Last-minute transfers were being brokered across English football on Tuesday as analysts reported a sharp fall in overall spending as a low key January window drew to a close.
Struggling Queens Park Rangers provided one of the most eye-catching deals of the day after confirming the signing of French striker Djibril Cisse from Serie A side Lazio.
Cisse signed a two-and-a-half year deal with QPR for an undisclosed fee while the club were also being linked with a £5 million ($7.9 million) move for Fulham striker Bobby Zamora.
"I rate Djibril very very highly," Rangers boss Mark Hughes said. "He was desperate to come here once we showed our interest in him and we can't wait to get the best out of him."
Cisse's return to England took the overall spending by Premier League clubs during the window to around £40 million by 5pm local time (1700 GMT), well down on last year's record spend of £225 million in January.
Alan Switzer, director of the sports business group at accountancy giants Deloitte said the 2012 fall could partially be attributed to the onset of UEFA's financial fair play regulations, which dictate that clubs wishing to take part in European competitions will only be allowed to spend what they earn.
"Financial fair play has definitely had an impact. The 2011/12 season does now count towards the UEFA rules and that will be part of the consideration which clubs will be giving to any transfer," he said.
"The likes of Chelsea and Manchester City have already been on record as saying they will take it into account in terms of their spending on transfers and wages."
In other transfer deals on Tuesday, Everton confirmed a fee had been agreed with Scottish giants Rangers for Croatian striker Nikica Jelavic.
The 26-year-old international was seen at Everton's Finch Farm training complex where he was reportedly discussing personal terms and undergoing a medical following agreement of an £8 million fee.
Meanwhile Manchester United were set to finally part company with Ravel Morrison, the highly rated 18-year-old youth player who has failed to establish himself at Old Trafford.
Morrison is regarded as one of the most promising youngsters ever to pass through the Manchester United ranks but the club has reportedly lost patience amid ongoing problems in his private life.
Morrison was undergoing a medical with Championship side West Ham with a deal set to be concluded later Tuesday.
Chelsea signed Belgium international Kevin de Bruyne from Genk although the midfielder will spend the rest of the season on loan with the Belgian club, the London club confirmed.
The 20-year-old's transfer deadline day capture means he becomes the latest Belgian player on Chelsea's books, joining compatriots Romelu Lukaku and Thibaut Courtois, currently on loan at Spanish side Atletico Madrid.
Sunderland manager Martin O'Neill meanwhile said he hoped the capture of Wayne Bridge would solve the club's long-running vacancy at left-back.
The 31-year-old has played only 58 times for City since joining from Chelsea in 2009, and has appeared for the club just once this season.
"I'm hoping that with Wayne's undoubted experience and ability he can be a big help to the team until the end of the season," O'Neill told the club's official website.
Elsewhere West Brom signed defender Liam Ridgewell from Midlands rivals Birmingham, now in the second-tier Championship, for an undisclosed fee.
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