Arsenal have confirmed the signing of attacking midfielder Santiago Cazorla for an undisclosed fee - reported to be around £16.5m (Dh94.5m).
The 27-year-old joins Arsenal from crisis-ridden Malaga, where he was a key part of the Qatari-backed club's rise to fourth in La Liga last season.
"Santi Cazorla is a great signing for us. He's a player who will add significant quality to our squad," said Arsene Wenger, the Arsenal manager, of the signing.
Cazorla, who has 45 caps at international level and was a part of Spain's Euro 2012 squad, joins the English Premier League side on a long-term deal.
The Welsh side are believed to have has rejected an offer worth £12.5 million (Dh71.6m) from the Anfield club last month.
Allen's contract is believed to include a release clause of £15 million, but Laudrup is keen to hold onto the Wales international, and is set to have further talks with the 22-year-old, tomorrow.
"He is worth a lot of money because he's a good player," said Laudrup.
"The manager knows him and knows if he wants to change the way Liverpool play he needs a player in the midfield like Joe Allen.
"But he also knows he's very, very expensive. We saw they bought a couple of midfielders in the last few years for a lot of money, but with all due respect Joe is on a level above.
"In my opinion, if one is worth £17m then Joe is worth more, perhaps over £20 million. I'm talking as a football man not as a chairman but if the chairman asks my advice then I will tell him the same."
Vincent Labrune, the Marseille president, has confirmed his side have received a "very serious" offer from Chelsea for Spanish defender Cesar Azpilicueta.
The European Cup winners have already spent almost £70m (Dh400m) during the close season, with a deal for Wigan's Victor Moses still in the offing.
But the highly-rated 22-year-old right back has been regularly linked with a move to Roberto Di Matteo's side, and now Marseille have confirmed Chelsea's interest.
Paris Saint-Germain have joined the race to sign Brazilian international Lucas Moura, according to reports yesterday.
The Brazilian website Oglobo reported that the 19-year-old Sao Paulo midfielder has agreed a five-year deal which is not yet signed but will take effect next January.
West Bromwich Albion have completed the signing of Swedish forward Markus Rosenberg on a free transfer.
The 29-year-old striker left Werder Bremen in the summer and held talks with the English Premier League side yesterday ahead of a move.
He becomes the club's fourth signing of the summer, joining ona thre year contract.
Nigeria defender Joseph Yobo has joined Fenerbahce on a permanent basis after spending the last two seasons on loan at the Turkish side.
The 31-year-old moves from Everton for an undisclosed fee after his successful spell helped steer Fenerbahce to the Turkish league and cup titles.