Transfer deadline day marks the end of the period in which clubs are allowed to sign players -- meaning that once the window 'slams shut' at 11pm GMT, no further business can be done.
There are two windows in each year -- one beginning on July 1 and ending on August 31 and the other starting on January 1 and finishing on the final day of the month unless that day falls on the weekend as it does on this occasion.
While most of the business is done during the month long period, the frenetic nature of deadline day means some clubs are left waiting until the final minutes to get their deals done -- leading to masses of excitement, cynicism and often disappointment from fans across social media.
Supporters stay up late in front of the television awaiting the very latest news from their respective clubs with hopes for a last minute superstar signing becoming increasingly desperate.
But this year's deadline day has been one of the quietest in recent years.
Last season's January transfer window was noticeable for several big deals including Juan Mata's $56million move from Chelsea to Manchester.
Chelsea spent $32million on midfielder Nemanja Matic on top of bringing in Kurt Zouma and Mohamed Salah.
But heading into the final day of the transfer window period, the gross spending of the 20 Premier League clubs stood at £80m ($120m).
Manchester City's signing of Wilfried Bony from Swansea for a fee reported to be in the region of $38 million is the biggest of the transfer window in England so far.
Arsenal spent around $17m on Gabriel Paulista, the Brazilian defender from Villarreal, while Leicester coughed up $13.5m for Croatia forward Andrej Kramaric.
"While the summer window saw a record level of transfer spending, so far we have seen spending in January being slightly more reserved," said Dan Jones, Partner in the Sports Business Group at Deloitte.
"However, 2014/15 is still a record season for Premier League spending, with clubs having spent over £900m, significantly ahead of the previous record of £760m.
"This level of spending has been made possible in large part through the broadcast revenue Premier League clubs enjoy. With all 20 Premier League clubs now ranked in the top 40 globally by revenue, we continue to see them use their increased resources to invest in playing talent in the January window."
In England, the clubs facing relegation from the world's richest league have been reluctant to throw money at the problem in a bid to ensure survival.
There have been a number of loan deals completed but actual transfers are in scarce supply.
"I think the surprising thing is that it's quiet at the lower end of the table," Tor-Kristian Karlsen
, former Monaco chief executive and Norwegian football scout, told CNN.
"It's so tight down there and it's the last opportunity to do something which can make a great difference. There's a lot of money and prestige at stake.
"For the top clubs it's trickier because you don't want to buy players who can't play in European Champions League.
"For Manchester United, I don't think players currently playing in the Champions League would come and play for them at the moment."
The window will also close hours before February 3 in France, Italy and the Netherlands.
In Spain, where the window closed on Friday, clubs spent $79.5 million during the transfer window up from $53.7 million at the same time last year.
Real Madrid's signing of Brazilian midfielder Lucas Silva from Cruizero for a fee believed to be in the region of $14.5 million and Norwegian wonderkid Martin Odegaard took the headlines.