Monaco striker Falcao is at the centre of a three-way tug-of-war for his services. The 28-year-old is a target for Arsenal, Manchester City and Manchester United with all three believed to be willing to pay more that £50 million to secure him.
Jermain Defoe could be on the way back to the Premier League with Queens Park Rangers thought to be closing in on his signature. Hoops boss Harry Redknapp has signed Defoe during his time as boss at both Portsmouth and Spurs and would love to be reunited with the former England hitman who may welcome a move following the sacking of Toronto boss Ryan Nelson.
Redknapp has also been heavily linked with moves for two more of his former Spurs players - Andros Townsend and Aaron Lennon - who both seem surplus to requirements at White Hart Lane.
Elsewhere Manchester City defender Micah Richards has been linked with Sunderland and West Ham while Newcastle midfielder Hatem Ben Arfa, still only 27, could be on his way to Birmingham City.
Stoke City central defender Ryan Shawcross is believed to be a target for Everton while Manchester City defender Matija Nastasic has been linked with a move to both Arsenal and Spurs.