Top 5 Transfer Rumours of the Day: May 5

Here's a look at top 5 football transfer speculations from today's newspapers.

#1 Manchester United set to miss out on Fabio Coentrao

Manchester United target Fabio Coentrao is set to stay at Real Madrid despite having limited first team football action this season.

Real Madrid boss Carlo Ancelotti wants the Portuguese International to stay at the Spanish capital beyond his current contract. Coentrao was close to joining Manchester United on loan this January, but a deal failed to materialise.

The 26-year-old falls behind Brazilian Marcelo in Real Madrid's pecking order but the club is keen to keep him with Marcelo's ongoing injury concerns.

With Coentrao ruled out with a move, Southampton's young left back Luke Shaw now remains firm favorite to replace departing Manchester United star Patrice Evra at Old Trafford this summer.

#2 Liverpool to sign six new players

Liverpool boss Brendan Rodgers is determined to bring in six new players this summer. The Reds' manager believes that the prospect of playing in the Champions League will help the attract top players for next season.

Liverpool have been linked with several players in recent weeks with Ukraine winger Yevhen Konoplyanka and Argentina’s World Cup left-back Marcos Rojo leading the list.

Rodgers' priority will be to bolster his squad's defensive options as Cardiff skipper Steven Caulker and Manchester City's not-in-demand defender Micah Richards have emerged as targets for Liverpool. The Reds also look set to join a Premier League bidding war for Southampton's young stars Luke Shaw and winger Adam Lallana.

#3 Arsenal to make shock bid for Rio Ferdinand

Arsenal could make a shock move for Manchester United veteran defender Rio Ferdinand if he is not offered a new contract this summer.

Gunners' boss Arsene Wenger has been a long term admirer of the England centre back, who is set to become a free agent at the end of the season. A host of clubs are said to be targeting the 25-year-old including Turkish giants Besiktas and Galatasaray.

Ferdinand has made it clear that he has no intention to retire this summer and staying at Manchester United will be his preferred choice.

#4 Mourinho wants Real Madrid defender Rafael Varane

Chelsea boss Jose Mourinho wants to reunite with Real Madrid defender Rafael Varane. The Frenchman is one of the most talented young defenders in world football who played a key role in Mourinho's two year tenure at the Spanish capital.

The Blues' boss has reportedly told Chelsea's board of directors to sign the young centre back for next season. Varane can serve Chelsea as a long term replacement for club captain John Terry.

Varane has had limited opportunities since the arrival of Carlo Ancelotti, who prefers Sergio Ramos and Pepe over the 21-year-old. However, the French International was a regular starter under Mourinho and could be interested in a move to Stamford Bridge.

#5 Arsenal to battle Chelsea for Diego Costa

Arsenal are planning a sensational raid on Atletico Madrid striker Diego Costa. The striker is heavily expected to join Chelsea this summer but the Gunners believe the deal is far from done.

Costa has been a star performer for Atletico this season and is targeted by host of European clubs. Signing a world class striker for next season is the main objective for both the London clubs, who are willing to pay the Spanish International's £31 million release clause.

Meanwhile, on loan Newcastle striker Loic Remy has fueled rumours of a summer move to Arsenal after being spotted at the Emirates for the Gunners' final home game of the season against West Brom.