Welcome to the Cristiano Ronaldo-free Transfer Rumor update for December 4, 2008. Today’s rumors include two big-time homecomings, a possible fire-sale at a big-name club, and a couple of in-demand players who are going nowhere… for now.

Valencia Fire Sale

According to reports, Valencia are on the verge of bankruptcy and must pay 50 million Euros by the end of December. David Villa has already been targeted by both Chelsea and Manchester City (despite Chelsea’s stated intention of sitting out the transfer period), and others could follow.

Analysis: While it doesn’t necessarily mean that they’ll be auctioning off their star players, it does make for an unstable situation at the club. For anyone who was thinking about making a move, now might be the time to do it. Additionally, if Valencia are desperate to shed payroll, then other clubs could end up getting a bargain on some of Valencia’s lesser-profile stars.

Homecoming for David James

David James could be on his way back to Tottenham as Harry Redknapp has decided to make a £3 million move for his former keeper.

Analysis: Well, the James/Redknapp union bore fruit at Portsmouth. Why not see if lightning can strike twice

Owen to Everton

Michael Owen could make his long-rumored return to Merseyside has vowed to stay at Fulham despite interest from both Spurs and Arsenal.

Analysis: Hangeland has been playing very well, and he has two years left on his contract. Maybe he’ll jump eventually, but he seems committed to helping Fulham stay in the top-flight.

Drogba’s Agent Denies Dinner with Inter Milan

Didier Drogba’s agent