Newcastle, Tottenham, Manchester City, Celtic, Wolves, Liverpool and Arsenal may miss out on targets whilst West Ham may have found one.
Former Chelsea, Newcastle and Manchester United players feature in our round up of the last 24 hours top transfer news from the continent.
Manchester City target Javi Martinez has finally completed his move to German giants Bayern Munich in a record Bundesliga deal. The €40 million deal eclipses the previous record when Mario Gomez joined Bayern from VfB Stuttgart in 2009 and the defender/midfielder becomes the clubs marquee signing as they attempt to usurp Borussia Dortmund at the top of the Bundesliga pyramid.
Staying with Bayern and reports in Italy suggest their spending spree is far from over after having a joint €60 million bid for Juventus midfielders Arturo Vidal and Claudio Marchisio turned down.
Another big name who may be heading to the Bundesliga is Dutchman Ibrahim Afellay. The Liverpool, Spurs and Arsenal target has reportedly held talks with the hierarchy at Schalke 04 over a potential loan switch from Catalan giants Barcelona. The versatile attacking midfielder is available on loan as he has slipped down the pecking order even further under Tito Villanova at the Nou Camp, but a move to Gelsenkirchen will depend a lot on the future of fellow Dutchman Klaas Jan Huntelaar who may be leaving the Bundesliga side.
In Italy, and after the disappointment of missing out on Dimitar Berbatov, Fiorentina are to lose Peruvian midfield operator Juan Vargas to Serie A rivals Genoa. A deal should be struck by the end of the day.
The Florence based side will however step up their pursuit of Lyon striker Lisandro Lopez after missing out on Berbatov according to La Gazetta dello Sport. The money rose from the sale of Matija Nastasic and Vargas will be used to lure the French club into selling the Argentine who is keen on a Serie A switch.
Staying in Serie A and Roma may be about to offer Giuseppe Rossi a move to Serie A. The Italian international and former Manchester United player is currently at Segunda Liga side Villarreal following their shock relegation last season and wants a move to Italy. He is currently recovering from a serious knee injury but after the sale of Bojan and Fabio Borini this summer Roma see Beppe as a perfect replacement. Spurs have been mooted as another interested party but he favours a move to Serie A.
Meanwhile Juventus will launch an audacious bid to sign Didier Drogba. The former Chelsea man is the subject of much transfer speculation after his Chinese club Shanghai Shenhua has reportedly come into severe financial stress amid board infighting.
Long term Newcastle target Mathieu Debuchy has now emerged as a primary target for Real Madrid. Jose Mourinho seeks permanent cover for Alvaro Arbeloa before the window closes and the French right-back appears an affordable option, whilst Inter Milan's Maicon has also been linked with a move to the Bernabeu.
And finally it has been a busy 24 hours in Holland as AZ Alkmaar complete the signing of Norwegian prodigy Markus Henriksen from Rosenborg despite interest from Celtic and Wolves, Vitesse Arnhem re-sign former midfielder Theo Janssen from Ajax and Serbian international Miralem Sulejmani, once a target for West Ham, has handed in a transfer request at Ajax.