Reports suggest that Tottenham Hotspur are in talks with Southampton with regards to a swap deal involving Jay Rodriguez and Andros Townsend. Interest from either side has been known for the majority of the summer, and both clubs are now thought to be discussing a straight swap deal with the players valued at around £14 million each. Rodriguez wouldn't be fit to play until October, but Pochettino is keen to manage him again.
Danny Welbeck could be set to leave Manchester United before the end of the day, albeit on a temporary basis. With Louis Van Gaal looking at strengthening his options with Falcao on the horizon, it is likely there will be some departures too. Tottenham Hotspur would be a likely destination for Welbeck although it is thought he would it would cost in the region of £5 million to take him on a season-long loan. Sunderland are also thought to be monitoring the situation.
Talksport have reported that they expect Newcastle United to complete a deal for Lyon's Alexandre Lacazette at some point today. Lyon have resisted offers so far but Alan Pardew will be keen to bring in another attacker.
Speculation with regards to Radamel Falcao looks set to be the biggest talking point on transfer deadline day. Manchester United, Manchester City and Arsenal could all be possible destinations for the Colombian whilst Real Madrid can't be ruled out either. A £20 million loan deal has been heard on the grapevine, and despite being a world-class striker a deal at that price smells of desperation.
It wouldn't be transfer deadline day without seeing Harry Redknapp lean out of his window to discuss his latest movements, and Queens Park Rangers could be set for a busy day. They need to replace Loic Remy and Jermain Defoe looks like the ideal candidate following the dismissal of former QPR defender Ryan Nelsen at Toronto FC.
If Manchester City are to tie up a deal for Falcao then it will hinge on Alvaro Negredo's potential move to Valencia on loan. Currently City's fourth choice striker, Negredo has many admirers in Spain, and Valencia are aiming to conclude a deal to bring 'The Beast' back to La Liga.
Sebastien Coates is on Gus Poyet's list of targets with The Daily Mail reporting that a deal is already done. This would rule out Fabio Borni's move to Sunderland on loan, with Premier League clubs only allowed one loan deal from another top flight club.
Completed transfers will gather pace as the day goes on, as at this time of the day clubs are still bluffing each other trying, keeping their poker faces and waiting to see who will make the first move. No one wants to end up overpaying but their could be that one transfer which kicks things off and has a knock-on effect for everyone else.
AC Milan have brought Marco Van Ginkel to the club from Chelsea. on a season-long loan to link up with Fernando Torres.
Who would you like to see your club sign on deadline day?