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LIVE Transfer Talk: Arsenal and Chelsea in for Isco as Real Madrid chase Mbappe

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Would Isco upset Liverpool's balance? (1:32)

Shaka Hislop is unsure of Isco's fit at Liverpool due to their talent level and balance across the pitch. (1:32)

The winter transfer window is closed, but now it's time to look ahead to the summer! Here are the new rumours floating around following the Jan. 31 deadline day.

TOP STORY: Real to help fund Mbappe move with Isco sale

Arsenal and Chelsea are set to battle this summer in a bid to bring Real Madrid midfielder Isco to the Premier League, The Sun says.

The report says Madrid president Florentino Perez has one major goal in mind this summer and that's to bring France striker Kylian Mbappe from PSG to the Santiago Bernabeu, and the sale of Isco will go a long way to help fund the move.

Real believe they can demand in the neighbourhood of £65 million for Spain playmaker Isco, who has become a secondary figure during Zinedine Zidane's second stint in charge of the La Liga leaders.

Manchester City are also said to be interested in a summer move for Isco, but the Premier League champions have much bigger things to worry about after receiving news of their Champions League ban from UEFA, leaving the two London clubs in the driver's seat.

LIVE BLOG

21.21 GMT: The shortlist of summer targets identified by Manchester United is anything but short, if the Mail is anything to go by. Jack Grealish, James Maddison, Norwich duo Todd Cantwell and Max Aarons, Declan Rice. Bayer Leverkusen wunderkind Kai Havertz, Jadon Sancho, Birmingham's £50m-rated 16-year-old Jude Bellingham, Josh King, Timo Werner, Thomas Muller, Ajax midfielder Donny van de Beek, Lyon pair Moussa Dembele and Houssem Aouar, and Celtic striker Odsonne Edouard are all players the Red Devils have interested in. Allegedly.

20.04 GMT: Is it a sign of Chelsea making progress in their quest to recruit 23-year-old Leicester left-back Ben Chilwell? The Scotsman reports that the Foxes have begun preparations for life after the England international, with manager Brendan Rodgers keen to reunite with former Celtic charge Kieran Tierney, who left Glasgow for Arsenal just last summer but the Gunners would be amenable to moving on so long as they recoup their £25m fee.

18.47 GMT: Despite Paris Saint-Germain's interest, Manchester United are in pole position to land former Juventus manager Massimiliano Allegri, according to Italian outlet Sport Mediaset.

17.30 GMT: According to The Daily Star, Manchester United are considering a summer approach for Tottenham's Eric Dier. Spurs are reportedly willing to listen to offers for the England midfielder.

16.30 GMT: Speaking of Manchester City, Ilkay Gundogan has explained why he chose to move to the club instead of Liverpool in 2016, despite having previously played under Reds coach Jurgen Klopp at Borussia Dortmund. "I had a great four years with Jurgen and I love him as a person and a manager," Gundogan told FantasyPL. "But I wanted to leave Dortmund in Dortmund and didn't want to think about the time I had with him when I was joining a new club."

15.40 GMT: Manchester City manager Pep Guardiola is worried how the club's two-year Champions League ban will affect his players, a source has told ESPN. However, Guardiola wants to remain with the English champions "as long as he is happy."

14.20 GMT: Netherlands international Maarten Stekelenburg, who was a surprise target for Real Madrid last summer, has not yet begun talks with Everton over a new contract, according to the Liverpool Echo. The 37-year-old's existing deal with the Toffees runs out in summer 2021.

13.50 GMT: Defender Bukayo Saka could leave Arsenal for nothing at the end of next season as both parties struggle to agree a contract extension, Metro has reported. The 18-year-old, who came through the club's academy, has made 24 appearances for the Gunners' first team this season across all competitions, scoring three goals and recording six assists.

13.05 GMT: As well as hoping they can hang on to star man Martinez this summer, Inter may look to add more depth to their squad. According to The Guardian, Manchester United winger Tahith Chong, 20, could follow former teammates Romelu Lukaku, Alexis Sanchez and Ashley Young to the Italian club.

12.25 GMT: Sources have told ESPN that Real Madrid are prepared to challenge rivals Barcelona in the Spanish champions' pursuit of Inter Milan striker Lautaro Martinez. Martinez has scored 16 goals in all competitions this season and would be available for €111m in July under a clause in his contract with the Serie A club.

11.30 GMT: We have a deal! MLS side Sporting Kansas City have signed West Ham United defender Winston Reid on loan for the 2020 season.

10.52 GMT: Could Olivier Giroud be headed for Serie A? A report in the Daily Telegraph says the Chelsea striker, out of contract in the summer, has been offered a deal by Lazio -- but he will wait to see what other offers are on the table.

10.12 GMT: The Daily Star reports that Manchester United will move for one of Leicester City midfielder James Maddison, Aston Villa's midfielder Jack Grealish or Borussia Dortmund forward Jadon Sancho if Paul Pogba leaves in the summer.

09.30 GMT: Clubs are already making their plans for next season, as show by Chelsea's capture this week of Ajax forward Hakim Ziyech in a deal which could cost up to €44 million. Will we get any big deals on Saturday?

PAPER ROUND

Inter and Napoli start bidding war for Kumbulla

Inter Milan and Napoli are set to lock horns in pursuit of Hellas Verona defender Marash Kumbulla, while Chelsea boss Frank Lampard is also keeping a close eye on the 20-year-old.

However, Calciomercato reports that both Milan and Napoli are ahead of Chelsea in the process and have started the bidding war at €20m, with the story suggesting that Verona expect that price to rise.

The Albania international has made 19 appearances for Verona this season, most recently in the club's 2-1 win over Juventus. Previous reports concerning Kumbulla had indicated Manchester United and Liverpool are interested in the youngster, too.

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Inter weigh Aubameyang move

More news out of Italy here, with The Daily Star reporting that Arsenal's Pierre-Emerick Aubameyang will be a major target for Inter Milan should frontman Lautaro Martinez move on this summer.

Barcelona and Real Madrid have been linked with moves for the Argentina international, and the Star says Antonio Conte is willing to grant Aubameyang a route out of the Emirates even though Arsenal and Inter are some €20m apart on initial valuations of the Gabon international.

Meanwhile, Gunners boss Mikel Arteta has declared that he wants Aubameyang to extend his stay at the Emirates beyond 2021.

Tap-Ins

- Manchester City's aforementioned ban from European competition for two seasons has boosted Chelsea's and Manchester United's claims to sign Jadon Sancho from Borussia Dortmund, says the Daily Star. Sancho, who was electric again in Dortmund's 4-0 win over Eintracht Frankfurt on Friday, is the subject of a possible £120m bidding war among several high-profile European clubs, though the teenager is understandably keen to relocate only to a team eligible to play in Europe's most prestigious competition.

- Inter boss Conte could sacrifice Matias Vecino this summer in the hope that Barcelona midfielder Arturo Vidal will make the switch to Serie A. Calciomercato have said Inter Milan chief executive Beppe Marotta has placed a €25m price tag on the 28-year-old, with Chelsea and Everton reportedly interested as well.

- The Independent reports that Chelsea winger Willian is likely to remain at the club, despite Hakim Ziyech's impending arrival in the summer. The Brazilian's contract expires in June, with the 31-year-old reportedly keen to secure a three-year extension to his current deal at Stamford Bridge.