LIVE Transfer Talk: PSG lead Barcelona, Juventus for Milan's Gianluigi Donnarumma

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Why PSG would be taking a big risk signing Donnarumma (1:25)

Gab Marcotti has concerns about PSG offering a big-money deal to former Milan goalkeeper Gianluigi Donnarumma. (1:25)

With most of the major European seasons now complete, the rumour mill has been sent into overdrive as clubs ponder their moves ahead of what will be a busy transfer window. Check out the latest gossip below, and see all official deals here.

TOP STORY: PSG lead Barca, Juve in Donnarumma chase

With Gianluigi Donnarumma's contract coming to an end this summer, there have been plenty of clubs linked with a move to sign the AC Milan goalkeeper for free.

The Italy international was heavily linked with Barcelona, who look to be vested in the free agent market this summer, as well as Juventus in recent times. Despite this, according to Sky Sports Italia, Donnarumma is close to joining Paris Saint-Germain and will sign a five-year contract worth €60 million in wages.

It is reported that unless Barcelona relaunch their interest quickly, the deal for the 22-year-old to head to Paris will be closed within the next 24 hours.

The negotiations are so advanced that the report says the goalkeeper could complete a medical in Coverciano -- where he is currently training with the Italy national team ahead of the upcoming European Championships -- or in Florence, with a PSG doctor in attendance.

PSG chairman Nasser Al-Khelaifi is said to have been key to the decisiveness of the move, as he didn't want to miss out on a player who can star now and in the future -- even though Mauricio Pochettino already has Keylor Navas as a reliable first-choice goalkeeper.

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LIVE BLOG

22.30 BST: That will do it for the latest edition of our LIVE Transfer Talk blog. We hoped you enjoyed following along with us and remind you to check back shortly for the latest transfer rumours, reports and completed deals. Goodnight!

22.08 BST: Atletico Madrid are nearing the finish line on a deal for the "new Suarez," Mundo Deportivo can reveal.

The outlet claims that Atleti want to finalise a deal for River Plate Montevideo striker Matías Arezo, who is considered one of the pearls of Uruguayan football. The 18-year-old has already scored 24 first-team goals for Montevideo (66 games), pushing him into the crosshairs of Europe's top clubs. Reports indicate that Arezo will cost an initial €12 million, and that the Uruguay under-23 international will initially join up with Penarol.

21.32 BST: West Brom are reportedly closing in on David Wagner to be their next manager, the Express and Star reports.

The ex-Huddersfield and Schalke boss, 49, would replace Sam Allardyce, who stepped down following the Baggies' relegation to the Championship. The German-born, former United States international has had success in Engand before, guiding Huddersfield to promotion in 2017 and then surprisingly keeping them up the following year.

Wagner most recently managed Schalke, but was sacked after the Rhine-based side failed to win for 18 straight games in the league.

Ex-Sheffield United boss Chris Wilder and Lincoln manager and former Baggie Michael Appleton have previously been linked with the vacancy.

21.00 BST: Arenal are close to selling two players in order to fund a move for Wolves midfielder Ruben Neves, the Express has learned.

The paper writes that the Gunners are in talks to move Granit Xhaka and Hector Bellerin, with Xhaka expected to land at Roma, and multiple clubs in Spain pushing to win the race for Bellerin. The Gunners reportedly want Neves, who is valued at £40 million, and need to sell first in order to raise funds for that move.

The Gunners reportedly could also sell the likes of Maty Ryan, Bernd Leno and Reiss Nelson to fund summer additions.

20.04 BST: After losing Georginio Wijnaldum to PSG, Liverpool have quickly turned their attention to Lorenzo Pellegrini, Corriere dello Sport suggests.

In fact, the outlet claims that the Reds have already made a £28.5 million bid for the Italy international. The 24-year-old, who has one year remaining on his current contract with Roma, chipped in 11 goals and nine assists over all competitions last season from central midfield, and has also been linked with Barcelona.

19.19 BST: Inter Miami's Rodolfo Pizzaro could soon be headed back to Liga MX.

Journalist Fernando Cevallos understands that Monterrey and Chivas are possible landing spots for the Mexico international. The 27-year-old, who was signed by David Beckham as the club's second ever Designated Player, has produced just four goals and five assists in 26 games so far with Inter Miami.

