Chelsea have already completed the signing of Borussia Dortmund star, Christian Pulisic, with the deal emerging as the biggest during this window thus far.
However, other Premier League clubs including Manchester United and Arsenal are understood to be lining up massive bids to bolster their respective squads.
Let's take a look at the top five January transfers that could happen soon:
1. Denis Suarez to Arsenal
The Barcelona star is said to be on the verge of sealing a move to the Emirates.
With the anticipated departure of Aaron Ramsey in the summer, Suarez has been earmarked as the perfect replacement for the Welshman.
Contract talks between Ramsey and Arsenal collapsed late last year, paving way for his potential exit from the Emirates.
2. Gary Cahill to Fulham
The experienced Chelsea defender has been on the radar of various English Premier League clubs.
The Blues are said to be ready to sanction the Englishman's move from the Stamford Bridge, with struggling Fulham emerging as his potential destination.
Claudio Ranieri is said to be keen to improve his side's leaky backline as they battle for topflight football next season.
3. Jermain Defoe to Rangers
The English striker has struggled to find form at Bournemouth.
In a bid to revive his career, he is reportedly set for an 18-month move to Scottish side, Rangers.
According to an Express UK report, the Englishman will undergo a medical at Rangers on Monday, January 7 ahead of his loan move.
4. Andreas Pereira to Arsenal/Valencia
The Manchester United star looks set for an exit from Old Trafford after failing to strike a starting place with the outfit.
The Brazilian midfielder struggled for game time under former manager, Jose Mourinho, and the arrival of Ole Gunnar Solskjaer not helping much.
He has been tipped to join rivals, Arsenal - even as La Liga side Valencia, West Ham United and Everton battle for his services.
5.Exequiel Palacios to Real Madrid
Having endured a difficult season, Real Madrid are said to be keen to enhance their squad.
As such, they have turned their attention to Palacios, who currently plies his trade with Argentine side, River Plate.
His agent asserts Madrid have held talks with River Plate ahead of the completion of the player's move to Spain.
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