Kaka: Off to Arsenal or PSG, apparently. REUTERS

The pick of today's Premier League, Serie A, La Liga and Bundesliga football transfer rumours, news and gossip for 27 September, 2011. All the latest transfer rumours surrounding Manchester United, Chelsea, Arsenal, Liverpool, Tottenham Hotspur, Manchester City, Bayern Munich, AC Milan, Inter Milan, Juventus, Roma, Barcelona and Real Madrid will be covered here.

Arsenal and PSG will battle for the signature of Real Madrid midfielder Kaka when January rears its ugly head again.

The Brazilian international was heavily linked with a loan move to the Gunners during the summer but, quelle surprise, a move never materialised. Therefore, Kaka, who has failed to impress at the Bernabeu under Jose Mourinho, could be allowed to leave the La Liga club in the New Year, according to talkSPORT.

In other tenuous Arsenal-news, Arsene Wenger is reportedly interested in bringing ambling Manchester United goal-shuffler Michael Owen to north London in January, or so say the good folks at caughtoffside.com.

The 31-year-old has been left frustrated by a lack of first-team opportunities at Old Trafford and the Gunners boss is ready to offer the forward an 18-month deal to help him get back in the England squad.

Wenger is also interested in Belgium international Jan Vertonghen, who could leave Ajax in January. Liverpool are also interested in the 25-year-old but a nebulous Ajax "source" claims Arsenal defender Thomas Vermaelen could persuade the defender to move to north London.

"The fact Thomas and Jan are friends isn't lost on Wenger. Maybe a right word will make the difference for Arsenal.

"We know he's leaving but not when - maybe in January."

Liverpool manager Kenny Dalglish could turn to Real Madrid defender Raul Albiol instead, despite the player insisting he has no intention of leaving the Bernabeu.

"Nobody has told me I will leave," he told reporters after Sunday's 6-2 victory over Rayo Vallecano. "I want to work hard to help the team in any way I can. We have to work hard and stick together because we know the season is very tough.

"I'm happy to be playing again and because we won. I will just try to participate and help any way I can."

Finally, Liverpool are ready to let midfielder Jonjo Shelvey leave on loan in a bid to reignite his Anfield career.

Cardiff, Coventry, Birmingham, Hull City and Middleborough are all keen on the former Charlton midfielder, 19, according to the Daily Mail.