Financial protocols be damned, Spain’s big two are on manoeuvres again, with Barcelona linked with Marcus Rashford and reports that Real Madrid are prepared to pay above the asking price for Tottenham’s Archie Gray. Big Ange Postecoglou’s side may have underachieved this season but the teenager’s mature performances have caught the eye of the European champions. The Spanish outlet Fichajes says Madrid are prepared to offer €50m (£42m) for the 18-year-old talent.

Meanwhile their rivals Barça are evidently prepared to pull various of their many financial levers to move for Rashford, according to sources in Spain, who say Barça’s sporting director, Deco, has been in touch with the Manchester United forward’s representatives. West Ham have also been linked with Rashford – as have Milan, Borussia Dortmund, the world and their spouse, to be honest – but may find the wage costs prohibitive.

Related: Men’s transfer window January 2025: all deals from Europe’s top five leagues

Rashford is not the only United player under the transfer microscope in Jim Ratcliffe’s economy drive. Alejandro Garnacho is turning heads at Napoli, who could be tempted to move for the Argentina winger, whom Ratcliffe’s bean counters value at £42m, reports Sport Italia. Kobbie Mainoo, meanwhile, could be the subject of a tussle between Bayern Munich and Chelsea.

Talking of Chelsea, they’re all in for Bayern’s forward Mathys Tel. The French teenager is under contract until 2029 so the London club would have to shell out, but they may throw in Christopher Nkunku as part of a deal, given that he’s been on Bayern’s radar. Another player who could be on their way out of the door at the Bridge is Carney Chukwuemeka, a rumoured loan target for Dortmund and Strasbourg.

Randal Kolo Muani’s struggles at Paris Saint-Germain are an opportunity for Juventus and Tottenham, both of whom are said to be interested in a deal for the French forward, probably a loan with an option to buy.

Arsenal are stepping up their interest in Leipzig’s Benjamin Sesko as a possible solution to their barn-door-locating problems in front of goal. The Slovenia striker snubbed Arsenal for a new contract last summer but the Gunners still fancy another try for him. They may find encouragement in reports from Football London that Leipzig are poised to sign another attacker, Milan’s Noah Okafor.

West Ham could receive another bid for the out-of-sorts Edson Álvarez from Monaco, who had their first loan attempt rejected, while a potential arrival for Graham Potter’s new team is Dominic Calvert-Lewin, after whom the Hammers are set to inquire as David Moyes goes through his bulging in-tray at Goodison.

In the Championship, Burnley could stoke things up nicely for Friday’s big promotion tussle with Sunderland by signing the former Newcastle midfield stalwart Jonjo Shelvey, who, the Sunderland Echo reports, is training with Scott Parker’s side after having his contract cancelled by mutual consent by the Turkish club Eyupspor.