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The transfer window shuts at 23:00 GMT on Thursday and January spending levels are significantly down on previous seasons.
You can follow every deadline day move and rumour across the BBC on Thursday, with live text updates from 07:00 and analysis throughout the day on radio, online and our social media accounts.
Only 17 players have been signed by Premier League clubs in January, with 10 permanent transfers, seven loan deals and disclosed fees of about £50m.
It is a far cry from the past three transfer windows - January 2023 and the summers of 2022 and 2023 - which each set Premier League spending records.
At the same point last year, on the eve of deadline day, there had been 38 transfers worth about £550m - 10 times this year's amount.
Top-flight clubs went on to spend a record-breaking £843m in last season's January window. That included Chelsea's record £107m deal for Argentina midfielder Enzo Fernandez from Benfica on deadline day.
So what is causing the lack of movement in the transfer market and will it pick up before the window closes?
"In an acronym, PSR - Profit and Sustainability Rules, or what used to be called Financial Fair Play (FFP)," Professor Rob Wilson, football finance expert at Sheffield Hallam University, told BBC Sport.
"The charges hanging over Nottingham Forest and Everton for alleged breaches of the Premier League's PSR in their 2022-23 finances have put the wind up other clubs.
"Clubs probably thought they could stray from the guidelines a little bit and only get a small punishment. Now there is a real nervousness."
No team will want to risk a 10-point deduction such as Everton's for a breach in their accounts up to 2021-22.
Under the Premier League's PSR, clubs are only allowed to make losses of £105m over a rolling three-year period.
But it is not only PSR that is having an effect.
"There is no real domino effect," said Wilson. "The super clubs in Europe have not spent much. If a top-six club spend £50m on a back-up striker, the selling club has that money to spend.
"Because there is no money in the market, clubs are having to look abroad to sell. But Saudi Arabia has been much quieter and Premier League wages are so much higher compared to other leagues in Europe that players are less incentivised to move."
