Transfer news, rumours LIVE: Arsenal Aubameyang latest plus Manchester United, Liverpool, Chelsea and Spurs

Arsenal are “far from being close” to signing Borussia Dortmund striker Pierre-Emerick Aubameyang or any other player after completing the swap deal to bring Henrikh Mkhitaryan to the Emirates Stadium, but Arsene Wenger refused to rule out landing the Gabon international before the January window closes at the end of the month.

The Premier League club have sent chief executive, Ivan Gazidis, chief scout Sven Mislintat and contract negotiator Huss Fahmy to Dortmund to hold talks with the Bundesliga side over a possible transfer for the unsettled Aubameyang, although negotiations so far have been unsuccessful.

Dortmund officials are holding out for €70m before allowing Arsenal to speak with the player, who has grown increasingly unhappy at the Signal Iduna Park this season, but Arsenal are hoping to agree a deal closer to the €50m mark, leaving the German side unimpressed with the money being offered.

Manchester City are pushing to sign Shakhtar Donetsk midfielder Fred before the summer.

The league leaders are looking to add a No.6 as cover for Fernandinho with Yaya Toure likely to leave at the end of the season.

And the Daily Telegraph report that City fear the deal could ratchet up in price and want it done before the World Cup.

Jürgen Klopp has warned Daniel Sturridge that he cannot promise him playing time in the coming months if he decides to stay at Liverpool.

Sturridge's five-year spell at Anfield could come to an end this month as Sevilla and Internazionale vie for his signature, though a temporary loan move is understood to be more likely than a permanent departure.

The 28-year-old has struggled to earn regular minutes out on the pitch under Klopp this season and faces an uphill task to win a place in Gareth Southgate's England squad for this summer's World Cup in Russia.

Sturridge is willing to move abroad in order to secure regular first-team football and Klopp reminded the striker on Friday that if he remains at Liverpool beyond the 31 January deadline, there will be no guarantees that he plays.

Luke Shaw’s application has saved his Manchester United career, with his form persuading an impressed Jose Mourinho to drop his interest in buying a left-back.

There had been various points over the past year and a half when the Portuguese had been fed up with Shaw, often leaving him on the sidelines for extended periods and publicly criticising him.

The expectation was that the left-back would be available for sale in the summer, only to have to go undergo a surgery, and Mourinho still wanted to bring in one of Juventus’ Alex Sandro or Tottenham Hotspur’s Danny Rose, even after the 22-year-old showed a renewed vigour on his return.

Manager Jose Angel Ziganda says Aymeric Laporte has not told him he is moving to Manchester City despite deciding to leave him out of the Athletic Bilbao squad for the game with Eibar on Friday night.

The 23-year-old central defender has been a near ever-present for Basque club this season and was originally named in Ziganda's 20-man squad for the LaLiga clash.

However, Laporte was one of two players who dropped out of that group on Friday and played no part as the teams drew 1-1.

Chelsea left-back Baba Rahman looks to be on his way back to Germany.

Sky Sports report that the Ghana international is set to join Schalke on an 18-month loan after spending last year there too.

Head coach Dominico Tedesco certainly sounds confident.

"When we get the go-ahead from Chelsea, it won't take more than a minute to talk with Baba," he says.

Real Madrid are planning a summer of “major renovation”, centred around top target Neymar, whose move is to be funded by high-profile sales set to have a big impact on the Premier League.

Bernabeu sources say there has been a realisation of the need to overhaul the top end of the squad, and an awareness that the time of the BBC - Karim Benzema, Gareth Bale and Cristiano Ronaldo - has come to an end.

While president Florentino Perez did not bring in a major star in the last two summers and wanted to rectify that this year anyway, he now feels Neymar could be the signing that solves a lot of issues. The Brazilian would be both the massive name the president craves, but also young enough to make sense as the player that represents a new era. There is also an unusual confidence around the Bernabeu that it can be pulled off, despite Paris Saint-Germain’s expected refusal.

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Leicester City striker Jamie Vardy has played down reports linking him with a move away from the club.

The 31-year-old, who in the summer of 2016 turned down the chance to join Arsenal, has this month been linked with Everton and reigning Premier League champions Chelsea.

Chelsea are known to be looking for another striker as Blues boss Antonio Conte wants to ease the burden on Alvaro Morata.

But ahead of Leicester’s FA Cup fourth-round tie away at League One side Peterborough on Saturday Vardy insists he is committed to the Foxes.

Arsene Wenger wants Olivier Giroud to stay at Arsenal but refused to rule out the possibility of the Frenchman leaving before the transfer window closes.

Giroud has been linked with a move away from the Emirates after falling behind summer signing Alexandre Lacazette in the striking pecking order.

Chelsea are the latest club to be linked with a loan approach this month with Borussia Dortmund another possible destination if a deal to bring Pierre-Emerick Aubameyang the other way can be finalised.

Wenger remains a fan of Giroud and would be happy if he was still an Arsenal player once Wednesday's deadline passes.