 French star Diarra has already been unveiled by Real Madrid
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The January transfer window opens on New Year's Day, giving clubs their first opportunity to buy or sell players since the end of August.
Several deals have already been agreed, including Portsmouth midfielder Lassana Diarra's £20m move to Real Madrid, and can be rubber-stamped from 1 January.
This year's window has been extended until 1700 GMT on Monday 2 February because 31 January falls on a Saturday.
A record £150m was spent by Premier League clubs in January 2008.
But that figure could be eclipsed this season if, as expected, Manchester City boss Mark Hughes is given major funds to strengthen his squad by his club's billionaire Arab owners.
Tottenham manager Harry Redknapp has underlined his desire to sign new players, and has already had a bid of around £6m rejected for West Ham striker Craig Bellamy.
But teams such as Manchester United and Chelsea insist they will not be buying and others, like Pompey and the Hammers, may be forced to sell some of their stars to balance the books.
Wigan are keen to keep hold of England striker Emile Heskey, who is out of contract in the summer, while Newcastle striker Michael Owen and his Magpies team-mate goalkeeper Shay Given are also in demand.
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606: DEBATE
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Arsenal manager Arsene Wenger:
"Although we are not close to signing anyone at the moment, if we do buy I think what we need is maybe someone with a bit of experience. I need a creative midfielder and eventually another midfielder, because we are short.
"We already have many young players so, if we buy, it will be somebody who is ready to play straight away. A loan deal could also be a possibility.
"What we might need is someone who can create a little spark."
Aston Villa boss Martin O'Neill:
"We are definitely looking at trying to do something if it is at all possible.
"I do no know whether the credit crunch has affected the market but this is a chance for all clubs to add to their squads."
Blackburn manager Sam Allardyce:
"I'm also more focused on getting players in rather than players out. Certainly my focus over the last two days has been speaking to the chairman about that.
"We're both going to go out and try and improve our squad as quickly as possible."
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"I knew that it's a different time for Chelsea but, if we suffer more injuries, the board understand that I'll need one or two players to replace some [injured] players.
"They understand this. If, on the other hand, the players are in good condition and there are no more injuries, I think it's maximum one player they'll replace because we need one more. Only one. A striker.
Chelsea chief executive Peter Kenyon says transfer activity will be kept to a minimum:
"I don't think we will be doing any business in the January transfer window because the type of players we are looking for are not available.
"Another reason is that we have still got some long-term injuries coming back and in January or February, Chelsea will have more player availability."
Everton manager David Moyes:
"We are actively looking at what will make a difference, but I don't think I will be able to do much in January. I am more likely to be looking at loans.
"Anything the club have got they will give me. But that doesn't mean to say I am not out there looking for loans or Bosman signings or anything else that can help us.
"I don't think we will be selling because we don't have the numbers. We are short at this present time and that limits what I can do off the bench."
Liverpool boss Rafael Benitez admits signings are unlikely:
"It will be difficult to bring anyone in January because we have a good squad.
"To bring in anyone better than what we've got isn't easy and could be expensive."
 Hughes is expected to make a number of signings in January
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"I think everyone understands there are certain areas of the squad which need strengthening and we will look to address those in the window.
"We are looking to bring good quality players to the club to help our situation and make sure that the club is moving forward in the future. There is no guarantee how many of those players we will be able to bring to the club. It is clear from everyone's point of view that we do need help."
Manchester United manager Sir Alex Ferguson:
"I do not think there will be any January transfers, I am happy with what I have got.
"We are probably going to bring back a couple of young players who have been on loan. That may just give us extra protection.
"We took 23 players to Japan (for the Club World Cup) and they are substantial players. I would be happy to play any one of them."
Newcastle boss Joe Kinnear insists goalkeeper Shay Given is not for sale:
"Shay won't be leaving - he has no interest in that whatsoever. He loves the football club - he's part of the city and that suits us because he's a world-class goalkeeper.
Portsmouth manager Tony Adams:
"The board are going to do exactly what they did for [former boss] Harry Redknapp to me, and I had money anyway [before Real's move for Diarra]. I have had new signings in mind since I have been in the job."
Stoke chairman Peter Coates:
"We've got a few things on the go. I think Tony Pulis would like about three players, but I don't want to give too much away.
"I do know we'll have a stronger squad at the end of January than what we have now."
Tottenham boss Harry Redknapp on his January targets:
"If could find a wide-left player I would like to get one. That and a frontman would be the priority."
"I think Portsmouth have had a massive offer from somebody for Jermain Defoe, so good luck to them - I paid about £9m when I signed him. He is a good player but we're not going to pay over the top for anyone."
"I like Stewart Downing but I don't know whether Middlesbrough want to sell him."
West Ham manager Gianfranco Zola:
"We have some very good players and I'm not surprised that big teams want them.
"As far as I am concerned they are not for sale and I don't want to sell my best players. I would be very annoyed if we did. They [the club] have to give me a very good reason if they do that.
"They have been very good to me and I don't think they want to make this team weaker."
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