Although transfer spending by Premier League clubs is already more than double the £30million spent in January last year, business advisory firm Deloitte say that fewer deals are being done.

Manchester City's signing of Edin Dzeko for £27million and Aston Villa's £18million swoop for Darren Bent account for most of the spending so far in the top flight, with the window closing at 11pm on Monday.

Even if Chelsea's bid for Liverpool's Fernando Torres succeeds, spending is still likely to fall short of the record £175million spent in January 2008.

Dan Jones, partner in the Sports Business Group at Deloitte, believes UEFA's new financial fair play rules, where clubs in European competition can only spend what they earn, are beginning to have an impact.

Jones said: "The combination of a continued lack of available credit, reduced operating profitability and liquidity, and clubs striving - perhaps with one eye on the new UEFA financial fair play regulations - to improve their financial balance, all point towards fewer transfers involving a fee than in many previous January windows.

"There is still time for things to change over the weekend, but so far Premier League clubs' spending in this January transfer window has been relatively restrained."

Apart from Aston Villa and Manchester City, only Newcastle - in making the deal for Hatem Ben Arfa permanent - have spent more than £5million, according to reported deal values.

Jones added: "Compared to the summer, January is often a relatively quiet window, with total gross spending often driven and dominated by a relatively small number of high value transfers, as has been the case so far this month."