Chelsea and AC Milan have agreed to loan striker Fernando Torres to AC Milan.

A statement on the Chelsea website read:" Chelsea Football Club and AC Milan have agreed terms for the two-year loan deal of Fernando Torres to the Italian club.

"The move is now subject to Fernando agreeing personal terms with AC Milan and passing a medical examination."

AC Milan hopes to sign Fernando Torres and Marco van Ginkel from Chelsea before the end of the summer transfer window.

Milan would like to bring Torres on a season-long loan after the transfer of Mario Balotelli to Liverpool.

Administrator Adriano Galliani said on the club’s website: “We are in the last stages of the [transfer] market and we will see if we are able to acquire an important forward.

“This is our main aim. Torres is certainly an important forward and we will see if we can sign him or another player.

“Van Ginkel? It’s possible. We have written to Chelsea and are awaiting a response. We are optimistic.”

Everton have "an agreement in principle" to take Chelsea winger Christian Atsu on loan for the season, manager Roberto Martínez says.

Atsu has yet to appear in a match for Chelsea since his transfer from Porto.

Atsu, who joined Chelsea from Porto last summer, was immediately loaned out to Vitesse Arnhem, who finished sixth in the Eredivisie in 2013-14 with several Blues starlets among their team.

Liverpool has signed Javier Manquillo on a two-year loan from Atlético Madrid.

The 20-year-old right-back underwent a medical earlier this week in a loan that could allow Liverpool to make the move permanent for approximately £5 million.

Manquillo, a right-sided defender who has played for Spain’s youth teams, is highly-regarded but made only a handful of first team appearances under Diego Simeone last season.

Paris Saint-Germain has agreed to purchase Ángel di María from Real Madrid, according to Bein Sports.

PSG will pay €10 million to acquire di María on a "loan" and then pay the remaining €70 million next summer in order to sidestep Financial Fair Play rules.

Di María has been a key component of Real Madrid for several seasons, but the decision to buy James Rodríguez made the midfield a crowded area of the pitch.

Frank Lampard will sign with Manchester City on loan from NYCFC.

NYCFC is owned by City Football Group and will begin play next year in the MLS.

Lampard had been with Chelsea from 2001 until 2014.