Luka Modric
Luka Modric appears to be closing in on his seemingly inevitable transfer to Real Madrid. Reuters

Real Madrid remain locked in transfer negotiations as the defending La Liga champions attempt to defend their title in the upcoming season.

In order to make room for its new additions, Real Madrid are shopping Turkish midfielder Nuri Sahin, with Arsenal as the reported front runners. The Daily Mail reports that a season-long loan to Arsenal is all but completed, despite Sahin signing a six-year deal when he joined Real last year.

The 23-year-old had trouble finding minutes under Jose Mourinho and a change of scenery could strongly benefit all parties.

Of course, the speculation that has dominated this summer concerns Real's attempts to lure Luka Modric to the Bernabeu. The Croatian midfielder failed to depart on Tottenham's pre-season tour of the United States last week and was subsequently fined by his current club as he tried to expedite his move to Madrid.

An article in the Sun reports that a £36 million fee has been finally agreed upon by the two sides, but there has yet to be any confirmation.

Tottenham and Real have had trouble finalizing a fee for this 26-year-old star. While Real have been trying to force down Spurs' asking price, Paris Saint-Germain have stepped into the picture, allegedly willing to meet Tottenham's lofty demands.

It may still be some time before Modric finally departs White Hart Lane, but both sides will be relieved if a deal gets done before the season starts.

In other news, Real Madrid has reportedly entered a bidding war with AC Milan for Manchester City's Micah Richards. The defender is currently playing for Great Britain in the Summer Olympics, but has expressed and openness to leaving his current team.

The 24-year-old fell out of favor with manager Roberto Mancini at the end of last season and Milan are looking for him to be the successor to Thiago Silva.

For all the excitement surrounding the speculation, Manchester City has not expressed a desire to move Richards. The Premier League champions might be keen on holding on to one of their more prominent defenders, as the new season looms.