With five days to go before the January transfer windows shuts, the final preparations are being made. Sky Sports News presenter Jim White is gargling honey and lemon before his Deadline Day broadcast, Stoke roll-up man is stocking up on Old Holborn and Rizlas, and the QPR manager Harry Redknapp is having the electrics on his Range Rover's side windows serviced. At the Emirates Stadium, a delegation of Arsenal club officials are packing their overnight bags for a trip to Germany to continue haggling with their Schalke counterparts over a fee for Julian Draxler.

The Bundesliga side are believed to want £37m for the 20-year-old midfielder, which is the release fee written into his contract, although Arsenal are hoping to get him for a sum nearer £25m. The rumours that Sky Sports Germany had reported Arsenal might be willing to include Lukas Podolski in a trade for Draxler appear to have been greatly exaggerated, with Bundesliga expert about London town Raphael Honigstein having scotched them on Twitter.

The former Premier League striker turned Sky Sports Germany pundit Jan Aage Fjortoft also took to a social networking site to report that while Bayern Munich are almost certainly interested in signing Draxler, the player has been talking to Arsène Wenger. Should he move to Arsenal, Lewis Holtby could move the other way, with Schalke believed to be interested in bringing the Tottenham Hotspur midfielder to Gelsenkirchen as a replacement for their pride and joy.

Like Arsenal, Manchester United are also rumoured to planning a shopping expedition to Germany but will wait until the summer to try to prise big name players Toni Kroos and Marco Reus away from Bayern Munich and Borussia Dortmund respectively.

Newcastle have rejected a £14m bid for Yohan Cabaye from Paris Saint-Germain and ordered the French club not to waste their time with any offer less than £25m. The Italian daily newspaper La Stampa say Manchester United may try to turn Cabaye's head and also report that PSG are ready to lure some chap by the name of Lionel Messi to Paris by triggering his €250m release clause at Barcelona.

In slightly less sensational news, Sam Allardyce is prepared to give Southampton's record signing Dani Osvaldo a fresh start in England by taking the Argentinian, recently suspended by Saints for a training ground altercation with a team-mate, on loan to Upton Park. Fiorentina, Juventus and Internazionale are all scrambling to secure Osvaldo's services, so Big Sam may have to look elsewhere for a goalscorer and could make an improved £5m offer for the Leeds striker Ross McCormack today.

In news that will displease Arsenal, Liverpool and United, Spanish TV station La Sexta report that Chelsea have already agreed a £31m deal with Atlético Madrid that will bring the in-form goalscorer Diego Costa to Stamford Bridge next summer, while German newspaper Bild claims José Mourinho is also monitoring the progress of the 22-year-old Real Sociedad midfielder Antoine Griezmann.

The Arsenal right-back Bacary Sagna is in popular demand, with Manchester City, Fenerbahce, PSG, Monaco, Galatasaray and Real Madrid believed to be clamouring for the attention of his Mr 15%.

Scouts representing Liverpool and Everton have been busy. Liverpool talent-spotters were at Rayo Vallecano to watch the 19-year-old defensive midfielder Saúl Níguez play in his side's 4-2 defeat at the hands of Atlético Madrid, his parent club.

Having lost Bryan Oviedo to a broken leg over the weekend, Everton may step up their efforts to bring the Feyenoord defender Bruno Martins Indi to Goodison Park. The Dutch international is also wanted by Newcastle and is valued at around £8m. Everton have also been linked with the Valencia midfielder Sergio Canales, who is unwanted by his manager Juan Antonio Pizzi and available on loan. The Fulham manager Rene Meulensteen also likes the cut of the 22-year-old former Real Madrid starlet's jib.