Ito very likely/ Baptista probable/ Gallas and Petrov possible

Looks like a summer of frustration may bear fruit at the eleventh hour, with most papers saying the swap between Julio Baptista and Jose Reyes is likely. Most say a year long swap loan deal, but the Independent sticks its neck out saying Baptista + £2m in a permanent move.

A Real spokesman said it was 90% likely to go through, after a breakthrough yesterday. Although Baptista has said he doesn't want to come to London, Real said he has no place in their plans as he occupies a non-EU spot and Real want a couple of non-EU players. One papers asserts he's getting an EU passport today.

Baptista was Wenger's prime target last season, and he thinks he can turn the Brazilian, who can play in midfield or as a striker into a Premiership force. One paper says Real turned down a £14.5m bid from Spurs for Baptista earlier this window.

If the Real deal fails, then it looks like Reyes will be sold to Atletico for £13.5 plus add ons. Although the Independent says left sider Martin Petrov – wanted by Spurs – could go to Arsenal as a makeweight in any Atletico deal.

Any potential Cole deal brings up varied reports. Several papers go with the delayed Cole book due to published today – and the background to the dispute – over £5000. And most say the deal won't go through.

The Mirror, however, says Chelsea will offer £21m and then say, a swap of Gallas + £5m could materialise at the last minute. The Indpendent has an interesting take – saying Chelsea are offering £10m now and £10m over the five years of the propsed Cole contract. It says Arsenal want £15m.

In the Express, it says if Cole stays he wants to 'play out of his skin to win Arsenal fans round'.

The Mirror has the most definite Arsenal potential incomer with 18 year old Japanse youth international striker, in Sho Ito, who has applied for a work permit, after being on trial at Arsenal. [What did we say about Arsenal working under the radar]. Wenger said: " I like him."

The potential Mascherano and Tevez deals are shrouded in mystery. The broadsheets say Arsenal and Man U may have missed out on the Argentinians, with a third Premiership club, most probably Portsmouth, looking likely to seal a year long loan move – with the prospect of moves to Chelsea or Man U later.

Corinthians are believed to have turned down permanent offers with the hope that the loans will turn into bigger deals.

The Times says a loan deal for Tevez is still possible, particularly as he is in London, although it is depressing that Arsenal is considered a possible feeder club.