Top-flight clubs have already paid out over £150m and a final flurry of activity could see the total spend pass the £225m mark of January 2011.
Players may be leaving rather than joining the top sides, with Chelsea keeper Asmir Begovic and Liverpool defender Mamadou Sakho perhaps moving.
The transfer window closes at 23:00 GMT in both England and Scotland.
You can follow all the deals and Tuesday's seven Premier League fixtures across the BBC on TV, radio, online, the BBC Sport app and social media.
The deals to look out for
BBC Sport chief football writer Phil McNulty
January's transfer window is traditionally less hectic and with less quality on offer than August - but that does not mean Tuesday will be calm rather than chaotic.
Liverpool manager Jurgen Klopp will be low key on incomings but one of the biggest deals of the day may yet be an Anfield outgoing, with Liverpool still hoping to secure nearly £20m for outcast France defender Sakho.
The 26-year-old has drawn interest from Premier League rivals Southampton, Spanish side Sevilla and Turkish club Galatasaray - but word from inside Anfield is that this one could go down to the wire.
Chelsea may see some departures as the day progresses, with Bosnia goalkeeper Begovic the subject of a £12m bid from fellow Premier League side Bournemouth and veteran defender Branislav Ivanovic wanted by Russian club Zenit St Petersburg.
Begovic's departure will depend on the league leaders signing a replacement, so will they further pursue their interest in Craig Gordon from Scottish champions Celtic?
Southampton may be consolidated in the Premier League and in the EFL Cup final against Manchester United, but manager Claude Puel is in the market for attacking reinforcements with Napoli's Manolo Gabbiadini in his sights.
Gabbiadini was a target for Everton last summer only for a deal to fall down. His recent form does not inspire confidence, but the Saints have agreed a fee of about £14m for the player, who is set to have a medical on Tuesday.