The Uruguay international star currently tops the list of the close-season's biggest deals to date in a hectic window but who else has been signed for big money?
Following Gareth Bale's world-record €100 million move from Tottenham to Real Madrid last year, we have already seen the €80m barrier broken twice this time around.
With clubs enjoying greater commercial and broadcast revenues than ever and on the back of the shop window that is the World Cup, it is safe to expect more big signings between now and September.
But what have been the most expensive transfers so far?
Luis Suarez may have seen his World Cup end in ignominy but it wasn't long after his time in Brazil that Barcelona paid what is currently the biggest fee of the summer - a staggering £70m - to bring the Premier League player of the year to Spain.
Not to be outdone by their Clasico rivals, Real Madrid splashed out aroud €80m (£63.5m) on James Rodriguez, who captured the attention of the world with his Golden Boot-winning performances in Brazil and promptly moved to the Spanish capital from Monaco. Interestingly, this is the only transfer currently in the top 10 not to include a club from England's top flight.
David Luiz will not be missed at Chelsea according to Jose Mourinho but Paris Saint-Germain will hope that their £40m outlay on the Brazilian - the highest fee ever paid for a defender - will not go to waste. Chelsea, of course, wasted little time in reinvesting the funds, paying £35m to Atletico Madrid to bring Diego Costa to Stamford Bridge.
Currently in fifth place is Alexis Sanchez, who became Arsenal's second most-expensive player when he joined from Barcelona. Just behind him is Luke Shaw, whom Manchester United made the costliest teenager in football history when they forked out £30m to Southampton for his services.
In seventh place - the fourth deal involving Chelsea in the table - is Cesc Fabregas, who called time on his Barcelona spell for around £30m, while Shaw's new United team-mate, Ander Herrera, is eighth, with Athletic Bilbao receiving around £29m for the midfielder.
Romelu Lukaku's club-record £28m transfer to Everton places him in ninth while Adam Lallana completes the current top 10 after joining Liverpool for just over £25m.
A number of other significant summer moves just fall short of a place in our list. Toni Kroos and Antoine Griezmann both cost a fraction over €30m as they joined Real Madrid and Atletico, while Mario Mandzukic - Costa's replacement at Atleti - is down in 15th with a fee of €24.3m (£19.3m).
Juan Iturbe - at the same price as Mandzukic - is the most expensive signing made by a Serie A side so far, with Roma's new attacker placed two spots ahead of Alvaro Morata, who joined Juventus for €22.1m (£17.5m). At the same fee, Jeremy Mathieu - the most expensive defender ever over the age of 30 - rounds off the top 20, just ahead of Ciro Immobile, currently the priciest Bundesliga arrival of the summer at €21.4m (£17m).
Ivan Rakitic and Jan Oblak both make the top 25 along with Manchester City new-boy Fernando, while Iturbe, bizarrely, appears again at No.24 after Hellas Verona initially paid Porto €16.5m (£13.1m) to acquire the full rights to the player before his Roma move.
|TOP 10 MOST EXPENSIVE TRANSFERS OF 2014
|2||James Rodriguez||Monaco||Real Madrid||63.5m|
|3||David Luiz||Chelsea||Paris Saint-Germain||40m|
|4||Diego Costa||Atletico Madrid||Chelsea||35m|
|6||Luke Shaw||Southampton||Manchester United||30m|
|8||Ander Herrera||Athletic Bilbao||Manchester United||29m|