On the continent, the likes of Paris Saint-Germain, Real Madrid, Monaco, Barcelona and Bayern Munich have already spent mega bucks this summer.
There is a feeling though that Manchester City aside, the Premier League is lagging behind its European counterparts when it has come to putting their money where their mouth is.
With that in mind, Sports Mole has looked at five transfers involving English clubs that we believe should occur before the window slams shut at the beginning of September.
Luis Suarez, Liverpool to Real Madrid
Reports over the last 24 hours have claimed that Arsenal have launched a big bid to land the Uruguayan. It has been refused by Liverpool, who more than likely do not want to sell their prized asset to another English club. However, where Madrid are concerned, they may have little choice. With Gonzalo Higuain now on the next plane to Naples, Los Blancos are armed with some serious cash. What's more, Suarez is believed to want a move to the Santiago Bernabeu. Understandably, the Reds are not keen to lose their best player, but an unhappy footballer is no use to any manager.
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Cesc Fabregas, Barcelona to Manchester United
On the face of it, there is no reason for Fabregas to leave Barcelona. He is at home and playing for one of the best clubs in Europe. Scratch the surface a little, though. When the big games come around, where does he fit into the Barca starting lineup? Xaxi, Sergio Busquets, Andres Iniesta, Pedro, Neymar and Lionel Messi looks to be a formidable front six to break. There would be no such issues at Old Trafford, he'd play every week. In a World Cup year, that is music to any player's ears.
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Marouane Fellaini, Everton to Arsenal
Under Arsene Wenger, the Gunners have always played great football. In fact, they are arguably the best Premier League team to watch in terms of technique. And yet, there has been no trophy since 2005. When Arsenal were successful under Wenger, for all the flair that they possessed, they had a nasty streak. Players like Patrick Vieira thrived off battles with the likes of Roy Keane at Manchester United. Fellaini has a tenacious side to him and although he has played in an advanced role for Everton, the big Belgian is known to prefer playing in defensive midfield. It's a position where Arsenal could use some extra bite.
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Wayne Rooney, Manchester United to Chelsea
Traditionally, United very rarely air their dirty laundry in public. Manager David Moyes, though, has decided to openly discuss his pursuit of Fabregas, while also reiterating time and again that he has no intention of selling Rooney. The striker is unhappy, that is obvious to see. As a result, a large majority of United fans want him out, so much so that they may as well blast Gloria Gaynor's 'I Will Survive' in his direction. If the supporters turn on you, there is more often than not no way back. Jose Mourinho and Chelsea want him and it has been reported that the feeling is mutual.
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Roberto Soldado, Valencia to Tottenham Hotspur
In some ways you have to admire Daniel Levy's stubbornness when it comes to transfer negotiations. After all, the chairman is only trying to get the best deal for Spurs. The latest club to experience his hard-ball act is Valencia over a fee for Soldado. However, on this occasion, the Spaniards hold all the cards. They know that Tottenham are desperate for a centre-forward and so, quite rightly, are demanding that they pay his release clause - believed to be around £25m. Integrity is all well and good, but when your team is in need, sometimes you have swallow your pride and pay over the odds.
© PA Photos