Ramos announced last month that he would leave Madrid after failing to reach an agreement to extend his 16-year stay in the Spanish capital.
ESPN first revealed on Monday that PSG had intensified talks with the centre-back's camp. Sources close to the deal said that things have advanced throughout the week and a final decision is expected in the coming days.
Ramos wants a two-year deal but PSG are only offering one, although a second year is likely to be offered on optional basis.
12.05 BST: Left-back Ryan Bertrand is set to complete a free transfer to Leicester City, says The Athletic.
Bertrand, 31, will sign a two-year contract with the option of another year after leaving Southampton when his contract expired this summer.
11.50 BST: The longest transfer saga in modern football history is finally over: Jadon Sancho is moving to Man United for €85m.
Sources have told ESPN's Rob Dawson that Sancho's former club, Manchester City, are due 15% of the profit Dortmund have made on the deal -- expected to be around €11.2m.
11.31 BST: The Daily Telegraph reports that West Ham midfielder Declan Rice has turned down two improved contract offers from the club.
Rice, 22, has impressed in the Premier League and with England at Euro 2020 and is rated at over £100m by the Hammers. However, the midfielder is keen to keep his options open amid interest from Manchester United and Chelsea and has asked to be informed of any bids for his services.
His contract expires in 2024, with an option for another year, so West Ham hold the power in this one.
11.05 BST: Borussia Dortmund have confirmed they have agreed an €85m deal with Manchester United for the transfer of England winger Jadon Sancho, subject to a medical.
The German club's CEO Hans-Joachim Watzke confirmed: "It was the exemplary wish of Jadon. We would have liked to keep him. We reached a general agreement with Manchester United on the transfer of Jadon Sancho, pending full completion, as there are still some formalities to agree on and the medical check to be completed."
10.56 BST: Barcelona president Joan Laporta says La Liga's financial fair play rules are holding up Lionel Messi signing a new deal with the club.
Messi, 34, became a free agent for the first time in his professional career on Thursday as his contract with Barca expired.
La Liga president Javier Tebas has warned the Catalan club they must make cutbacks to be able to register any new Messi deal ahead of next season.
"We want him to stay and Leo wants to stay, everything is on track," Laporta told Onda Cero on Thursday. "We still have the financial fair play [issue] to sort out... we're in the process of finding the best solution for all parties."
10.40 BST: Manchester United midfielder Paul Pogba was quick to avoid answering questions about his future and a potential move to Real Madrid this summer.
Pogba, 28, has one year remaining on his deal at Old Trafford but told a news conference last month that he has not been offered a new contract.
Sources have told ESPN that United fear Pogba will run down his contract and leave on a free transfer next summer.
Speaking on Spanish TV show 'El Chiringuito', Pogba was asked why he doesn't play for Madrid and he laughed and replied: "I was expecting this. I've arrived [on the show] and I want to say thank you all, I'm going to continue with my holiday and I have to go now because they're waiting for me."
10.21 BST: Tottenham have FINALLY appointed a new manager.
09.32 BST: Manchester United are close to finalising a deal for Real Madrid defender Raphael Varane, sources have told ESPN's Mark Ogden.
The France international, whose contract at Bernabeu is due to expire in June 2022, is Ole Gunnar Solskjaer's top defensive target.
Despite Varane's diminishing contract, Madrid had initially valued the centre-back at €70m -- a pricetag that United regarded as too high for a player entering the final year of his contract. But with Madrid needing to offload players to fund a rebuild of Carlo Ancelotti's squad, United are confident that a deal can be done for a fee in the region of €50m.
United had been considering Villarreal's defender Pau Torres as an alternative, but efforts to sign Varane have now been stepped up following France's surprise exit from Euro 2020 in the wake of Tuesday's round-of-16 defeat against Switzerland.
09.16 BST: Arsenal have submitted an official offer to sign Sassuolo midfielder Manuel Locatelli this summer, according to the Italian club's CEO Giovanni Carnevali.
Locatelli has been one of the star performers for Italy at Euro 2020 and scored a brace in their 3-0 victory over Switzerland in the group stages.
