Leroy Sane's million dollar move to Manchester City wasn't included in the figures, as it was only confirmed on Tuesday
Premier League clubs have already splashed out 475 million Pounds ($631 million) since the transfer window reopened in July, according to business analysts Deloitte.
Bolstered by the increased revenue from the Premier League's new 5.1 billion television deals, the 20 top-flight teams have been throwing money at a host of new signings, and Deloitte says the spending could shatter the 1 billion mark for the first time in the pre-season window.
The current figure of 475 million is slightly less than the 515 million spent by Premier League teams at the same stage in 2015, which led to an eventual 870 million outlay in the whole window.
Leroy Sane's million dollar move to Manchester City is not included in the figures, as it was only confirmed on Tuesday. And the spending figure would rise significantly if Manchester United complete their reported world record 100 million move for Juventus midfielder Paul Pogba.
Chelsea, linked with a 65 million deal for Everton striker Romelu Lukaku, could also add to the rising transfer total.
"The prospect of increased revenue from the new broadcast deals next season has encouraged Premier League clubs to invest in this window in order to be as competitive as possible," Alex Thorpe, senior manager in the sports business group at Deloitte, told the BBC.
"With a month of the window still to go, some significant deals in the pipeline and a number of clubs yet to enter the market, we may see another summer of record Premier League spending, possibly breaking the one billion barrier for the first time."