The countdown for the January transfer window has begun, and the club's are preparing their bids. Here  are the latest transfer rumours from the papers!

Arsenal is closing in on a deal for Real Madrid's Karim Benzema worth £22m (The Mirror) - Probability: High

Manchester City have added Victor Valdes of Barcelona and QPR's Julio Cesar to their short list, with Joe Hart set to be offloaded (The Mirror) - Probability: Low

Swansea want to bring in Raheem Sterling on loan from Liverpool (The Mirror) - Probability: Medium

If Tottenham can sell Emmanuel Adebayor in the January transfer window, they will be make a bid for Manchester United striker Javier Hernandez (Sunday Telegraph) - Probability: Low

At the same time, Tottenham is hoping to snatch Halmstads wonderkid Valmir Berisha for £500,000 (The Mirror) - Probability: Medium

Arsenal, Manchester City and Manchester United are all on alert after Borussia Dortmund revealed Marco Reus has a release clause in his contract (Daily Star) - Probability: High

United are eyeing the deal for Reus offering Shinji Kagawa to his former club (The Times) - Probability: High

West Ham are weighing up a January loan move for Real Madrid forward Jese Rodriguez (Daily Star) - Probability: Low

Roberto Mancini is hoping to bring Chelsea defender John Terry to Galatasaray and is readu to match his £150,000 per-week wages (The Sun) - Probability: Low