Manchester United are expected to be among the biggest spenders on transfer deadline day, despite the fact Liverpool have already kicked off the day with two signings.
Tiago Ilori and Mamadou Sakho have completed their moves to Anfield, and were two of several transfers confirmed this morning.
Stoke brought in Austrian striker Marko Arnautovic from German club Werder Bremen and Marseille confirmed that their midfielder Morgan Amalfitano had joined West Brom on a season-long loan.
The major developments, though, are expected at Old Trafford and the Emirates Stadium.
Manchester United manager David Moyes is yet to make any significant additions to his squad since replacing Sir Alex Ferguson.
Moyes has missed out on Barcelona playmakers Thiago Alcantara - who moved to European champions Bayern Munich instead - and Cesc Fabregas, who opted to stay and fight for his place at the Nou Camp.
Moyes could still return with an improved offer to former club Everton for left-back Leighton Baines and midfielder Marouane Fellaini, and Athletic Bilbao’s Ander Herrera has been another late target.
United have also been linked with Real Madrid’s Luka Modric and Daniele De Rossi of Roma as they aim to improve their squad for the remainder of the campaign.
Arsenal have been linked with a deadline-day move for Real Madrid’s German forward Mesut Ozil, as they finally appear poised to flex the financial muscle chief executive Ivan Gazidis made clear they possessed in a media briefing at the end of last season.
However, reports in Spain suggest Ozil is ready to snub Arsenal’s interest.
So far only Yaya Sanogo and Mathieu Flamini have arrived at the Emirates Stadium on free transfers, with the club having failed to push through deals for Real Madrid forward Gonzalo Higuain, who moved to Napoli instead, Liverpool striker Luis Suarez or Bayern Munich defensive midfielder Luiz Gustavo.
Newcastle midfielder Yohan Cabaye could be another to move to the Gunners, and Ozil’s Real team-mates Karim Benzema and Angel di Maria are also said to be on Wenger’s wanted list.
Manchester City met their need for a central defensive signing by signing Martin Demichelis from Atletico Madrid last night.
Liverpool are expected to push through a loan deal for Chelsea’s Victor Moses, who was at Anfield, along with Ilori and Sakho, for Sunday’s victory over Manchester United.
Chelsea appeared to have finished their business with the signing of Samuel Eto’o from Anzhi Makhachkala, but manager Jose Mourinho is reported to be keen to add further depth to his striking options in the final hours of the window.
Newcastle have been quieter than expected, with Loic Remy’s loan move from QPR the only deal completed by new director of football Joe Kinnear.
Meanwhile, the likes of Norwich, Crystal Palace, Hull, Sunderland and West Brom could all make last-minute moves to strengthen their respective squads.