All the latest transfer news from around the capital.

Arsenal manager Arsene Wenger has been promised £70m to spend on an “exceptional” signing in the January transfer window.

The Gunners brought Mohamed Elneny to the Emirates earlier in the month for £7m, with PSG forward Adrien Rabiot, Napoli star Gonzalo Higuain and Real Madrid forward Isco also linked with the club. [Evening Standard]

Meanwhile, Arsenal’s move for Kelechi Nwakali is close to completion.

The 17-year-old starlet guided Nigeria to U17 World Cup success last year and is expected to sign for the Premier League giants shortly. [ESPN FC]

Chelsea have agreed a fee to sell midfielder Ramires to Chinese outfit Jiangsu Suing.

The Brazilian star has fallen out of favour in west London and is the subject of a £24m bid from Jiangsu, who finished ninth in China’s top tier last year. [Selecao Brasileira]

The Blues have denied any breach of rules over Bertrand Traore as the threat of a costly transfer ban looms. [Guardian]

Out-of-favour Tottenham winger Andros Townsend is set to complete a move to Newcastle after Spurs agreed a £12m offer for his signature.

The England international, 24, has made only three appearances in the league this term. [City AM]

Crystal Palace have confirmed the signing of former Tottenham, Arsenal and Manchester City man Emmanuel Adebayor on a free transfer until the end of the season.

Adebayor was released by Spurs in September but now has the opportunity to revitalise his career at Selhurst Park. [News Shopper]

Meanwhile, the Eagles are plotting a move for Hull City star Mohamed Diame.

The former West Ham and Wigan midfielder has been a central figure to Hull’s stunning start to the season and manager Steve Bruce is reluctant to let him leave. [News Shopper]