According to several reports in England, Manchester City are in talks with Porto to sign both Eliaquim Mangala and Fernando on the deadline day.
Mangala is believed to be the Sky Blues' primary target as Manuel Pellegrini looks to strengthen the club's backline.
However, it has been suggested that Mangala won't come to the Etihad until the summer as the Frenchman fears a transfer just a few months before the World Cup could adversely affect his chances of going to Brazil.
According to the Mirror, City are "racing against the clock to clinch Mangala’s signing...and fear the odds of completing a deal are against them".
Fernando, on the other hand, appears as the more viable target for the deadline day.
His contract expires at the end of the season and the Brazilian has also been linked with City's rivals Manchester United this winter.
City believe a combined bid of £46million for the two players will persuade Porto to sell their prized assets. Yet, even though the two clubs negotiated for reportedly eight hours yesterday, an official breakthrough is yet to be announced by any party.
Porto were intially reluctant to listen to any offers for Mangala and Fernando but their "changing" financial situation has opened the door for City to pull off a late deal.
Nonetheless, it looks unlikely City will be able to successfully execute the deal. Most likely, the two players will arrive at the club in the summer, with the Citizens paying the fee today.