Chelsea paid Bolton £15m for striker Nicolas Anelka

Clubs in the top flight have spent £93m on players this year compared to £63m last season and £81m in 2006.

Chelsea have been the biggest spenders, signing Nicolas Anelka for £15m and capturing Branislav Ivanovic for £9m.

Liverpool have also bolstered their ranks with the £6m signing of Slovak defender Martin Skrtel.

John Williams, director of the Centre of Sociology of Sport at the University of Leicester, believes the record spending can be attributed to the continual rise in television revenue.

"Consistently since 1992, pundits have speculated that the next television deal must be lower," Williams told Reuters.

"And every year since 1992 the television deal has actually been higher."

The latest television pay deal negotiated by the Premier League, covering seasons up until 2010, brought in £1.7billion which is two thirds more than the previous deal.

Williams added: "The clubs are happy to pay these sums of money because they presumably fell that, on the basis of the evidence they have, the television income for the game will remain as buoyant as it is now."

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It's not just the teams challenging for honours at the top of table who are happy to spend.

Financial reward for staying in the Premier League is another factor and relegation to the Championship can cost a club up to £50m.

Derby, who are rooted to the foot of the table with only seven points, can count £1.5m signing Robbie Savage and £2m Argentine striker Emmanuel Villa amongst five transfer window signings.

Birmingham have spent £5m on Everton's James McFadden and £1.5 on full-back David Murphy, while Fulham have agreed a £5m fee with Watford for striker Marlon King.

The next auction for Premier League television rights is due next year and Williams warns that with the threat of global recession, the next deal may not bring as much money.