The January transfer window closes on Thursday with a late splurge from the Premier League's biggest clubs unlikely after a month in which the biggest movers have been on the continent, from Barcelona to AC Milan.
Of England's 'Big Six', the busiest club has been Chelsea, who signed Gonzalo Higuain on loan from Juventus after buying USA winger Christian Pulisic from Borussia Dortmund for £58 million ($74m) and loaning him back for the rest of the season.
Its rivals towards the top of the Premier League have kept their cheque books closed, with the window shutting on Thursday at 2300 GMT.
“It's a tough situation because people tell you 'here's a player, there's a player', and you buy him, but it's helpful for three weeks, and after that you have a problem because the other boys come back,” Liverpool manager Jurgen Klopp told the BBC , confirming he does not want short-term fixes to defensive injury problems.
“We have to go through that, and this transfer window will not be ours.”
Beyond Pulisic, the biggest January transfer in England has been Dominic Solanke's move from Liverpool to Bournemouth for a reported £19 million ($24m).
“During one month I said we are not going to do anything in the transfer market,” insisted Manchester City boss Pep Guardiola.
The possible elephant in the room in a low-key window is Brexit, given the uncertainty caused by the issue currently dominating UK politics.
The resulting impact on sterling's value against the euro and the dollar might not help, but are clubs genuinely holding back on transfer deals because of the UK's impending departure from the European Union?
One British-based agent told AFP there is “great uncertainty” among some foreign players, but added that he hadn't “seen a change in behaviour from clubs at this point”.
Barcelona leads the way
Meanwhile, some of Europe's biggest names have made moves, with Barcelona leading the way.
The Spanish champion has agreed to pay Ajax 75 million euros -- plus 11 million in bonuses -- to take Dutch midfielder Frenkie de Jong for next season.
The club has also signed Kevin-Prince Boateng on loan from Sassuolo as a back-up in attack, following the loan signing of Valencia defender Jeison Murillo and a deal to take promising French centre-back Jean-Clair Todibo of Toulouse from next season.
Elsewhere, Atletico Madrid has taken former Real striker Alvaro Morata on loan from Chelsea, while its city rival has brought in young midfielder Brahim Diaz from Manchester City for 17 million euros.
“We have a marvellous squad and we will fight on all fronts,” said Real coach Santiago Solari on Wednesday, indicating there will be no more business at the Bernabeu.
PSG strengthen in midfield
In France, Paris Saint-Germain has lost Neymar for 10 weeks with a metatarsal injury, but it is in midfield that it needed to strengthen.
Having completed a deal to sign Argentina's Leandro Paredes, 24, from Zenit Saint Petersburg for a reported 47 million euros, it may also come back in for Everton's Idrissa Gueye.
Marseille has signed Mario Balotelli from Nice, while struggling Monaco has made several signings, headed by Spain star Cesc Fabregas from Chelsea.
In Germany much of the focus has been on Bayern Munich, which has signed Canadian teenager Alphonso Davies from Vancouver Whitecaps.
The Bavarians also completed a deal to take France defender Benjamin Pavard from Stuttgart from July 1 for a reported 35 million euros.
Piatek, Paqueta to Milan
In Italy, Juventus allowed Mehdi Benatia to leave for Qatar and replaced him with the Uruguayan Martin Caceres, but Milan has splashed the most cash.
The seven-time European champion cut short Higuain's loan from Juventus and replaced him with Genoa's Polish hotshot Krzysztof Piatek for a reported 35 million euros.
Brazilian international midfielder Lucas Paqueta, 21, joined from Flamengo for a similar fee.
Beyond western Europe's leading leagues, Russian clubs have until February 22 to make signings, while the Chinese transfer window is open until February 28, and Manchester United midfielder Marouane Fellaini could be the latest to move there from Europe.
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