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LIVE Transfer Talk: Real Madrid eye Man City star Sterling

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Why Man City & Liverpool's dominance is bad for the Prem (0:55)

Craig Burley explains why the talent gap between Man City, Liverpool and the rest of the Premier League is going to be a problem. (0:55)

The transfer windows in Europe's top leagues are closed, but it's never too late to look forward to January! Click here to view the latest transfers, and keep up to date with the newest gossip below.

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TOP STORY: Real Madrid eye Man City star Sterling

Real Madrid have been sniffing around PSG's Neymar and Kylian Mbappe in the hope of landing their next Galactico, but could it be Manchester City forward Raheem Sterling?

This might be the first time that Sterling's name has turned up in Transfer Talk this summer, given the 24-year-old England international's clear importance to City.

However, Real have money in the bank and a monster bid could turn Sterling's head, according to Mundo Deportivo.

The forward is clearly happy in Manchester and playing some of the best football of his career under Pep Guardiola, so why he would want to swap that for Madrid is anyone's guess. But the lure of Real has proved strong before.

LIVE BLOG

22.38 BST: We'll close Tuesday's live edition of Transfer Talk with some news coming out of Mexico. TUDN is reporting that Real Betis midfielder Andres Guardado will leave La Liga in 2020 to join a club in Major League Soccer, suggesting that the Chicago Fire own his discovery rights, but that the Mexico international will have final say on where he lands.

21.21 BST: Seventeen-year-old midfielder Tino Anjorin has been compared to fellow Chelsea academy alum Ruben Loftus-Cheek, and amid expectations that Frank Lampard will name the Dorset County native in his squad to face Grimsby Town in the Carabao Cup, Goal reports that the Blues are close to agreeing a new contract for the England U18 international.

20.04 BST: Consider us sceptical, but this bit of gossip could certainly be interesting. Calciomercato cites the Mirror as reporting that Manchester City are prepared to allow 19-year-old midfielder Phil Foden leave the club on loan in January as the England U21 international has featured for just 11 minutes this season.

18.17 BST: AC Milan are looking to strengthen the right side of defence, and have identified Tottenham right-back Serge Aurier as the man to do just that, reports Sport Mediaset, with the Ivory Coast international said to be intrigued by the reclamation project underway at San Siro.

16.40 BST: Emerson Palmieri has started the season well at Chelsea and has kept Marcos Alonso on the bench in the fight to be left-back in Frank Lampard's side.

The Italy international is now set to sign a new five-year contract that will keep him at Stamford Bridge until 2024, says TMW.

15.28 BST: OK, we all know that Manchester United are short up front after letting Romelu Lukaku and Alexis Sanchez leave, but The Independent reckons it knows who might replace them in January,

Barcelona's Ousmane Dembele and Juventus' Mario Mandzukic are the two, very contrasting, names on the list. Dembele would cost over €100m given Barcelona's initial outlay and desire to bring Neymar back to the club, while the 33-year-old Mandzukic is available for £2 and a packet of crisps after falling out of favour in Turin.

On Tuesday, United announced annual revenue of £627m and profit of £50m in 2019, with club chief Ed Woodward backing manager Ole Gunnar Solskjaer to return success to Old Trafford.

"We will continue to focus on the long-term strategy and won't be influenced by short-term distractions," he said. So that presumably rules out Mandzukic.

14.26 BST: Three little words have sent the media crazy. "Maybe some year."

Last night, at FIFA's The Best awards, Tottenham boss Mauricio Pochettino was asked whether he would one day like to coach Real Madrid. And he replied thus:

Just because he didn't immediately say "NO, NO, NO!" and run from the room screaming, the papers are excited to have 'Poch opens door to Real move' type stories to push out.

13.28 BST: It's the big Czech loan move you've all been waiting for. Liverpool and Colombia U20 defender Anderson Arroyo has joined up with FK Mlada Boleslav for the rest of the 2019-20 season.

13.01 BST: If you are one of those football fans who simply can't function without hearing what former Leeds and Coventry forward Noel Whelan has to say about the transfer market, then you are in luck.

A number of UK papers have gone with the "Liverpool to sign Philippe Coutinho replacement" line but it turns out it's just Whelan telling Football Insider that Jurgen Klopp should move for Leicester's James Maddison.

Maddison has enjoyed a good season so far, so much so that sources have told ESPN FC Man United are keen, but the link to Liverpool is tenuous at best. Still. we're looking forward to hearing where Noel thinks Neymar should end up ...

12.08 BST: Hearts full back Aaron Hickey has made himself a fixture in the team at the age of 17 and that hasn't gone unnoticed at Manchester City, says the Daily Mail.

Hickey only made his first-team debut in May but that hasn't stopped City from keeping a close eye on the defender, who can play on either the right or left side.

11.16 BST: Napoli pair Dries Mertens and Jose Callejon both have uncertain futures and contracts which expire in the summer, with AC Milan and Manchester United monitoring the situation.

