The front page of The Sun leads with news that Cole's iconic popstar wife Cheryl has finally filed for divorce over the left-back's inability to keep it in his pants; but over in the Daily Express it seems that a new life as a Real Madrid galactico awaits in Spain.
Jose Mourinho is on the verge of being installed as Real Madrid's new coach, and is poised for a £50 million swoop to bring Cole and Michael Essien to the Bernabeu.
Manchester United boss Alex Ferguson has found his replacement for Paul Scholes, according to the Mirror, with Real Madrid's Rafael van der Vaart apparently the man who fits the bill.
Fergie is said to be an admirer of the 27-year-old playmaker, whose future is in doubt with Mourinho taking over at the Bernabeu.
While Van der Vaart might well be available, Valencia's star midfielder David Silva is apparently not for sale - even at the suggested £30m price tag that would help the poverty-stricken Spanish club.
Silva has been linked with a move to Old Trafford for some time - with Barcelona among several other interested clubs - but Valencia president Manuel Llorente claims that he will leave.
Arsene Wenger looks set to end Arsenal's goalkeeping woes by making a move for Fulham's Mark Schwarzer.
The patchy performances of Manuel Almunia were one of the factors that derailed the Gunners' title challenge last season, and it seems as if the 37-year-old Australian could move across London for his career swansong.
It's not all good news for Gunners fans: the Daily Mirror's back page leads with Cesc Fabregas's dad telling Wenger to give up any hope of keeping his son at Arsenal as the biggest transfer saga of the summer so far rumbles on.
"He has decided," said Francesc Fabregas Sr. "When these things happen there can be misunderstandings and everyone should just respect the decision of the player."
Aston Villa striker John Carew could be exchanging the Midlands for Tuscany as Villa are looking to sell in order to raise funds.
The 30-year-old Norwegian has just a year left on his contract, and the Mirror claims Martin O'Neill wants to cash in on interest from Fiorentina or Sampdoria in order to raise money to bring in Robbie Keane or Bobby Zamora.
Everton are playing hardball over the possible sale of Steven Pienaar to Tottenham, with the Mirror claiming David Moyes is demanding £15m for the player - despite the fact that he has just a year left on his contract.
Spurs boss Harry Redknapp is also lining up a move for Manchester City defender Micah Richards, according to The Sun. Richards has struggled in the last season or so after a superb start to his career, and Redknapp believes he will jump at the chance of a £9m transfer.
Tottenham are also keen on Villa defender Curtis Davies, with the Daily Star and Daily Mail claiming that they will offer £7m for the 25-year-old. Liverpool are also said to be interested, but The Sun reports they are thinking more along the lines of £5m.
And as if Redknapp wasn't busy enough with all of that, the Daily Mail also says that Chelsea will pay up to £25m for Luka Modric while Lokomotiv Moscow are trying to put together a cash-plus-Peter Odemwingie deal for striker Roman Pavlyuchenko.
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