Big-spending Chelsea were scrambling to sign Enzo Fernandez in the final hours of the January transfer window on Tuesday as Joao Cancelo left Manchester City for Bayern Munich and Jorginho swapped Chelsea for Arsenal.
Premier League clubs have once again massively outspent their rivals across Europe in the desperate scramble to strengthen their squads for the second half of the season.
Graham Potter's Chelsea have gone on a staggering spending spree this month, bringing in seven players so far including Mykhaylo Mudryk, Benoit Badiashile, Noni Madueke and Joao Felix, who joined on loan from Atletico Madrid.
But they could smash the British transfer record to sign Argentina World Cup winner Fernandez from Benfica if they get the deal over the line in time.
Reports say Chelsea club officials are in Lisbon to complete the deal. Fernandez was left out of Benfica's matchday squad for their Primeira Liga fixture on Tuesday.
The deadline in England is 2300 GMT.
The previous British transfer record was set by Manchester City with the signing of Jack Grealish from Aston Villa for £100 million ($123 million) in August 2021.
- Cancelo joins Bayern -
Bayern Munich have signed City wing-back Cancelo on loan until the end of the season and will have an option to buy him for a reported 70 million euros ($76 million).
The 28-year-old Portuguese defender joined City from Juventus in 2019 but has been a peripheral figure in Pep Guardiola's side since the World Cup.
"FC Bayern is a great club, one of the best in the world, and it's enormous motivation for me to now play alongside these extraordinary players in a team," Cancelo said in a club statement.
Premier League leaders Arsenal signed Italy international Jorginho from Chelsea for a reported fee of £12 million as the hours ticked down to the deadline.
The midfielder, who is understood to have signed an 18-month deal at the Emirates Stadium, told Arsenal.com: "I'm very excited for this new challenge and I just can't wait to be on the pitch to be honest.
"Everything has happened so fast. I was a bit surprised, but I took the opportunity of this amazing challenge.
Antonio Conte's Tottenham remain hopeful of finalising a reported £39.7 million transfer of Sporting Lisbon defender Pedro Porro ahead of the deadline.
With Manchester United midfielder Christian Eriksen ruled out on Tuesday for three months with an ankle injury, the club are understood to have made a late bid for Bayern Munich's Marcel Sabitzer to fill the midfield gap.
Austria international Sabitzer was pictured at Munich Airport, with Manchester said to be his destination.
The 28-year-old was reported to have agreed terms on a loan deal ahead of a medical at Old Trafford.
High-flying Newcastle have followed up their signing of Anthony Gordon from Everton by securing Scotland Under-21 full-back Harrison Ashby from West Ham for a reported £3 million.
Midfielder Jonjo Shelvey is expected to leave the Magpies to join Nottingham Forest, who have signed more than 20 players since their promotion last year.
Relegation-threatened Southampton have agreed to sign Rennes winger Kamaldeen Sulemana for a club record £22 million, according to reports.