Premier League clubs have spent a combined £920million in the summer transfer window so far, £20million more than at the same point 12 months ago, according to Deloitte's Sports Business Group.
With Arsenal today signing Lille winger Nicolas Pepe for £72million, the overall figure has risen above last year's figure, with a week to go until the transfer window closes and still time to push the total outlay past £1billion again.
Manchester City's £68million midfielder Rodri, Manchester United's £50million fee for Aaron Wan-Bissaka and West Ham's £45million striker Sébastien Haller are the other big-money signings made by Premier League clubs so far this summer.
Clubs shelled out £300million in the final week of the transfer window last year - the first that closed before the start of the season - to push the total to £1.2billion but that was £200million less than 2017.
That figure of £1.4billion is a record for a single league in a transfer window but it is now under threat from Spain, where a new broadcasting deal and a desire to respond to the Premier League's dominance in Europe last season is pushing LaLiga clubs to new levels of investment in talent.
In a statement, Deloitte's Tim Bridge said: 'Compared to the spending activity seen from certain clubs across Europe, Premier League clubs' transfer spending appears to be more muted so far this summer.
'There are a number of reasons that are influencing this trend, including the strong performance of English sides in UEFA club competitions and the relative stability of the clubs competing at the top of the Premier League.
'Whilst other Premier League clubs are spending more actively, it is their European peers, particularly in Spain and Italy, who have been investing more heavily in this summer's transfer window.
'This is particularly notable in Spain, where the relative financial security that will be provided by a new broadcast cycle, commencing this season, will result in increased revenue for LaLiga clubs and a great focus on squad investment.'
Spain's top flight has already paid out more than £1billion in fees this summer, with Barcelona spending £108million on Antoine Griezmann and £67.5million on Frenkie De Jong, Atletico Madrid paying £113million for Joao Felix and Real handing over £90million for Eden Hazard.