The transfer window (pictured, location: top secret) closes at midnight tonight. Hold onto your hats, there's always a woosh of action just before it slams shut.

Latest word from Ashburton Grove is that José Antonio Reyes will get his dream move to Real Madrid (where, like Nikolas Anelka before him, he will find nothing but substitutions and frustration) in exchange for Julio Baptista, who hasn't impressed signor Fabio Capello enough to remain a Galactico (are we still using that word?)

Meanwhile, bow your heads for the sorry story that is Ashley Cole. Seems his move to Stamford Bridge will not be happening. Chelsea have refused to meet Arsenal's valuation of the player, which is understandable given their lack of finances. Somewhere in West London, Wayne Bridge just lit a big cigar.