John Bennett
BBC World Service

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"It would make for amazing drama but sadly, the prospect of a transfer ban will not persuade Real Madrid and Atletico Madrid to panic buy today.

"Both clubs have appealed and they're confident that the ban will be lifted, so they'll be able to spend big in the summer.

"PSG's defender Marquinhos is said to be one of Real's major targets but they won't be making a late David De Gea style bid for the Brazilian defender this evening. They are prepared to be patient.

"As for players going out at the Bernabeu? There are various reports that Liverpool could be interested in the Russian winger Denis Cheryshev, but Marca say he is likely to go to Sevilla.

"He's famous for unwittingly getting Real knocked out of the Copa Del Rey when he played despite being suspended."

Manchester United

Dale O’Donnell, Editor of Stretty News:

It’s not a surprise that Manchester United’s activity this month has been limited. The manager’s job reeks of uncertainty, football clubs are even more adamant against selling their best players and who in the right frame of mind fancies signing for an institution with no direction?

The hierarchy need to look at the bigger picture and question why things are not going the way they should at a club like United. 

If the quote ‘success leads to complacency’ ever had any truth it in, take a look at what we once called the Theatre of Dreams. I, for one, don’t expect any business today but a full-back or two would nice. Maybe someone with pace and cohesion up front too. No doubt we’ll get a new sponsorship deal instead — which we’re all so *excited* about.

Mitesh Mistry: The most exciting day of the year so far for football fans. Maybe not for United fans this year...   

Stewart Light: 1. Christmas; 2. Birthday; 3. Transfer Deadline day. 

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Transfer deadline day doesn't really feel like transfer deadline day without Harry Redknapp winding down his car window to give an update on any last-minute business.

You might be thinking we'll be denied that little treat today, with Redknapp not managing any club but there is hope! Redknapp is director non-league side Wimborne Town. 

The great man could be on the phone to Niko Kranjcar as we speak...

There's plenty of transfer rumours in today's newspapers, but what do they know! 

We've asked YouTube fan channels to pick their dream signing, realistic signing and a player who they would like to see leave on transfer deadline day.

Watch the video and see if you agree.

There's not been any big money moves to the Premier League so far in January, but some clubs have made what look to be very shrewd signings.

With that in mind we've got a vote up and running asking: Who has been the best signing of the transfer window so far?

The options for the vote are on the right-hand side of this page, or in the vote tab if you are following on a mobile device, and runs from now until 11:00 GMT, so get voting!

Terms and conditions can be found here.

Transfer deadline day can take a while to get going, with most clubs biding their time to get the best deal.

Even so, we'll have plenty to keep you entertained right here until moves start to happen. In-between the general updates and best of social media, we'll also have a number of unique views on done deals and potential moves.

Football Manager game expert Alex Stewart will provide the popular game's view of players who could move while Simon March will provide a Fantasy Football perspective.

SAM – the super computer from Salford – will assess signings and the likely points difference they will make to teams, and fans from all 20 Premier League clubs will provide their verdict on what their club needs.

The first transfer window to shut tonight will be in Italy. Here's the times for when they close in some of Europe's key leagues:

Italy – 22:00 GMT

English Premier League – 23:00 GMT

English Football League – 23:00 GMT

Spain – 23:00 GMT

France – 23:00 GMT

Scotland – Midnight

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Looking back through the transfer window live texts of time and an often written entry has been about where will Jordan Rhodes end up.

For the last couple of seasons the striker has been linked with big money moves away from Blackburn, only for the window to open and close with Rhodes staying put.

It looked, though, like he was certain to move on this time after a £9m fee was agreed with Middlesbrough - chasing promotion to the Premier League - until they pulled the plug on Sunday after personal terms could not be agreed.

Will anyone else step in today? Definitely one to keep an eye on.

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Who could we see complete moves today?

Saido Berahino looks the most likely to make the switch to another Premier League club, with Newcastle having made a bid of £21m for the West Brom striker. We'll keep an eye on that one.

Meanwhile, Loic Remy was not in the Chelsea squad for their FA Cup win at MK Dons on Sunday, and he has been linked with a move to Premier League leaders Leicester.

Elsewhere, there has been speculation about defender Gary Cahill's future at Chelsea. Could he be on the move? 

John Terry confirmed last night that he will leave Chelea when his contract expires at the end of the season, so could the Blues move for Everton man John Stones?

Plenty to watch out for.

Are you clinging on to the '90s and still have a fax machine? Then why not play football manager and send over a fax to BBC Radio 5 live, maybe tell us who you want your club to sign the good old fashioned way.

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Are you expecting your side to make any big moves today? 

Let us know your team, where you need to strengthen and who you are hoping to sign via #bbcfootball,, external text in on 81111 (UK only) or have your say on the Match of the Day Facebook page.

It is make or break day for many clubs during what has been a closely fought Premier League season.

For the sides at the wrong end of the table, there is extra significance - drop out of the top flight and lose out on £99m, guaranteed next season as a result of the new £5.1bn TV rights deal.

At the top end there are only five points separating leaders Leicester and Tottenham in fourth - so one big signing could make a significant difference.

Get ready for what could well prove to be a mad Monday.

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Right now, it is dark outside and the sound of early morning bird song is just starting to give way to that of people preparing for the first day of the working week. 

Coffees are being brewed, car engines started and kids are screaming about having to go to school.

But in the offices of football clubs across the land fax machines are primed for what has the potential to be the most stressful, manic, topsy turvy day of the year.

It's transfer deadline day.