverpool and Everton but preferred the switch to South Wales.

Expect much more tomorrow, but, in the meantime, why not have your say on who your club may capture in January via the comments section of this blog. Which areas need addressing? Who should be your side's No.1 transfer target? Let us know.