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Sky Sports News understands that Tottenham have emerged as the favourites to sign Giovani dos Santos.
The 19-year-old Mexican is currently on the books of Spanish giants Barcelona and is widely regarded as one of the hottest properties in European football.
He has been forced to wait his turn at Camp Nou, but has been tipped for the top since bursting onto the scene at the U17 World Cup back in 2005.
The Catalan club had hoped to see the youngster become the natural heir to Ronaldinho's crown, though he is yet to dominate the senior game in the same manner as he did at youth level.
Dos Santos made 28 Primera Division appearances for Barca last season, and scored a hat-trick in the last day of the season during a 5-3 victory at Murcia.
He has five full caps for Mexico despite qualifying to play for Brazil through his father, himself a former footballer, Zizinho.
His failure to hold down a regular first-team spot under Frank Rijkaard during the 2007/08 season alerted the attention of a host of Europe's top clubs, with Manchester City early contenders for his signature.
However, should the prodigiously talented teenager decide to leave Spain this summer it would appear that White Hart Lane is now is most likely destination, with Spurs expected to shell out around £11million in order to get their man.
Meanwhile, Tottenham have missed out on another potential target - Marcelo Moreno.
The Bolivian striker has completed a nine million euros (£7.1million) move from Brazilian club Cruzeiro to Ukrainian side Shakhtar Donetsk.
He had initially turned down a move to Eastern Europe, but a recent visit to the club helped to push the deal through.
"After visiting the club last week, the player accepted the offer and inked a five-year contract this morning (Tuesday)," said Cruzeiro spokesman Joao Marcos Dias said.
"The offer arrived at Toca da Raposa at the beginning of this month, but Marcelo Moreno rejected it as he considered he could shine in more important places in Europe.
"The days he spent in Donetsk convinced him Shakhtar have the suitable structure and that he will have a good life in Ukraine."
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Demba Ba's representatives have told Sky Sports News that they do not expect the Newcastle striker to join Chelsea
Sky Sports sources understand Tottenham keeper Carlo Cudicini is close to joining MLS giants LA Galaxy in January.
Aberdeen winger Peter Pawlett admits he is in the dark over whether his loan spell at St Johnstone will be extended.
Hearts winger Andy Driver insists the club's stars are in no rush to leave despite the financial problems at Tynecastle.
Brighton boss Gus Poyet has no intention of being 'reasonable' in January when it comes to listening to offers.