Here are the pick of the transfer rumours from Arsenal, Chelsea, Liverpool and Manchester United.

Arsenal

The Cesc Fabregas saga continues to ramble on as Arsenal have rejected yet another bid from Barcelona as it fell short of their valuation of £40 million, according to widespread reports.

The Daily Mail claims that Barcelona had their bid of £35 million snubbed which included £29 million up front with £6 million in add-ons. The Gunners are in no mood to let their priced-asset go for any figure falling short of their valuation and Arsene Wenger has received Arsenal's majority shareholder Stan Kroenke's backing to continue with his stern, non-compromising stand on the fee.

The real danger that Barcelona and Fabregas face is that if matters aren't resolved quickly, Fabregas could be forced to play in the Champions League qualifier against Udinese on 16 August, which would leave him cup-tied to play in the tournament for Barcelona, if Arsenal qualifies.

With that in mind, Arsenal have given Barcelona 11 days to conclude a deal for the 24-year-old.

Reports also state that Arsenal will only bid for Juan Mata if Fabregas moves on. However, that could be a tough ask as Valencia have changed their mind over the 23-year-old, with coach Unai Emery insisting that Mata would stay.

Real Madrid striker Karim Benzema has dismissed reports of a move to Arsenal, stating that his future lies at Madrid.

Chelsea

Widespread reports have suggested that Chelsea would make a third bid for Tottenham's Luka Modric on Friday, believed to be around the region of £30 million.

Chelsea are also close to completing a deal for Anderlecht striker Romelu Lukaku, with reports suggesting that the player has already agreed a five-year-contract with Chelsea and only a transfer fee between the two clubs remains to concluded. Belgian reports suggest that Anderlecht president Herman Van Holsbeeck has travelled to London for negotiations.

Salomon Kalou has rubbished rumours linking him to AC Milan in a Twitter post.

Liverpool

"Enrique

Enrique could be Dalglish's most important signing as the left-back slot has been a problem area for Liverpool.

Liverpool have agreed a fee with Newcastle United for the much-touted Jose Enrique believed to be around the region of £8 million, in which £6 million will be paid up front with a further £2 million depending on performance related add-ons. After the deal is announced formally, Enrique will take a medical at Anfield after discussing personal terms.

Barcelona have told Liverpool and Spurs that the highly-rated Ibrahim Afellay is not for sale.

Midfielders Joe Cole and Alberto Aquilani could move to Paris Saint Germain and AC Milan respectively, with both sides making their interests known.

Manchester United

Reports suggested that a deal has been reached between Manchester United and Paris St-Germain on Bulgarian striker Dimitar Berbatov transfer fee. Berbatov could receive a salary of €100,000 per-week and the transfer fee is believed to be around the region of €20 million. However, Berbatov's agent has denied all reports.

Newcastle United manager Alan Pardew could move for United winger Gabriel Obertan in a bid to strengthen his squad with the new season just a week away.