Manchester City signed Wolverhampton Wanderers midfielder Matheus Nunes in a £53m ($63m) deal after selling Cole Palmer to Chelsea in the hectic final hours of the Premier League transfer window.
After another lavish summer of spending by English top-flight clubs, Friday's 2200 GMT (4am Bangladesh time) deadline was expected to bring a last flurry of signings as teams fine-tune their squads.
Treble winners City led the way with a swoop for Portugal international Nunes to replace rising star Palmer after his switch to Stamford Bridge for an initial £40m.
Nunes, who played in last year's World Cup, made 41 appearances for Wolves after signing from Sporting Lisbon last year.
The 25-year old agreed a five-year contract with City and admitted he cannot wait to work with boss Pep Guardiola.
"I'm so happy to be joining City, the champions of Europe and a club I've admired for a long time," he said.
"The opportunity to work under Guardiola, one of the greatest managers ever, and alongside some of the best players in the world was something I simply couldn't turn down."
Moving in the opposite direction was City midfielder Tommy Doyle, who joined Wolves on a season-long loan.
Palmer agreed a seven-year contract with Chelsea, who have a club option of a further 12 month extension and could pay City an extra £2.5m in add-on clauses.
City were keen to keep Palmer, but the size of Chelsea's offer eventually persuaded them to cash in on a player who was keen for more regular first-team opportunities after helping England win the Under-21 European Championship this year.
"I’m excited to get started and it feels great to sign," Palmer said.
"I’ve joined Chelsea because the project here sounds good and because of the platform I will have to try to showcase my talents. It is a young and hungry squad and, hopefully, we can do something special here."
Palmer's move to the Bridge takes Chelsea's spending in the 16 months since Todd Boehly's Clearlake Capital consortium bought the club to over £1bn.
He is the 12th player signed by Chelsea since the end of last season.
Reds set for Gravenberch deal
Liverpool are expected to sign Bayern Munich midfielder Ryan Gravenberch for £35m later on deadline day.
The 21-year old flew to Merseyside for his medical Thursday and his arrival will complete Jurgen Klopp's overhaul of Liverpool's midfield.
Brighton and Hove Albion's Alexis Mac Allister and RB Leipzig's Dominik Szoboszlai were signed earlier in the window to replace Jordan Henderson and Fabinho, who both accepted lucrative offers from big-spending Saudi Arabian clubs.
"We pretty much had to reinvent the team. The midfield is all ready and will be completely new," Klopp said.
"We are less experienced but that is normal. We are full of desire and I love this team."
Bayern boss Thomas Tuchel added: "He's wanted to go for a while. An offer came in and we discussed it. It's not done yet, but the outcome is clear."
The Saudi spending has seen a host of Premier League players move to the Gulf State, but Klopp does not expect Liverpool forward Mohamed Salah to join the exodus.
The Egypt star had been linked with a £130m switch to Al Ittihad.
"The position remains the same. Absolutely no doubt about that. That's how it is. Nothing else to say," Klopp said of Liverpool's desire to keep Salah.
Elsewhere, Nottingham Forest signed Arsenal defender Nuno Tavares on a season-long loan.