The record £70.0 million English clubs spent in the January transfer window two years ago is likely to be broken next month.
The combination of clubs newly enriched by a £1.7 billion TV deal, new owners with deep pockets and the battle for the title, for European places or to avoid relegation suggests a busy month until the window closes at midnight on Jan.31.
Chelsea could be among the biggest spenders - especially if Ronaldinho should leave Barcelona for Stamford Bridge in a deal that could be worth around £40m.
Chelsea have also been linked with striker Nicolas Anelka of Bolton who would cost in the region of £15m, and Chelsea's need for a proven scorer has been heightened by the absence of Didier Drogba.
Their top scorer is recovering from a knee operation and will then be missing for three weeks when he plays for Ivory Coast at the African Nations Cup.
Champions Manchester United were quiet last winter, signing only Henrik Larsson on loan, but have been repeatedly linked with Tottenham's Dimitar Berbatov.
The Bulgarian striker, who probably added a few million pounds to his value when he scored four goals in Spurs' 6-4 win over Reading on Saturday, has said he is happy at White Hart Lane.
If Berbatov goes to United, defender Wes Brown and striker Louis Saha have been linked with a move to Spurs.
Arsenal have been linked with no major players but wily manager Arsene Wenger could bring in some little known French prospect to turn into a major name before too long.
The league leaders might also be in the market for a new goalkeeper with Jens Lehmann looking set for a move back to Germany and his former club Borussia Dortmund.
Man. City have been linked with Liverpool's Peter Crouch, Newcastle's Michael Owen and Spurs' Jermain Defoe as they try and finish the season in the top four and qualify for the Champions League.
The intentions of Liverpool's American owners Tom Hicks and George Gillett have intrigued observers and although Liverpool manager Rafa Benitez has his eye on some young players in Spain, it remains to be seen whether he will get the money to buy them.