Bayern Munich have signed James Rodriguez from Real Madrid on a two-year loan deal, the Bundesliga champions announced. In England, newly promoted EPL club Newcastle United will have to act fast if they're to sign Jesús Navas with the former Manchester City midfielder set for talks over a return to Sevilla. Elsewhere, Arsenal are reportedly ready to let out of favor defender Mathieu Debuchy leave the club on a free transfer, despite the Frenchman having a year left on his current contract. In Spain, in-demand Atletico Madrid forward Angel Correa has cast doubt over a potential move to Liverpool, by angling for a higher weekly wage.

Here's a complete report of the latest transfer updates Making The Rounds:

James Rodriguez on loan to Real Madrid

Bayern Munich, managed by former Real Madrid manager Carlo Ancelotti, will have the option to buy James Rodriguez in 2019. Carlo Ancelotti worked with the Colombia international during what was “probably” his most productive year at Real Madrid, his debut season in 2014/2015, and he'll hope to get the best out of James Rodriguez once more. The 25-year-old striker had fallen out of favor at Real Madrid to such an extent that he was left-out of their squad for the UEFA Champions League final last season. Manchester United and Chelsea had been heavily linked with a move for the Colombian striker this summer window but it had been speculated that Real Madrid were asking for around $89.9m for the player, according to BBC Sports.

Jesús Navas wanted by Sevilla and Newcastle

Jesús Navas left Manchester City this summer having come to the end of his contract with the Etihad outfit. It has been suggested that Newcastle United want to keep him in the EPL by offering him a bumper deal with them. But, according to ESPN FC, The Spanish La Liga side are now ready to firm-up their chase by offering their former fans' favorite a deal with them this summer.

Jesús Navas' agents will sit down with Sevilla CF chiefs this week to discuss terms and are confident of convincing the 31-year-old striker to join them. It has been speculated that Jesús Navas, who's sixth on Sevilla's all-time appearance makers, would favor a possible return to his former club if the terms go right between the both parties.

Debuchy wants to leave Arsenal

Mathieu Debuchy, who slipped further down the pecking order at Arsenal last term, is almost certain to leave the red north London club this summer in search of a regular playing time. And while the Gunners are “angling to recoup” a large portion of the $15million they spent of signing the 31-year-old defender in 2014, the latest reports have claimed that Arsenal may well let the Frenchman leave the Emirates on a free transfer. According to Sportsmole, the 31-year-old fullback is firmly out of Arsene Wenger's imminent plans and a fee will not be demanded ahead of a summer move elsewhere.

Liverpool interested in signing Correa

Angel Correa has been touted for a move to Liverpool this summer window and reports have speculated that the EPL giants offered the Argentinean striker a $3.3million per year deal over five-years.

However, according to HITC, Angel Correa is ready to play the “long game” with the Anfield outfit, angling for a fee believed to be closer to $5million per year. Atletico Madrid are unwilling to sell the promising young striker but may well be “swayed” by an offer in the region of $32million. The big “stumbling block “ as far as Liverpool are concerned is Atletico Madrid's transfer ban sanctioned by FIFA, which means the La Liga outfit could not replace Angel Correa even if a deal was settled.