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Sports Illustrated compiles the most recent transfer speculation and rumors from across the globe.
Premier League
Xabi Alonso has entered discussions regarding the Liverpool position with a three-player transfer target list; Inter Milan's Alessandro Bastoni, Crystal Palace midfield talent Adam Wharton and Paris Saint-Germain's Bradley Barcola for the wings. These three players carry a combined valuation of $327 million (£245 million). (Source: TEAMtalk)
Arsenal are considering a pursuit of AC Milan's speedy attacker Rafael Leão. The North London club could require a new winger amid increasing speculation about Gabriel Martinelli's potential departure. Leão carries a price tag of $92.3 million (£69.1 million, €80 million). (Source: Fichajes)
Joshua Zirkzee is determined to secure a Serie A comeback. Although Premier League teams have subsequently withdrawn their pursuit of the Manchester United forward, his Italian admirers—including Juventus, Milan and Napoli—are only interested in a temporary arrangement. (Source: Mark Brus)
Pep Guardiola's fixation with Barcelona defender Pau Cubarsí has led to Manchester City proposing a player exchange. Omar Marmoush, reportedly a Barcelona target, is believed to be offered as part of a potential deal for the Spanish youngster. (Source: Fichajes)
The Premier League trio of Crystal Palace, Everton and West Ham United are investigating a temporary move for Arsenal's unsettled left back Myles Lewis-Skelly. (Source: CaughtOffside)
Chelsea are prepared to bring Valentín Barco along the well-trodden route from Strasbourg to Stamford Bridge following his impressive Ligue 1 performances. The transfer for the Argentine midfielder is reportedly at an "advanced stage." (Source: Ekrem Konur)
Aston Villa are requesting a club-record sum exceeding $133.5 million (£100 million) for Morgan Rogers, who has attracted significant interest from Chelsea. (Source: TEAMtalk)
Manchester United have inserted themselves into the heated competition to acquire AZ Alkmaar's promising talent Kees Smit, who has been consistently linked with Real Madrid. (Source: Fichajes)
When Jadon Sancho's Manchester United deal concludes this summer, Borussia Dortmund are "optimistic" they can secure a permanent transfer for the English winger currently loaned to Aston Villa. (Source: The Times)
Fulham have arranged a medical examination for PSV Eindhoven's USMNT forward Ricardo Pepi. The transfer is expected to cost $38 million (£28.5 million) making Pepi the third-most valuable American player historically. Nevertheless, he won't be eligible for Premier League action until next summer. (Source: BBC Sport)
Newcastle United are exploring a potential move for Lens goalkeeper Robin Risser. The French shot-stopper is priced at approximately $46.1 million (£34.6 million, €40 million). (Source: Sky Switzerland)
La Liga
Real Madrid are open to entertaining bids for Jude Bellingham. The England midfielder has been priced at $173 million (£129.6 million, €150 million) and is believed to have caught the attention of Manchester United and Chelsea. (Source: Fichajes)
Borussia Dortmund's Serhou Guirassy has emerged as an affordable alternative to Robert Lewandowski. The Guinea striker could be secured for $69.2 million (€60 million) but has already attracted bids from Chelsea and Inter. (Source: El Nacional)
Barcelona have had their opening bid for Alessandro Bastoni rejected. Inter Milan quickly dismissed an offer worth up to $75 million (€65 million) and are instead seeking closer to $92.3 million. (Source: Fichajes)
Real Madrid are seriously contemplating a $17.3 million (€15 million) proposal from Sunderland for Thiago Pitarch. It would be difficult to refuse such a substantial fee for a player with only seven senior appearances. (Source: DefensaCentral)
Manchester United target and Sporting CP captain Morten Hjulmand has appeared prominently on Atlético Madrid's summer wishlist. (Source: Fichajes)