Manchester United are cautiously optimistic that Paul Scholes will be able to continue playing next season, despite a medical problem that has ruled him out for the rest of this one.

Specialists treating the midfielder have been encouraged by a slight improvement in his condition, and Alex Ferguson has reported that "the prospects are a bit more positive".

Scholes has not played since complaining of blurred vision after the league match against Birmingham on December 28th. It was initially thought he had suffered concussion, but tests revealed him to be suffering from a condition that lead to the problems with his eyesight.The former England midfielder was advised to take "complete rest", but after a family holiday in France he returned to United's training ground this week for a light workout in the gymnasium. He has also been given the all-clear to drive and, having initially feared the worst, United's medical staff have been encouraged by the latest diagnosis.

"There has been an improvement," said Ferguson. "He came into training and did a little bit, which was nice to see, but we're not going to rush him. We're okay for him to miss the rest of the season as long as he's back next season, and we'll be delighted if he is."

Scholes, who has asked for the precise details of his condition not to be disclosed, will not know until the summer whether he will be able to resume his career. If all goes well, he will next play on the pre-season tour of South Africa, but that is contingent on him getting a favourable verdict.

Joe Cole will sign an extension to his contract this summer if Chelsea offer it, and his confidence is so high he thinks the champions could sign any player they wanted but it would not jeopardise his career.

The England midfielder added a jibe at Arsenal, comparing his certainty about staying with Thierry Henry's reluctance to prolong his tenure in north London. "My situation is different to Henry's as, playing for Chelsea at the moment, there's no reason for a player to want to leave," he said. "We'll sit down in the summer and it will be done."

Cole is adamant nothing can change his mind. "Whoever we sign this summer I know it's not the end for me," he said, before pointing out there is still no danger of complacency. "I'm settled here and have just moved into a house, but you've always got to be on your toes at a club like Chelsea."

Last summer's arrival of Shaun Wright-Phillips and Michael Essien did not unduly trouble him or restrict his appearances. Wright-Phillips has struggled to establish himself, but created Cole's winner for England against Uruguay on Wednesday night.

More than 300 transfers with a value of £483 million are to be investigated by the English Premier League bungs inquiry, which was officially opened yesterday by its chairman, Lord Stevens, a former commissioner of the Metropolitan Police.

Stevens said all 320 deals involving 24 Premier League clubs struck since January 2004 would be scrutinised by a 10-man team of investigators that will include forensic accountants and specialist fraud investigators working from Quest, his corporate security consultancy.

Among the transfers to be examined are Wayne Rooney's £23 million move from Everton to Manchester United, already the subject of Football Association charges, and almost £200 million worth of business conducted by Chelsea.

Stevens will also examine allegations attributed to Sven-Goran Eriksson that three Premiership managers were "notorious" for their involvement in corrupt deals.

Announcing the terms of reference and scope of the inquiry yesterday, Stevens said the inquiry would be "fearless".

He added: "I shall go wherever the evidence leads, and I can assure the Premier League that I will not be distracted or diverted from any part of an investigation. If there is evidence of any wrongdoing it will be highlighted.

"It is our intention to interview all of those involved in the transfer process and to examine every transfer. In addition, a number of these will be subjected to a more detailed investigation by me personally."

Guardian Service