Yann M'Vila
Tottenham have reportedly launched a bid for Rennes midfielder Yann M'Vila but there are reports suggesting Everton and Newcastle United are interested, as are Arsenal Reuters

Tottenham have reportedly launched a bid for Rennes midfielder Yann M'Vila, hours after confirming the transfer of Croatian playmaker Luka Modric to Spanish champions Real Madrid.

It is understood that Spurs are set to receive as much as £30m from the sale of Modric and have offered £12.7m, excluding bonuses, to the Ligue 1 club for their player's services. However, the French club are holding out for a fee in the region of £15m, up front.

An earlier IBTimes UK report speculated Spurs chairman Daniel Levy and coach Andre Villas-Boas were readying to spend up to £50m in the final few days of the transfer market, with M'Vila and Olympique Lyon goal keeper Hugo Lloris two of the reported targets. In addition, the White Hart Lane outfit has also had a £11.8m bid for Shakhtar Donetsk's Brazilian midfielder, Willian, rejected.

Meanwhile, there is a report from French newspaper L'Equipe that rivals Everton and Newcastle United are monitoring M'Vila's situation. The 22 year old has been at the centre of a considerable transfer storm this summer, with countless reports of interest and offers from several Premier League clubs (Arsenal and Spurs, primarily) and Spanish champions Real Madrid, but no concrete discussions, as yet. Interestingly, Newcastle's interest in M'Vila comes shortly after Magpies' French midfielder Yohan Cabaye was linked to the Gunners.

There is also news about centre back Michael Dawson's proposed move to Queens Park Rangers. The 28 year old was reportedly subject of a £9m move to Loftus Road but the transfer broke down after the concerned parties failed to agree on personal terms. However, it now seems the Hoops have re-opened discussions and QPR boss Mark Hughes is hopeful of a deal being struck.

Finally, as part of their last minute spending spree, Spurs are reportedly set to take Barcelona midfielder Ibrahim Afellay to London on a season-long loan. The Catalans have sanctioned the move to allow the 26 year old regular first team action after the former PSV player found himself unable to break into the first team at the Nou Camp. They are likely to face competition, the Mirror reports, from fierce rivals Arsenal, who could be looking at Afellay as a long-term acquisition given ongoing contract difficulties with English international Theo Walcott.