Ashley Cole will move to English Premier League champions Chelsea, and William Gallas is set to join Arsenal, after a frantic finish to the transfer window.

On a dramatic day which saw West Ham boss Alan Pardew pull off a stunning coup by signing Argentina internationals Carlos Tevez and Javier Mascherano, rival London clubs Arsenal and Chelsea issued a joint statement confirming Cole's long-rumoured move, which was completed minutes before the transfer window closed at midnight on Thursday.

Arsenal accepted William Gallas and STG5 million ($A12.5 million) for the England left-back, concluding the 12-month saga that linked Cole to Chelsea.

Both defenders underwent medicals on Thursday evening.

"Chelsea FC and Arsenal have agreed terms for the transfers of Ashley Cole and William Gallas," the statement, which was released more than an hour after the transfer deadline, read.

"Chelsea will also pay Arsenal five million pounds. Both players have agreed personal terms and passed their respective medicals."

Cole, 25, had been left out of Arsenal's opening two Premiership games - one draw and one loss.

Arsenal also agreed earlier to a one-year loan swap deal involving them securing the services of Brazilian midfielder Julio Baptista in exchange for Spanish international winger Jose Antonio Reyes.

Unsettled Reyes, who turns 23 today, has been angling all summer for a move from Arsenal, whom he joined in 2004 from Seville, where Baptista also played until coming to the Bernabeu a year ago.

West Ham emerged with the most impressive haul after a frantic last day of wheeling and dealing in the transfer market.

With the transfer window staying closed until January, many clubs were desperately trying to add new faces to their squads.

West Ham boss Pardew pulled off the biggest coup by persuading Argentina internationals Tevez and Mascherano to join the east London outfit from Brazilian club Corinthians.

Tevez, a 22-year-old striker, and midfield anchor man Mascherano, also 22, both played at the World Cup in Germany.

For several days leading English clubs Manchester United and Arsenal had been linked with moves for Tevez, while the Old Trafford club was also thought to be keen on Mascherano.

But, with both players in London for their country's friendly against Brazil on Sunday, it was Pardew who managed to get their signatures.

The players moved to Upton Park on a permanent basis and should make their debuts for West Ham against Aston Villa on September 10.

Despite speculation three Socceroos could be on the move, no Australian player transfers were announced before the deadline.

Liverpool star Harry Kewell was reportedly being chased by Tottenham, Newcastle had expressed interest in Middlesbrough striker Mark Viduka, and Liverpool was attempting to recruit Lucas Neill from Blackburn.

Elsewhere, Tottenham landed French midfielder Steed Malbranque from Fulham for around STG2 million ($A5 million), with winger Wayne Routledge going in the opposite direction on a season's loan. Tottenham boss Martin Jol completed a deal for France right-back Pascal Chimbonda - worth an estimated STG6 million ($A15 million) - from Wigan, which signed Kevin Kilbane from Everton.

Liverpool shipped out Florent Sinama-Pongolle to Recreativo Huelva on loan while Jan Kromkamp's brief stay at Anfield came to an end when he agreed to move to PSV Eindhoven.

Portsmouth manager Harry Redknapp swooped for Croatian Niko Kranjcar from Hadjuk Split for around STG4 million ($A10 million), as well as bringing veteran striker Andy Cole from Manchester City for STG500,000 ($A1.25 million).

Blackburn signed highly-rated Congo striker Shabani Nonda on a season's loan from Italian side Roma. Charlton manager Iain Dowie brought Uruguay midfielder Omar Pouso to The Valley on a season's loan from Penarol and let striker Jason Euell move to Middlesbrough for 300,000 pounds.

Manchester City brought in DaMarcus Beasley from PSV Eindhoven on a season-long loan and said farewell to Antoine Sibierski who moved to Newcastle for an undisclosed fee.

And former England captain Paul Ince joined English League Two leaders Swindon as player-coach.

The Age

Big money game wow

True, and bear in mind of course that some of those are at the lower end compared to some of the bigger transfers which already took place earlier in the month. Its all a big merry-go-round where the agents are always the big winners.