Premier League clubs have just under a month to get deals done.
In north London there has been plenty of outgoings but not so much in terms of incomings with Tottenham Hotspur bringing in Jack Clarke from Leeds United - only to loan him back to the Championship outfit - and smashing their transfer record for Tanguy Ndombele from Lyon.
Meanwhile, Arsenal have completed the signing of Brazilian wonderkid Gabriel Martinelli but Aaron Ramsey, David Ospina, Danny Welbeck and Stephan Lichtsteiner among others have departed.
But there could be more deals involving the two clubs as we enter the business end of the transfer window.
According to the Mirror, Real Madrid are hoping to fund a move for Manchester United star Paul Pogba with the sale of several first team stars.
United are reportedly demanding a fee in the region of £200million for the Frenchman, meaning that the Spanish giants will need to offload a few to meet that massive asking price.
It's said that up to six players could be heading out of the Santiago Bernabeu this summer, meaning that Spurs and Arsenal may fancy their chances of signing one or two.
Gareth Bale and Isco are two of the highest profile names on the list.
The duo aren't likely to be available on the cheap, though, with both players thought to be among the higher earners at the Bernabeu.
James Rodriguez is also available.
The Colombian has spent the last two season on loan with Bayern Munich but after two years in the Bundesliga it seems that Real Madrid are looking to move him on for good.
Keylor Navas, Lucas Vazquez and Mariano Diaz have reportedly been made available for a summer move.
Navas is expected to be second choice behind Thibaut Courtois, while Vazquez and Diaz are also deemed to be surplus to requirements by Zinedine Zidane.
Arsenal have already been linked with the duo, and it remains to be seen whether they could solidify their interest with an approach in the remaining weeks of the transfer window.