Pizarro has plenty of experience in Liga MX having made 194 appearances in the division split between Monterrey, Pachuca and Chivas. Miami could look to move on from Pizarro, as veteran Federico Higuain has performed well in the attacking midfield position, while the club might covet the flexibility to bring in a new DP alongside Blaise Matuidi and Gonzalo Higuain.

18.28 BST: Aston Villa have already added one attacker to the fold in securing the signing of Norwich City winger Emiliano Buendia, and according to Norwegian outlet VG are working on signing another.

The outlet claims that Villa are one of the clubs interested in Premier League veteran and Norway international Josh King. The 29-year-old, who played sparingly over the second half of last season at Everton after five seasons at Bournemouth, is available on a free transfer. VG list Villa, Celtic and newly-promoted Norwich City as interested parties in the forward, who has 48 career Premier League goals to his name.

17.51 BST: Bayern Munich are reviving their pursuit of Chelsea wide man Callum Hudson-Odoi, The Times understands.

The paper understands that Chelsea are now willing to listen to offers for the 20-year-old, after rejecting four offers from Bayern two summers ago. Hudson-Odoi has three years remaining on his deal at Stamford Bridge, but is currently behind the likes of Christian Pulisic, Hakim Ziyech, Timo Werner and Kai Havertz in Thomas Tuchel's pecking order.

Bayern bid as much as £35 million in 2019 for Hudson-Odoi, but would likely get the England international for cheaper than that now.

17.10 BST: Borussia Dortmund's Jadon Sancho is one of the top players who could move this summer.

16.28 BST: Fabrizio Romano reports that midfielder Emile Smith Rowe is ready to sign a new contract with Arsenal until June 2026.

Meanwhile, Willian is expected to leave Arsenal this summer as are both Granit Xhaka and Matteo Guendouzi. So the Gunners will have a few gaps to fill, particularly in midfield.

16.00 BST: ICYMI - Cristiano Ronaldo's representatives are continuing to gauge interest from some of Europe's top clubs despite holding talks with Juventus over the Portugal captain's future, sources have told ESPN's Rob Dawson.

Ronaldo has a year left on his contract with Juventus, but that has not stopped intermediaries from assessing whether there is appetite elsewhere for the 36-year-old.

Paris Saint-Germain, Real Madrid and Manchester United are among the clubs contacted in an effort to discover whether he could fit into their plans for the summer transfer window.

Ronaldo and his camp have yet to make a decision on his future, and sources have told ESPN it is unlikely to be finalised until after the European Championship. Portugal begin their campaign against Hungary in Budapest on June 15.

15.24 BST: Gazzetta dello Sport reports that Chelsea forward Hakim Ziyech's relationship with manager Thomas Tuchel is "broken" and the player has been officially put on the transfer list.

Ziyech, 28, arrived for €44m from Ajax in summer 2020 and has scored six goals in 39 appearances. The Morocco international hasn't cemented his place in the first team and is now on the radar of a number of clubs.

AC Milan are most keen, though they are also looking to finalise a deal worth €28.5m to sign Chelsea defender Fikayo Tomori on a permanent contract once his loan expires.

14.47 BST: Arsenal are lining up a move for Wolves midfielder Ruben Neves as a replacement for Roma-bound Granit Xhaka, says Goal.

Arsenal want around €22m for Xhaka but Roma are only willing to pay €18m to sign the Switzerland international.

The Gunners have started talks with Wolves over Neves but will need to part with around €40m to make the deal happen.

14.15 BST: Paris Saint-Germain are set to beat Barcelona and Bayern Munich in the race to sign Liverpool star Georginio Wijnaldum on a free transfer, sources have told ESPN's Julien Laurens.

Wijnaldum, 30, has agreed a three-year deal with PSG after he opted against signing a new contract at Anfield. His existing deal expires at the end of June.

13.44 BST: Manchester United will seek talks with Paul Pogba over fears the France international will run down his contract, sources have told ESPN's Rob Dawson.

Pogba is set to enter the final year of his deal and will be able to negotiate with clubs outside the Premier League from January before a possible free transfer move in time for the 2022-23 season.

