Arsenal became the Premier League's biggest spenders this summer on Friday.
This follows the £32 million signing of Manchester City's Oleksandr Zinchenko.
According to Sky Sports, the Gunners have now spent £121.5 million on new players ahead of the new season.
Spurs are followed by Manchester City (£101.1 million), Leeds United (£95.4 million), Liverpool (£91.5 million), and Chelsea (£81.5 million).
Chelsea, Arsenal's London rivals, are set to complete a deal for Sevilla defender Jules Kounde.
The Blues are said to have paid £55 million for Kounde and have offered him a five-year contract.