UPDATE: Check out all the deadline day action live as it happens here
The transfer deadline day is upon us yet again with a few exciting deals that can go through before the window closes at 11 pm GMT on 31 January.
Where to Follow Live
Follow the transfer deadline day live as it unfolds on IBTimes UK live blog where we bring you the most up-to-date information on everything happening across Europe.
Arsenal, Liverpool, Tottenham, Manchester City and Manchester United are all expected to be busy in the market while the teams fighting to save relegation are also expected to dig deep to keep their hopes of survival alive.
Liverpool and Tottenham are likely to be embroiled in a harrowing transfer battle for Ukrainian winger Yevhen Konoplyanka who was initially being scouted by the Reds but Spurs have made a late move for the winger.
This is the third time that Tottenham have tried to outsmart Liverpool to sign a player and have been successful in both accounts involving Gylfi Siggurdsson and Clint Dempsey in the summer of 2012.
However, Liverpool, who are placed three points above Tottenham in the league table, are expected to be a better prospect this time around with the current form of Daniel Sturridge and Luis Suarez.
Liverpool have already been gazumped by Chelsea in the race for Mohamed Salah and Brendan Rodgers, who is desperate for a major signing to supplement their top four charge, will be hoping that there will not be another twist in the tale this time around.
For Tottenham, Lewis Holtby may be on his way out to Fulham with the player reportedly interested in staying in England than move back to the Bundesliga.
Meanwhile, title challengers Arsenal face a race against time for Julian Draxler whose transfer is in doldrums after Arsene Wenger reportedly refused to meet Schalke's £37m asking price.
Their loan move for Mirko Vucinic has also come to a standstill after the player's agent confirmed that the Italian is willing to stay in Juventus until the end of the season.
However, the Gunners are still in the market and are likely to bring in a few short-term loan options with Alvaro Morata and Cristian Tello their prime targets over this window.
Manchester United are also expected to be busy in the market but David Moyes is uncertain over the quality of talent available on deadline day with Toni Kroos distancing himself from a move to Old Trafford and the likes of Arturo Vidal and Paul Pogba destined to stay in Turin till the end of the season.
However, Moyes has been linked with a move for England sensation Andros Townsend and it will be interesting to see if the former Everton man does make a move for the youngster. Winger Nani is expected to move out on loan to Napoli, with the Portuguese fan decidedly out of favour with Moyes.
Chelsea are done with their transfer activity, having bought Nemanja Matic and Salah this window while selling Juan Mata and Kevin de Bruyne to Manchester United and Wolfsburg respectively.
Jose Mourinho may still move for a striker, having seen his side fail to break down a resilient West Ham defence but is unlikely to find a player of the desired quality this late into the month.
Manchester City are likely to be busy on deadline day, with Manuel Pellegrini deciding that his £80m spend in the summer is not enough to win the quadruple and is planning a £46m coup for Porto duo Eliaguim Mangala and Fernando.
The Citizens are already top of the table and if the transfers do materialise, it will make it tougher for Arsenal and Chelsea to keep up in the race.
Fulham are set to complete a move for Olympiacos striker Kostas Mitroglou on deadline to beat the drop while Crystal Palace have already secured a loan deal for Tom Ince.