20 Premier League clubs have spent a total of more than £130 million in less than two months since the end of the 2010/2011 campaign.
On face value, that is a lot of money. However, if you consider that Liverpool and Chelsea splurged more than £100 million between them on three forwards on transfer deadline day back in January, this summer has been calm to date.
That may be about to change, as Luka Modric this afternoon claims that Tottenham Hotspur chairman Daniel Levy has reneged on a "gentelman's agreement" the two discussed last year in Dubrovnik, whereby Spurs would allow the Croatian midfielder to leave White Hart Lane if a suitable offer came in for a top club.
Modric goes on to allege Levy will order manager Harry Redknapp to demote Modric to a part-time role at the club if he refuses to accept the situation: ''He said if I didn't accept the club's stance, they would make me sit on the bench or in the stands."
This news will surely persuade the Chelsea chairman, if he has the consent of new coach Andre Villas-Boas, to make Spurs an improved offer on the £22 million the Spurs management scoffed at last month.
With Manchester United and Liverpool having already signed expensive creative midfielders and Samir Nasri on the verge of a £22 million move, the path seems to have cleared for Chelsea to entice Modric, 25, to Stamford Bridge.
A bid of £35 million and a part-exchange involving Daniel Sturridge or a Salomon Kalou could be alluring to Harry Redknapp, who has so far failed to replace misfiring Peter Crouch, Jermain Defoe and Robbie Keane with a proven goalscorer.
Of course, much of this is speculation and we may have to wait for another fortnight before an amiable agreement can be made between the rivals.
So which of this summer's transfers represent real value money, excite the fans or just solve a problem?
In the following slideshow I count down the 10 best transfers of the transfer window so far. Please leave your comments below as I am sure there will be much heated debate over several inclusions and omissions...