And there we have it, folks. The first signing of deadline day.

The honour goes to League One side Coventry City, who have brought in Newcastle United full-back Jamie Sterry, 20, on loan until 3 January 2017.

Hold onto your hats...

Phil McNulty
BBC Sport chief football writer

Wilfried Bony has had a miserable time at Manchester City since a £28m move from Swansea City in January 2015.

The striker clearly has no place in new manager Pep Guardiola's plans, his bustling, goal-poaching style at odds with the fluid, sharp passing now demanded at Etihad Stadium.

This does not mean Bony would not be an attractive proposition after proving he could get goals in the Premier League at Swansea.

Image source, Rex Features

Wilfried Bony is up early and ready for a potentially busy day ahead. Where will he be come 23:00 BST?

Great shout Felix! Just look at his delighted little face...

Everton

No incomings yet in the Premier League, but there's been a departure this morning - Shani Tarashaj has left Everton to join Eintracht Frankfurt on loan.

Tarashaj, a 21-year-old forward who joined Everton in January, has yet to make a first-team appearance for the Toffees.

Mikey Burrows
BBC WM Sport

West Brom may have kicked off deadline day by confirming Sebastien Pocognoli’s loan move to Brighton but we don’t expect that to be their only business today. 

Tony Pulis treats transfer windows like many of us treat the run-up to Christmas; leave it late and hope to grab a bargain. 

This year though he has extra money available after the recent Chinese takeover and Ignacio Camacho from Malaga is a definite target, whilst a striker is a priority to allow Saido Berahino to finally leave for Stoke.

Tottenham Hotspur

Image source, Metro

With England colleague Joe Hart set to complete a loan switch to Torino, the Metro are reporting that Wilshere will join their city rivals Juventus.

He has also been strongly linked with Crystal Palace and Bournemouth.

Manchester United

Image source, Getty Images

StrettyNews.com editor Dale O'Donnell:, external "Manchester United have spent a fortune over the summer signing several world-class players, proving it's one of few clubs in world football capable of attracting the best talents with or without Champions League football.

"Zlatan Ibrahimovic and Eric Baily have settled like fish in water while Paul Pogba, the world's most expensive player, has shown glimpses of brilliance and fans are all very excited to see him kick on.

"Last but not least there's Henrikh Mkhitaryan, formerly of Borussia Dortmund, who Jose Mourinho is cautiously waiting to give a run of games. His substitute performance against Hull City demonstrated the pace he can bring to United along with a football brain that will offer whoever plays up front (Ibrahimovic or Rashford) endless opportunities.

"It's unlikely we will see anymore incomings but stay tuned. There is a good chance you'll hear from me again discussing outgoings."

Photos of players holding up the shirt of the club they have just signed for. It's fairly bog-standard stuff, except for when they look as uninterested as Lauren does here. 

This, and the Emmanuel Frimpong one from my opening entry, are among the best 'players looking miserable holding up a new shirt' pictures out there. 

Wonder how many we will see today?

Phil McNulty
BBC Sport chief football writer

The end of one of the most ill-judged ventures into the transfer market in Liverpool's history is coming to a close - with Mario Balotelli surely on the way out after just four goals in 28 appearances since his £16m move from AC Milan in August 2014.

Balotelli's loan back at AC Milan last season did not work out and he has been trawling the market looking for a move all summer after Reds boss Jurgen Klopp made it clear there was no way back at Liverpool.

Nice in Ligue 1 looks his best option but there is always the possibility of a last-minute surprise and Palermo have also been linked with an interest in taking him back to Italy.

Why always him?

Image source, Rex Features

Tottenham Hotspur

Image source, Getty Images

Tottenham and England midfielder Eric Dier is also not a fan of transfer deadline day, or at least he thinks the window should close before the season starts.

"It is unfair on all the managers and players," he said. "I suppose it is good entertainment and I enjoy watching it.

“There are still people that could be in the dressing room who don’t really know what their futures are.

"Once the season starts I’d like to be at a club where everyone is pushing in the same direction and knows where they stand. I don’t think it helps.”

Phil McNulty
BBC Sport chief football writer

It's that time of the year again - will Saido Berahino stay or go?

The 23-year-old appears to have been standing by the exit door at West Brom for 12 months after his infamous tweet saying he would never play for Baggies' chairman Jeremy Peace again after a move to Tottenham failed to materialise.

Once again there was talk he was making his farewell appearance when he came on as a substitute against Middlesbrough on Sunday - but tweets from a holiday and another saying he is looking forward to playing with new West Brom signing Nacer Chadli suggest he is staying put again.

Image source, Rex Features

Simon Stone
BBC Sport

Image source, Getty Images

Jack Wilshere is set to choose between Crystal Palace and Bournemouth as he looks to sort out a loan deal for the season.

Arsenal have given Wilshere permission to leave in order to gain regular first team football.

It is understood Wilshere met Palace manager Alan Pardew and Bournemouth counterpart Eddie Howe yesterday and will make a final decision later today.

Image source, Getty Images

For those of you following deadline day both home and abroad, you can follow our live text commentary throughout the day and until the window closes on your computer, tablet or phone via the BBC Sport website or app.

The BBC will bring you every completed deal, with updates from reporters around the grounds plus gossip and analysis from our team of pundits.

You can get involved throughout the day via our social media channels and have your say on the biggest storylines.

Our transfers page will be updated as every deal is completed and we will also be keeping track of moves across Europe with the transfer windows in Spain, Italy, Germany and France also shutting on Wednesday.

Image source, Getty Images

The Sun are leading with the story that Chelsea want to re-sign defender David Luiz from Paris St-Germain for £32m.

Phil McNulty
BBC Sport chief football writer

Image source, Getty Images

Everton manager Ronald Koeman says he will be disappointed if they don't sign anyone before the deadline  - and he does not look the sort of man you want to disappoint.

Koeman is very keen on Napol's £25m-rated striker Manolo Gabbiadini but Everton were starting to get frustrated with the Italians stalling on a deal on Tuesday.

It will drag into today while Koeman is also being heavily linked with Porto attacker Yacine Brahimi in a £34m deal.

An offer remains on the table for Sunderland defender Lamine Kone but that depends heavily on The Black Cats getting a replacement. Could that replacement be Liverpool misfit Mamadou Sakho?

On a lesser scale, Everton are also waiting to get the go ahead to sign Southampton right-back Cuco Martina - but that has been held up by an injury to Saints's defender Jeremy Pied.

It's got the feel of a hectic day at Everton - could get some could get none.

Image source, Getty Images

Good point on Peter Odemwingie, wonder if he'll get a move today?

Both he and Hal Robson-Kanu are free agents, maybe they could carpool and go around the various Premier League clubs to see if someone will sign them up.