Chelsea and Arsenal splash the cash while Crystal Palace tighten purse strings – how much Premier League clubs have spent this summer

The Premier League could surpass £2billion spent by the time the summer transfer window closes.

The top 20 clubs in England boast incredible levels of wealth due to the huge global reach the Premier League has with broadcasting rights putting hundreds of millions into the pockets of each team.

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As a result, it's no surprise that vast sums of money have been spent so far, having surpassed the previous summer record of £1.92bn already.

In fact, spending was £500m higher than it was at the same point in last summer’s transfer window (£1.45bn) with a week to go until deadline day, according to .

Two of this summer's transfers have have involved fees of more than £100million - there were none last summer. This really is the new normal.

Declan Rice got the ball rolling with his £105m move from West Ham to Arsenal, while Dominik Szoboszlai to Liverpool, Kai Havertz to Arsenal, Sandro Tonali to Newcastle and Christopher Nkunku to Chelsea also attracted fees in excess of £50m.

Jeremy Doku and Josko Gvardiol both joined Manchester City for £55m and £76m respectively, while deals for Mason Mount, Andre Onana and Rasmus Hojlund took Man United's spending to more than £191m.

The biggest single deal of the summer was Chelsea's signing of Moises Caicedo from Brighton for a British-record fee of £115m.

That deal contributed to the Blues being at the top of the list with a total transfer spend of £417m, with Arsenal second with £245m spent.

Tottenham, Manchester United, Manchester City and Newcastle were next on the list, having all spent in excess of £150m.

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At the other end of the scale, Nottingham Forest, Fulham, Luton and Everton have all spent less than £50m as they take a comparably frugal approach to life in the transfer market.

However, the lowest spenders have been Crystal Palace who have spent just £20m in fees, with that amount being spent on a deal for Matheus Franca from Flamengo.

Of course these deals were partially funded by big-money exits, but who have been the Premier League's most exuberant buyers?

Tune into talkSPORT on Friday 1 September for the latest deadline day news with Jim White taking listeners all the way through to the 11pm cut off.