The Independent claim Smalling is set to leave Old Trafford after the £31m signing of Victor Lindelof from Benfica.
Premier League rivals Everton, Newcastle United and West Ham United have all been linked to the 27-year-old but earning close to £100,000 per week and with two years still left on his contract, it may prove a stumbling block for any potential suitor.
Meanwhile, reports in France suggest Olivier Giroud could be used in a swap deal for Lyon's Alexandre Lacazette, while there is also talk the 30-year-old could head to Monaco - if Arsene Wenger wins the race for Kylian Mbappe.
And West Ham are also showing strong interest in the frontman - with the club's representatives having already contacted his agent to discuss a possible switch across the capital.
The signs are the Gunners will be willing to let him go, providing they get in an adequate replacement.
Elsewhere, Celtic’s hopes of signing Patrick Roberts on a permanent basis look to be in doubt amid reports the player is in talks over a loan move to French side in Nice.
The 20-year-old scored 11 goals and created 19 more in his 41 appearances under Celtic boss Brendan Rodgers last season and was a candidate for the SPFL Young Player of the Year award.
Media outlet Calcio Mercato are reporting Everton have agreed a €18m deal for AC Milan forward M’Baye Niang.
The 22-year-old spent the second half of last season on loan at Watford and the Hornets were given the option to sign him permanently for around £15million.
However, it seems Watford are unwilling to negotiate a permanent transfer, leaving the door wide open for the Merseyside outfit to make a move.
A former wonderkid, Niang signed for Milan in 2012 and became the club’s second youngest goalscorer ever at the age of 17 years and 350 days.
Wisdom, 24, is rejoining Gary Rowett’s Rams after never playing a senior game under Jurgen Klopp - making his last Reds appearance in September 2013 and spending last season on loan at Austrian outfit Red Bull Salzburg.
In total, Wisdom made 22 appearances for the club - all under former boss Brendan Rodgers - during his seven-year Anfield career while also having loan spells at Norwich City and West Bromwich Albion.