According to the Guardian, Arsenal are prepared to have a busy summer transfer window with a few players leaving and several new faces joining the club. Chief executive Ivan Gazidis said,

"Coming off the end of the season, I share with you a sense of profound disappointment.

According to Greg O'Keeffe at the Daily Post, Everton are looking to raise about £11million to sign Wigan Athletic midfielder Charles N'Zogbia. Everton hope to raise the funds by selling Joseph Yobo and Ayegbeni Yakubu but are having problems doing so.

According to Rob Parrish at Sky Sports News, Manchester United have agreed to terms with Aston Villa youngster Ashley Young. It is reported that Young will complete his move to United when he returns from holiday.

According to the Telegraph, Tottenham made a bid for Palermo striker Abel Hernandez that was rejected. The bid is rumored to be around £8.9million. Hernandez's agent Vincenzo D'Ippolito told calciomercato.it:

"It's true .

According to Sunderland's official website, Liverpool have agreed to a fee, rumored to be around £20 million, for Sunderland midfielder Jordan Henderson. A club spokesperson said:

"A fee has been agreed with Liverpool for Jordan Henderson and he travels to Anfield today with the club's blessing.

According to The Bolton News, Manchester City have emerged as the favorites to sign Bolton defender Gary Cahill, who has been linked with Arsenal.

It is reported that Man City were willing to offer Nedum Onuoha, Dedryck Boyata, Craig Bellamy, or Shaun Wright-Phillips in their offer.

According to Watford's Official Website, newly promoted Swansea City has agreed to a deal with Watford for striker Danny Graham that is reportedly £3.5million. The 25-year-old will now hold talks with Swansea to work out a personal deal.

According to Tottenham's official website, Tottenham have agreed to a deal with former Aston Villa goalkeeper Brad Friedel. Manager Harry Redknapp said,

"Brad is a top goalkeeper of real quality who has great experience.

According to the Telegraph, Chelsea made a bid for Palermo midfielder Javier Pastore that was rejected. Palermo president Maurizio Zamparini told the Spanish press,

"Chelsea was a club that we had a major offer from .

According to Manchester United's official website, striker Michael Owen has signed a one-year contract extension with Manchester United. Owen told the official website,

"I'm delighted to have agreed a one-year extension to my contract. To play alongside so many great players, under an exceptional manager, and in front of so many incredibly passionate supporters, is a real inspiration.