Transfer Update 1

It looks like AC Milan playmaker Kaka is heading for the Santiago Bernabeu after all the speculation over a possible move to either Chelsea or Real Madrid. AC Milan had issued a statement earlier this week saying that Kaka would either head to Real Madrid or stay at AC MIlan and that a move to Chelsea was out of the question.

AC Milan and Brazilian Midfield Maestro Kaka

The Brazil international is expected to be confirmed as a Real Madrid player on Monday after completing a medical. The fee is reported to be £56m, which would smash the previous world record of £47m paid to Juventus by Real for Zinedine Zidane in 2001.

Real Madrid's newly elected president Florentino Perez expressed his desire to bring in big names such as Kaka and United's own Cristiano Ronaldo. Prior to the Champions League final however, Ronaldo said he was perfectly happy at Manchester United and had no intentions of leaving this summer.

Unite have however accepted a £6m bid Frazer Campbell from Hull City . The 21-year-old enjoyed a successful loan spell at the KC Stadium in the 2007-08 season when he scored 15 goals in 32 starts to help the Tigers into the Premier League.

Despite Hull's desire to keep Campbell for their first season in the top flight he went on loan to Tottenham for almost the entire campaign as a part of the deal which brought Dimitar Berbatov to United.

Liverpool were left disappointed after summer target Gareth Barry signed for Manchester United's cross-town rivals Manchester City. The fee is believed to have been around £12m. The ex-ASton Villa central midfielder was aiming at a move to the Merseyside giants last year but an agreement could not be reached on the fees.

Aston Villa's ex-Captain Gareth Barry.