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Published 20:07 3 Apr 2018 BST
Updated 22:06 3 Apr 2018 BST
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The report follows data released by professional services network Deloitte earlier this year which revealed that Premier League clubs spent £430million in the January transfer window, nearly double the previous record of £225million.
Deloitte's Sports Business Group estimated that spending by Premier League clubs in the 2017/18 season amounted to a record £1.9billion, smashing last season's record of £1.4billion.
Dan Jones, Lead Partner of the Sports Business Group at Deloitte, said: "Premier League clubs have taken the opportunity to refresh their squads in January before the decisive phase of the season.
"International trade has flourished, with the highest ever January gross overseas outlay in Premier League history (£260m), but also the highest amount of January receipts from abroad (£185m), with names such as Coutinho and Costa leaving the UK and Laporte and Aubameyang arriving from abroad."
Mino Raiola, Manchester United midfielder Paul Pogba's agent, netted a whopping €27million commission for the part he played in the France international's return to Manchester United, while he reportedly pocketed £20m for his agency in the transfers of clients Zlatan Ibrahimovic and Henrik Mhkitaryan to the Manchester club.
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