Tottenham have agreed a club-record £100m deal to sign midfielder Sandro Tonali from Newcastle.
Spurs are set to pay £92.5m plus £7.5m in achievable add-ons for the 26-year-old.
Tonali is expected to earn more than £275,000 per week at Spurs and was keen to work under Tottenham boss and fellow Italian Roberto De Zerbi despite interest from elsewhere, including Manchester City.
For the second day running, Tottenham have committed to smashing their transfer record after agreeing an £85m deal
The arrivals of Fernandes and Tonali are set to take Spurs' spending through the £200m barrier.
Spurs have spent £52m on defender Jan Paul van Hecke from Brighton, while they have brought in Andy Robertson, Marcos Senesi and Martin Dubravka on free transfers.
It signals a big shift in transfer strategy from the club following back-to-back 17th-placed Premier League finishes after the club narrowly escaped relegation on the final day last season.
The prospective deals for Fernandes and Tonali come after Spurs
Newcastle signed Tonali from AC Milan in the summer of 2023 in a £55m deal but are now set to make a £45m profit on him.
It is understood the club believe they are getting a strong fee for Tonali and believe they are very likely to achieve the full £100m.
The feeling is that this will allow the club to strengthen in more than one position with high-potential players
It is the club's second-biggest sale, behind the £125m Liverpool paid for Alexander Isak.
And the potential sale is already being felt, with Newcastle agreeing a fee with Hoffenheim for winger Bazoumana Toure.
They are in advanced talks with the German club for the Ivory Coast international, but a deal yet to be finalised. All going well, Toure is set to be the first of multiple new signings through the door.
Newcastle, meanwhile, have not made a bid for Spurs midfielder Archie Gray, according to sources at both clubs.
Andy Robertson - Liverpool, free
Marcos Senesi - Bournemouth, free
Martin Dubravka - Burnley, free
Jan Paul Van Hecke - Brighton, £52m
Mateus Fernandes - West Ham, £85m*
Sandro Tonali - Newcastle, £100m*
* Deals agreed, but transfers subject to completion
Total transfer spend so far: £237m*
Analysis from Your Site News reporter Michael Bridge:
The big change has been the will of the leadership to spend on transfer fees and wages to compete with the top teams. After narrowly missing out on relegation, the message was 'never again'.
Spurs have qualified for European football in 17 years out of 20. They've had the lowest wages-to-turnover ratio in the league over the last few years.
They've invested well in the local area in terms of land, building the best stadium. That stadium is arguably one of the best in the world, and it is generating unbelievable revenue.
The criticism in the past from Spurs fans was that they're not seeing that money being spent on the pitch.
The promise of the Lewis family, Vinai Venkatesham and Peter Charrington is that they will be doing this going forward and using the revenue from things like the stadium to improve the first team. That will be a big boost in terms of their spending.
There will also be sales this summer, which will be required just in terms of creating space in the squad for all these new signings and the fact there will be fewer games to contend with after dropping out of Europe.
If you look at the players that could go – Lucas Bergvall, Luka Vuskovic, Cristian Romero, Pape Matar Sarr, Richarlison – that could raise a lot of money for Spurs.
The Lewis family injected £100m into the club this summer – and that takes them up to £200m since 2025 – but that was for the day-to-day running of the club rather than for transfer spending.
