The earnings haul marks a steep increase on the £1.66 billion players earned in the 2011/12 season and wages are set to rise further as clubs absorb an extra £600 million of TV money.
The Premier League retains its status as the world's wealthiest domestic competition with its 20 clubs expected to earn more than £3 billion of revenues in 2013/14, an annual review of football finance by accountancy firm Deloitte predicts.
That would be an increase of almost 25% on the £2.5 billion they are estimated to have earned last season, itself a 5% rise on the £2.4 billion in 2011/12.
Despite pressure on clubs to contain soaring wages, they are expected to plough around £480 million of the extra TV cash into wages.
Half of the clubs in the top tier made a profit in the 2011/12 season, with clubs earning a combined £98 million of operating profits - 4% of total revenues.
Alan Switzer, director in the sports business group at Deloitte, said: "The Premier League clubs have agreed to a system of enhanced financial regulations, designed to improve the sustainability of its clubs.
Manchester City was the best-paying club in 2011/12, with wages of £202 million, while Swansea City was the lowest, handing its players £35 million.
Manchester United earned the most in 2011/12, with revenues of £320 million, while Wigan Athletic earned the lowest at £53 million. Aston Villa spent the biggest slice of its revenues on wages, at 94%, while Norwich City spent just 49%, the lowest in the top tier.