CalcioNapoli24 reports that Mertens has a contract offer on the table, but Manchester United, PSG, Milan and Roma are keen to land the 32-year-old on a free transfer.

There is no offer for Callejon though, with Milan the frontrunners for the midfielder.

10.23 BST: Ole Gunnar Solskjaer may not be 'at the wheel' for much longer if Man United's results continue as they have been. But who could replace him?

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09.32 BST: ICYMI - Barcelona have opened the door to the possibility of signing United States women's World Cup star Megan Rapinoe.

Rapinoe, 34, said last week she would be keen to end her career in Europe, suggesting a move to Barcelona would be her preferred option.

The Seattle Reign FC winger, who spent the 2013-14 season with French side Lyon, won the top Women's Player prize at FIFA The Best awards on Monday, beating international teammate Alex Morgan and England's Lucy Bronze.

08.47 BST: Sergio Ramos claims Real Madrid can sort out his contract extension "in five minutes" if they are willing to do so.

Earlier this year, the Real Madrid captain reportedly held talks with Madrid to extend his contract for a further year, with his deal ending in June 2021. However, Ramos, who is in his 15th season at Madrid, has yet to agree terms.

Attending FIFA's The Best award ceremony in Milan, he was included for the 10th time in his career in FIFA's World XI along with club teammates Marcelo, Eden Hazard and Luka Modric, and spoke about his future.

"There's no Ramos case," he reportedly told Onda Cero radio. "I'm contracted to Real Madrid and I have one and a half years left on my contract. If they want to sort it out, in five minutes it can be done."

08.00 BST: Manchester United have made contact with Paul Pogba's representatives over a new contract for the midfielder, The Times reports.

Pogba's deal has two years left to run, while United have an option to extend that stay by a further year.

According to The Times, United have opened preliminary talks over a new contract that would likely bump up his current £144,000-a-week wage, which is bolstered by $6.5m in image rights and loyalty payments over the course of the deal.

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PAPER TALK (by James Capps)

Milan joint Malen chase

Reports at Calciomercato claim AC Milan have become the latest club to register an interest in PSV Eindhoven forward Donyell Malen, but the Rossoneri hierarchy have reportedly raised eyebrows at the Dutch side's €30 million valuation.

Initial talks are believed to have already taken place between the Serie A giants and the player's agent, Mino Raiola, and the 20-year-old is rumoured to open to a move to the San Siro.

However, with Milan under pressure to balance the books as the club fights huge debts, the asking price may force them to look elsewhere for cheaper targets.

Malen is one of Europe's hottest properties after a lightning start to the season, scoring 11 goals in just 14 games across three competitions, and his form has already alerted the likes of Liverpool and Arsenal.

Gunners could face tight winter budget

Arsenal manager Unai Emery was able to spend heavily in the summer transfer window despite reports of a tight budget, but an interview by Bloomberg with Gunners managing director Vinai Venkatesham suggests fans won't be seeing as much money splashed on their side in the January window.

Venkatesham suggested that his club treated the close season as their "most strategic" period for squad investment, and outlined that they preferred to do the majority of their business during the summer, while pursuing a reactive approach in January in case of long-term injuries.

Arsenal spent around £130m on four senior players during the summer, including the £72m signing of Nicolas Pepe and the £25m capture of Celtic's Kieran Tierney, despite widespread claims that a lack of Champions League football would heavily hamper their spending plans.

It is now reported, however, that the north Londoners will hold the purse strings tight for the rest of the campaign.

Juventus to keep tabs on target during Serie A clash

A string of Serie A clubs are keeping tabs on Brescia midfielder Sandro Tonali, and Calciomercato claims Juventus will keeping a close eye on the player when the two sides meet in the league in midweek.

The likes of Juve, AC Milan and Roma are all believed to hold the 19-year-old in high regard, and reports claim the Italy Under-21 international is set to be one of the most courted midfielders in Europe in the coming months.

Tonali was one of Brescia's key players as his side won promotion to the Italian top flight after winning Serie B last year, and a steady start to life in Serie A has seen his stock rise further.

Maurizio Sarri's side are preparing to take a closer look at the midfielder when the Bianconeri head east to face Brescia on Tuesday night.

Tap Ins

- Calciomercato claims Parma will look to complete the permanent signing of Napoli loanee Roberto Inglese at the end of the season, but must fight off competition from Atalanta, as well as clubs in Germany, for the 27-year-old's signature. The striker has scored 10 goals in 27 outings for his temporary employers.

- Brazilian side Gremio are set to slap a huge asking price on prized asset Everton in an attempt to fend off interest from Arsenal and AC Milan,according to Calciomercato. The 23-year-old is set to sign a new contract with a release clause of €80m.

- Stuttgart have reportedly blocked the proposed sale of midfielder Santiago Ascacibar to Estudiantes. The 22-year-old had looked set to return to his boyhood club after becoming unsettled in Germany, but now looks set to stay in the Bundesliga, although the Argentine transfer window remains open.