Falcao and Edinson Cavani are the two A-listers Liverpool have been interested in recently, although it appeared the former was on the verge of moving to Real Madrid a couple of weeks ago.
Real's problem is they need to shift players and Angel di María and Sami Khedira are still at the club. Manchester United are keen on Di María but that saga could rumble on until transfer deadline day.
Juventus are also interested in Falcao, fit again after a knee injury dashed his hopes of representing the captivating Colombians at the World Cup.
Kostas Manolas' name has hit the back pages again today, which suggests Arsenal's interest in the Greek defender is genuine. Arsène Wenger said on Saturday he would try and bring another centre-back in and Manolas, 23, could be the final summer arrival at the Emirates Stadium.
Tottenham will let Song's compatriot Benoît Assou-Ekotto leave following Ben Davies' arrival. The left-back is third in the pecking order behind the Welshman and Danny Rose.
Eduardo Vargas was a sleeper hit at the World Cup and could move to QPR, who could beat Sunderland to the Chilean's signature. Vargas' compatriot, Mauricio Isla, joined the Rs on loan earlier this month.
Swansea, meanwhile, will complete the transfer of the Neapolitans' Argentinian defender Federico Fernández.