Premier League clubs have spent a record £1.95bn on players in this summer's transfer window - with a week still to go before deadline day.
According to analysis by Deloitte, the previous record of £1.92bn set last summer has already been overtaken.
"This sensational level of spending appears to be the new norm for Premier League clubs," said Deloitte's Calum Ross.
Clubs are set to break the £2bn barrier in the coming days, the report adds.
"For the second year in a row, the summer transfer spending by Premier League clubs has surpassed the previous record and looks set to rise above £2bn for the first time before the window closes on 1 September," added Ross, assistant director in Deloitte's Sports Business Group.