The 27-year-old Dutch midfielder's future at Real Madrid has looked shaky - providing the opportunity for Spurs to try to clinch a last-minute signing.
According to reports, Van der Vaart was in talks at Tottenham's training ground.
With most Premier League clubs keeping their chequebooks firmly closed, analysts Deloitte said total spending this summer was around £330million - 22% down on last year.
Brazilian forward Robinho signed for AC Milan on a four-year deal for an undisclosed fee, variously reported as between £14million and £18million.
City, who signed the 26-year-old for a British record fee of £32.5million two years ago, will at least have his £160,000 weekly salary off the wage bill.
Gyan, the striker who made such an impact in the World Cup, joined Sunderland for £13million from French side Rennes.
Birmingham picked up former Arsenal midfielder Alexander Hleb on a one-year loan from Barcelona, while the Gunners full-back Armand Traore joined Juventus, also on a season-long loan deal.
On a busy day for Birmingham, the Blues also signed Chile midfielder Jean Beausejour on a three-year deal - another player who made his mark in the World Cup - from Mexican side Club America and defender Martin Jiranek on a one-year contract from Spartak Moscow.
The Blues also allowed striker Marcus Bent to join midlands rivals Wolves on a four-month loan.
Wigan pounced for two signings, securing Chelsea's 21-year-old Argentinian striker Franco Di Santo on a three-year deal just minutes before the window closed.
Midfielder Tom Cleverley, 21, joined on loan from Manchester United after Sir Alex Ferguson decided to give the England Under-21 international some Premier League experience.
Wigan manager Roberto Martinez said of Cleverley: "We have been watching him for some time and feel he is the right sort of player to join our squad; young, hungry, desperate to play for the club in the Premier League and to grow with us."
Everton confirmed their long-serving Nigerian defender Joseph Yobo is set to join Turkish club Fenerbahce on a season-long loan pending agreement on personal terms and a medical. Yobo has been at Goodison Park since 2002, making more than 250 appearances.
Stoke clinched agreement with Monaco for a season-long loan of Eidur Gudjohnsen, while midfielder Salif Diao, whose contract expired at the end of last season, re-joined the club on a two-year deal.
Other Premier League transfers saw Tottenham signing Croatian goalkeeper Stipe Pletikosa on a season-long loan from Spartak Moscow.
Blackpool re-signed striker DJ Campbell from Leicester and this time on a permanent basis.
Campbell had a successful loan spell at Blackpool last season and hit a hat-trick in the play-off semi-final victory over Nottingham Forest.
The Seasiders also swooped for Wycombe's 19-year-old winger Matt Phillips for an initial fee of £325,000.
One surprise came when Bundesliga side Werder Bremen moved for Northern Ireland Under-21 striker Liam Boyce.
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