English teams, who have until 11pm tonight to complete their business, have already spent £130m more than they did last summer.
According to figures from Deloitte's Sport Business Group, the Premier League's total gross spending stood at £1.005bn this morning, while it has raised £478m in player sales.
At the same stage last year, gross Premier League spending stood at £780m with £395m made from sales.
The historic transfer window outlay has featured 11 clubs breaking their transfer record on new players, including Manchester United who made Paul Pogba the most expensive player in history by splashing out £89m to bring the French midfielder back to Old Trafford.
Premier League teams are for the first time enjoying the benefits of the league's new £8bn broadcasting deal, which will guarantee every club at least £100m a season in TV money.
Manchester City are the biggest spenders so far, having spent £180.9m on new players for new manager Pep Guardiola.