No European club spent more than Milan in the January transfer window, as they shelled out €70m for Krzysztof Piatek and Lucas Paquetá.
Despite struggling with Financial Fair Play issues, the Rossoneri were very active on the market and brought in two top young players.
Both Paquetá and Piatek cost €35m each, plus bonuses, from Flamengo and Genoa respectively.
Milan are a long way ahead of the next in line among Europe’s biggest clubs, because Paris Saint-Germain only spent €45m on Leandro Paredes.
Bournemouth are unexpectedly in third place, according to La Gazzetta dello Sport, with €35m paid out for Dominic Solanke and Chris Mepham.
Another Premier League side, Newcastle United, follow in fourth with €25m and RB Leipzig coughed up €19m for Amadou Haidara.