The current campaign has seen top-flight clubs splash £725 million already, with January spending just below £95m on the morning of transfer deadline day
The 2013-14 Premier League campaign has broken the record for the highest spending in a single season.
With a total of £725 million spent by Premier League clubs last summer and during the January transfer window, the English top flight has seen transfer outlay go over the £700m mark for the first time ever.
In figures published by the Deloitte Business Group on Friday morning, Premier League clubs were shown to have spent £95m in January 2014, with Juan Mata's £37m move from Chelsea to Manchester Untied and Nemanja Matic's £21m arrival at Stamford Bridge the biggest deals so far.
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"We expect deadline day to again be a busy time for Premier League clubs," Dan Jones, Partner in the Sports Business Group at Deloitte, said.
"However, regardless of the amount of activity today, we have already seen the 2013-14 season set a record for Premier League transfer spending. This season the combined transfer spend of Premier League clubs has passed the £700m mark for the first time, with spending currently at c.£725m.
"It is important to put this in context; the transfer spending is supported by the record level of revenues of Premier League clubs, driven primarily by new broadcast agreements. This gives Premier League clubs the ability to continue to invest significantly in their playing talent."
Spending this January has already surpassed the Premier League's three previous winter windows at the same stage, with £85m in 2013, £30m in 2012 and £90m in 2011.