The 23-year-old also contributed four goals and three assists for Sassuolo last season and helped the club to an eighth-placed finish in Serie A.
When asked about any interest in the midfielder, Sassuolo CEO Carnevali told Sky Sport Italia: "There are other teams interested in Manuel, Arsenal is one of them and perhaps they are the one that is further ahead because they have made us an important proposal. Indeed, up to now it is the only company that has submitted a concrete offer."
Arsenal's interest in Locatelli could also mean Granit Xhaka is on his way out of the north London club with reports linking the midfielder with a move to Roma to join up with Jose Mourinho.
Carnevali also confirmed that Arsenal will face competition from Juventus for Locatelli's signature but added talks with the player have not taken place.
08.57 BST: Lionel Messi has become a free agent, but Barcelona remain confident of agreeing a new contract with the forward, sources have told ESPN.
Messi's deal expired at midnight on Wednesday, and has yet to sign a renewal to extend his 20-year stay at Camp Nou.
However, a loose agreement is in place, and Barca are pressing ahead with tying up the final details with the aim of announcing it as soon as possible.
Sources have told ESPN that Barca are in the process of squaring the numbers with La Liga and the tax office to ensure there are no problems moving forward.
08.30 BST: Manchester United have agreed a fee in principle with Borussia Dortmund for the transfer of Jadon Sancho, sources have told ESPN's Rob Dawson.
United are set to pay €85m (£72.9m/$101m) for the England winger's move, according to sources. There are no add-ons as part of the deal.
Sources have also told ESPN that Sancho's former club and United rivals Manchester City will receive 15% of the profit made by Dortmund on the transfer, set to be €12.75m.
Talks with Sancho's representatives, which began last summer, have gone smoothly and the 21-year-old will undergo a medical before signing a contract which will keep him at Old Trafford until at least 2026.
PAPER GOSSIP (by Danny Lewis)
- Fresh from his Euro 2020 disappointment, Kylian Mbappe has told his PSG teammates that he plans to leave the club when his deal expires in 2022, according to L'Equipe. The 22-year-old has long been linked with a move to Real Madrid and the French outlet says that "the time has come" for the striker to make a decision on his future.
- Sassuolo CEO Giovanni Carnevali has told Sky Sport Italia that Arsenal have made an official bid for Italy midfielder Manuel Locatelli. "They're pushing hard to sign Manuel and it's an important bid...we will see," Carnevali said, adding that Juventus are also in the mix for the player. The 23-year-old has been one of breakout stars at Euro 2020, scoring two goals so far, and could take over for Granit Xhaka in the Gunners midfield.
- AS has confirmed that Internazionale are looking to sign Barcelona full-back Sergi Roberto as a replacement for Achraf Hakimi, who is set to join PSG for €70m. The 29-year-old's contract comes to an end in the summer of 2022, but even that situation may not be enough for the Scudetto winners to be able to bring in the versatile Spaniard. It is stated that Arsenal's Hector Bellerin is another potential option for Inter.
- Speaking of Hakimi, Fabrizio Romano is suggesting that his move from Inter to PSG is close to completion, with the two clubs completing paperwork. It is also claimed that there is a similar situation with goalkeeper Gianluigi Donnarumma, who will be signed as a free agent at the end of his AC Milan contract.
- Marseille are in talks with AS Roma in regard to the double signing of goalkeeper Pau Lopez and winger Cengiz Under, according to Fabrizio Romano. They would both initially be loan spells, with options being included to sign them permanently for €12m and €15m, respectively. Marseille are also working on deals for Arsenal midfielder Matteo Guendouzi and Fiorentina right-back Pol Lirola, with the latter having spent last season on loan there.
- Leeds United are looking to sign Cagliari midfielder Nahitan Nandez, as has been reported by Calciomercato. The Uruguay international, who is currently at the Copa America, has a release clause of €36m, but it is suggested that the Premier League outfit could sign him for a figure around €30m. It is stated that Inter are also interested in the 25-year-old.
- Lille are in discussions with Hatem Ben Arfa about a possible move to the club, as has been reported by Le10 Sport. The French midfielder is leaving Bordeaux with his contract coming to an end, so will be available as a free agent.