Arsenal's Arsene Wenger believes the transfer window should be closed before the start of the season to avoid playing the same players more than twice.
Deloitte consultant Chris Stenson believes the unprecedented spending is in line with reasonable expectations, given the riches available to Premier League clubs from the record broadcast deals which took effect last season.
All eyes will be on the final figures on the morning of 1 September 2017 after the transfer window closes.
At 9am on August 24 total gross transfer expenditure by Premier League clubs stood at £1,170 million, according to analysis by Deloitte's Sports Business Group.
Fuelled by global broadcast rights deals totalling £8.4 billion, 12 Premier League teams have broken their transfer record since the end of last season.
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Southampton's £15 million ($19.19 million) purchase of Lazio centre-back Wesley Hoedt brought the overall spend by England's 20 elite clubs to £1.1849 billion, the respected website Sporting Intelligence said.
The 20 clubs in the top division beat the previous record of £1.165bn, set last summer, with more than a week of the window remaining.
"We expect further significant expenditure in the next seven days as clubs seek value in the market", Stenson said.
The biggest signings this summer include Romelu Lukaku, who signed for Manchester United from Everton for £75m, and Alvaro Morata, who joined Chelsea from Real Madrid for £70m. "Last summer, Premier League clubs spent around £300 million in the final week of the window, more than they did throughout the entire January 2017 window".
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