This summer is United's last chance to receive a significant fee for the midfielder but sources have told ESPN there has been no firm contact from any of Europe's major clubs and there remain doubts about whether Real Madrid, Barcelona or Juventus could afford the financial outlay needed to sign the World Cup winner without including players as part of the deal.

Sources close to Pogba's camp have told ESPN that those clubs, and Paris Saint-Germain, would all be interested if he was available for free in a year.

13.11 BST: Real Madrid are awaiting a response from centre-back Raphael Varane and his agent to the club's offer of a new, improved deal, according to Marca.

Varane, 28, is out of contract next summer and has been linked with a €60m move to Manchester United.

Marca reports that the France international earns €5.5m net a season, which Madrid are willing to increase, but the club won't reach the kind of figures that would be on offer at another team if Varane chose to leave on a free next year.

The newspaper claims that "the possibility of trying other countries, cultures and ways of understanding football" appeals to Varane, who joined Madrid aged 18.

12.41 BST: Tottenham are still looking for a new manager, but should they be looking at Brighton's boss?

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12.19 BST: Inter Milan striker Lautaro Martinez is on the radar of both Atletico Madrid and Barcelona to strengthen their forward line this summer, according to reports in Spain.

Martinez, 23, has been tracked by Barcelona for some time and the club are confident they will be able to bring in enough money this summer to make a headline signing that will "excite" supporters, according to Sport. Borussia Dortmund's Erling Haaland is the other primary target, but sources told ESPN that move would cost around €180m.

Inter are reported to be seeking over €80m to sign Martinez, which makes him a cheaper option -- though that fee could still stop both Barca and Atletico from completing a deal.

Indeed, Diario AS reports that Martinez is Atletico's No. 1 target, but the Spanish champions "haven't forgotten" about Marseille's Arkadiusz Milik as a possible alternative.

Milik joined Marseille on an 18-month loan from Napoli in January -- performing well, netting nine goals in Ligue 1 -- and the French club have an option to sign him permanently. However, the 27-year-old Poland international has been a long-term target of Atletico sporting director Andrea Berta, according to AS, and the club may turn to him if it proves impossible to bring in Martinez.

11.57 BST: Real Madrid midfielder Dani Ceballos has made it clear that he's not interested in another loan move, and wants to stay in La Liga after two years in the Premier League with Arsenal.

"It's time to settle at a club and have a long contract," Ceballos told El Larguero on Monday night. "I haven't spoken with [new coach Carlo] Ancelotti, the first thing I want to do is talk to the coach.

"I want to be important. [Arsenal's Mikel] Arteta is a coach who I'm sure will be among the best in the world in the next few years, but I'd like to return to Spain."

Ceballos, a boyhood Real Betis fan, also ruled out the possibility of joining local rivals Sevilla.

11.28 BST: There's now "a feeling of resignation" at Real Madrid over their chances of landing Kylian Mbappe from Paris Saint-Germain, Diario AS reports.

It comes after PSG president Nasser Al-Khelaifi said the Ligue 1 club "will never sell [Mbappe] and he'll never leave for free" in a strident interview with L'Equipe this week.

According to AS, Madrid fear that the forward -- who has a year left on his contract in Paris -- will come under huge pressure to extend, and the club "are resigning themselves that this summer it won't be possible to fulfil the dream of seeing Mbappe in white."

11.04 BST: Barcelona will meet with Ousmane Dembele's representatives next week to discuss the forward's future at Camp Nou, according to TV3.

Dembele, 24, is out of contract in 2022 and if an agreement over a new deal cannot be reached, Barca will listen to offers to sign the France international this summer.

TV3 explain that next week's meeting will be the first between Dembele's camp and Joan Laporta since the latter was appointed as Barca president in March.

Last week, Dembele said he was in "no rush" to deal with his contract situation as he is focused on Euro 2020 with France.

10.42 BST: Manchester City are keen to sign Aston Villa's £100m-rated midfielder Jack Grealish, sources told ESPN's Rob Dawson.

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10.09 BST: Barcelona will turn to Roma midfielder Lorenzo Pellegrini after missing out on Liverpool's Georginio Wijnaldum to Paris Saint-Germain, according to Diario AS.

ESPN revealed last Friday that PSG were set to hijack Barca's move for Wijnaldum, who is available on a free transfer after running down his contract with Liverpool. The Netherlands international is expected to sign for the French club this week.

