Transfer news live: Alvaro Morata shocked by Manchester United as Naby Keita attempts to force Liverpool move

Good morning ladies and gentlemen and welcome to The Independent's transfer news live blog.

The transfer window is well and truly open and the rumour mill is spinning ever faster with some of world football's biggest names set for summer moves.

We will have all the latest news and reports throughout the day right here so don't touch that dial.

Alexandre Lacazette has completed his move to Arsenal from Ligue 1 side Lyon, the Premier League club have announced, joining the north Londoners on a long-term deal for a currently undisclosed fee.

The Frenchman underwent his medical on Tuesday and was unveiled as an Arsenal player on Wednesday afternoon.

Arsenal's initial approaches for Lacazette fell short of Lyon’s asking price and were rejected by the French side.

Watford are in pole position to sign Nathaniel Chalobah from Chelsea for £5m this month.

The 22-year-old midfielder is heading for the Stamford Bridge exit in pursuit of first-team football and Watford see him as the perfect young player to reinvigorate their ageing squad.

Chalobah still has one year left on the Chelsea contract he signed in 2013 but he is reluctant to sign a new one without assurances from Antonio Conte about playing time this season.

More here:

Let's take a look around today's back pages.

Manchester United are ready to beat Chelsea to the signing of Belgium striker ROMELU LUKAKU from Everton with the Daily Mail reporting they are set to eclipse their world-record £89million deal for Paul Pogba with a £100m swoop. Lukaku scored 26 goals last season and was expected to return to Stamford Bridge but WAYNE ROONEY could be used as a makeweight in a deal to take him to Old Trafford.

The Guardian reports that Atletico Madrid are ready to make a first formal bid to take DIEGO COSTA back to the Spanish capital from Chelsea. Blues boss Antonio Conte has made it clear Costa is not in his plans but with no fee yet agreed between the clubs he will be expected back for the start of pre-season on Monday. If Atletico meet an asking price of around £40m a deal could be completed swiftly.

Paris St Germain are set to launch a £70million bid to sign Liverpool midfielder PHILIPPE COUTINHO, according to French paper Le10Sport. The Brazilian playmaker was outstanding for Jurgen Klopp's side last season, scoring 13 goals to help Liverpool secure Champions League football and he signed a new five-year contract in January.

West Ham have emerged as the frontrunners to land Burnley striker ANDRE GRAY in a £15m deal, according to the Evening Standard. The 26-year-old has a year remaining on his contract at Turf Moor but has rejected the offer of a new deal. The Clarets will risk losing him for nothing next summer if they do not cash in on him and they are unwilling to match his wage demands.

Lionel Messi has agreed a new contract with Barcelona that will keep him at the club until 2021, and will sign it on his return to Spain next week. 

The Argentinean international has confirmed his intention to see out his European club career at the Nou Camp and will ink the £500k per week deal that will tie him to the Catalan giants until he is 34 - unless someone pays his £220m (€250m) release clause. 

Messi made his Barcelona debut back in 2004 as a teenager but quickly rose to stardom, establishing himself as the best player in the world by 22. Messi remains the only player to have ever won five Ballon d'Or awards, four of which he won consecutively, and many consider Messi the greatest player of all time. 

Former Red Bull Global Soccer scout Benoit Thans has explained how he first uncovered current Liverpool target Naby Keita during the player’s days with French side FC Istres.

Wayne Rooney is set to meet Ronald Koeman this week as he prepares to leave Manchester United and return to boyhood clubEverton.

As exclusively first revealed by The Independent in March, despite firm interest from elsewhere, Rooney’s first choice has always been to return to the Toffees whom he left for Old Trafford in 2004 as an 18-year-old.

It is understood that United are willing to waive a transfer fee, while Everton are capable of offering Rooney a deal of £150,000 a week with the player set to meet manager Koeman this week.

Manchester United will make a renewed, final push for Álvaro Morata this week as Jose Mourinho's frustration at a lack of signings begins to bubble over.

The Spanish forward has been United's top attacking target since Antoine Griezmann decided to remain with Atletico, and has his mind set on moving to Old Trafford.

But Real Madrid are holding firm over a €90m (£79m) fee, frustrating United's efforts to have their squad complete by the beginning of pre-season.

The Premier League in 2017 is many things but it is not a respecter of reputations. It is not romantic, not sentimental and it moves faster than anyone realises.

Wayne Rooney must know this. He is an unambiguous legend of the Premier League, having won it five times during his 13 years atManchester United. Only 10 players, all of them from United, have won it more than him.

And yet Rooney must also sense that now, approaching his 32ndbirthday, he has lost his footing on the carousel of English football.

So how will he fit in at Everton? Here's Jack Pitt-Brooke's take:

Shares in Olympique Lyonnais rocketed on Thursday after the French club announced the sale of striker Alexandre Lacazette to Arsenal.

Lyon said the fee for Lacazette, who recently broke into the French national team, was the highest ever achieved by the club in a transfer.

Olympique Lyon shares were up 1.3 percent in early trading.

The French club, which won the last of its seven Ligue 1 championship titles in 2008, first listed on the Paris stock market in 2007.