The Tottenham star has been on the brink of a world-record move to the Bernabeu in recent weeks, but what is the latest news on the deal?
Could the long-running transfer saga over Wayne Rooney also soon be over? Much will depend on Manchester United's search for a successor to the forward, claims one report.
Liverpool have rejected a £10 million move for defender Martin Skrtel, while former Arsenal defensive midfielder Mathieu Flamini could be poised for a return to the Emirates Stadium, according to reports.
Read on to find out more.
Tottenham chairman Daniel Levy has been locked in negotiations with Real Madrid over the transfer of Gareth Bale, reports Sami Mokbel of the Daily Mail.
The White Hart Lane chief is determined to ensure Spurs receive the best price possible for the Wales international, and Levy wants to make the deal to bring Fabio Coentrao to North London separate from the Bale transfer, according to the report.
Real are looking to make left-back Coentrao a makeweight in the £94 million move for the 24-year-old Bale.
Tottenham manager Andre Villas-Boas insisted on Wednesday that the transfer of Bale had not been completed, but he is expected to complete the deal for Willian very soon, according to the Mail report. The article also says that the club are in advanced talks with AS Roma for forward Erik Lamela.
The Stamford Bridge club have already bid for the England international, but United manager David Moyes has insisted the player is not for sale.
However, Maddock claims the Old Trafford club are prepared to do business once they sign a new forward in place of the 27-year-old.
The United boss is also expected to make an improved offer for Everton pair Leighton Baines and Marouane Fellaini after an initial bid of £28 million was described as "derisory" by the Goodison Park club, claims Maddock.
The 29-year-old defensive midfielder, who can also play at full-back, has been training with the Gunners after his contract at AC Milan expired at the end of the season.
Mark Irwin and The Sun produced a classic tabloid report of the Champions League win over Fenerbahce, with the claim that Wenger's worst nightmare had come true after the result propelled the Gunners toward qualifying for the lucrative group stages.
The Arsenal boss has been criticised for not spending money on big signings this summer, and Irwin opened his report on the 3-0 win in Turkey in humorous style.
Arsene Wenger's worst nightmare came true last night as he was handed another £25million to spend.
The Arsenal boss is now hoping a number of deals can be done before the transfer window closes on Sept. 2, but Wenger has ruled out any further moves for Liverpool striker Luis Suarez, as David Hytner of The Guardian among others reported.
Lewis reports that the Slovakia international, 28, is unsettled at Liverpool, but the Merseyside club are unwilling to allow him to link up with Pepe Reina at the Italian club after Sebastian Coates was ruled out for up to six months with a knee injury.
The City captain could be out for up to a month with a groin problem, while Micah Richards is also missing with a hamstring injury, and Matija Nastasic is just returning from an ankle injury.
Argentina international Demichelis joined Atletico Madrid this summer after his contract at Malaga, where he played under City manager Manuel Pellegrini, expired.
Tottenham manager Andre Villas-Boas is continuing his extensive spending spree with a £5 million move for 20-year-old winger Todor Nedelev from Bulgarian club Botev Plovdiv, as reported by Mike McGrath in The Sun (subscription required).
Everton have joined the chase for Blackpool striker Tom Ince. The Toffees will offer £5 million for the player, but the Championship club are looking for £8 million, according to The Sun (subscription required).
Chelsea are in pole position in the race to sign England Under-21 international defender Eric Dier from Sporting in Portugal, as Simon Jones of the Daily Mail reports.