Barca, therefore, have had to look elsewhere, with AS claiming Pellegrini has emerged as a target. The Italian is out of contract next summer so Roma could be forced to the negotiating table if they don't want to risk losing him for nothing in 2022.

09.34 BST: Paris Saint-Germain have been leading the chase for Inter Milan full-back Achraf Hakimi but FCInterNews reports that Chelsea are now keen.

Hakimi, 22, has only been at Inter for one Serie A title winning season after he moved from Real Madrid for €40m in 2020. But Inter's financial situation means he could leave and PSG are ready to offer €60m to land the Morocco international.

Inter want at least €70m though, which is why Champions League winners Chelsea, as well as Bayern Munich, are being linked.

The Blues do have England star Reece James as the first choice right-back, however, so it's unclear why they would be looking to spend quite so much in that position.

08.50 BST: Queretaro are trying to secure the services of former Arsenal star Lukas Podolski on a two-year deal, according to ESPN Mexico.

The Mexican side made Podolski an offer last week and are waiting for the Germany forward to make a decision after he recently left Turkish club Antalyaspor.

Queretaro have had other renowned players like Ronaldinho and former Manchester United star Antonio Valencia on their books, and now hope to convince the World Cup 2014 winner to join them ahead of the new campaign.

08.30 BST: Roma coach Jose Mourinho is keen to lure Wolves goalkeeper Rui Patricio to the Eternal City this summer, according to Sky Italia.

Patricio, 33, is considered the ideal choice between the posts for Mourinho and has one year left on his contract with Wolves.

Wolves reportedly want €12m to sign the Portugal international but Roma expect to lower the fee and seal a deal for around €8m plus bonus.

Wolves have already selected Olympicakos' Portuguese goalkeeper Jose Sa as their No. 1 choice to replace Patricio should the deal with Roma go ahead.

Meanwhile Roma are attempting to strengthen their midfield but have seen their €15m offer to sign Arsenal''s Granit Xhaka turned down. However, the Giallorossi are hopeful the Switzerland international will put pressure on Arsenal to negotiate.

Xhaka, 28, is under contract with the Gunners until June 2023 and made 45 appearances in all competitions this past season.

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PAPER GOSSIP (By Danny Lewis)

- Juventus will make Alvaro Morata's loan deal from Atletico Madrid permanent, according to Calciomercato. However, they are negotiating to bring the transfer fee down and, after having already paid €10m for the initial loan, they are hoping to land him for less than the originally agreed fee of €45m.

- Barcelona are offering Lyon forward Memphis Depay a deal until 2024 to encourage the Dutchman to sign for them when his contract comes to an end this summer, reports Fabrizio Romano. This is reportedly the Catalan club's tactic to ensure they don't miss out on Depay, after another free agent, Liverpool midfielder Georginio Wijnaldum, seemingly decided to join Paris Saint-Germain instead.

- Brighton & Hove Albion are looking to keep hold of England international Ben White by demanding £50m to sign the centre-back, reports The Daily Mail. This news comes amid interest from big-name Premier League clubs such as Manchester United, Liverpool and Arsenal.

- Internazionale have made Chelsea's Emerson Palmieri their main target as the Serie A champions look for a new left wing-back, as reported by Tuttosport. The report adds that the Italian is preferred to Eintracht Frankfurt's Filip Kostic and Ajax's Nicolas Tagliafico.

- Jose Mourinho is willing to let 15 players leave AS Roma in order to save €70m in wages, as has been suggested by Gazzetta dello Sport. The names given within the report include Alessandro Florenzi, Justin Kluivert, Cengiz Under and Steven Nzonzi.

- Lyon are looking to sign Sassuolo winger Jeremie Boga, as has been reported by Le10 Sport. Their sporting director, Juninho, had been looking to see who would come in as head coach before moving for the Ivory Coast international, and Peter Bosz has validated the decision after his appointment at the end of May.

- Lille, AS Monaco and Lyon are all looking at Alan Velasco, the 18-year-old Independiente striker who has been compared to Sergio Aguero in style, reports Foot Mercato. It has previously been suggested that Brighton & Hove Albion were hoping to bring in the Argentine.