The combined value of deals across the 20 top flight clubs is £99.75m, up from £71.8m last season, according to research from Sporting Intelligence.
The previous record was set by Germany's Bundesliga last season.
The downturn-beating sponsorship growth has been largely driven by huge new deals struck by individual clubs.
Liverpool's £20m-a-year contract with Standard Chartered is worth more than double its previous agreement with Carlsberg.
And Manchester United's fresh £20m-a-season deal with insurers Aon replaces the previous arrangement worth £14m a year with AIG.
Last month it emerged that Tottenham Hotspur, which has signed a £10m -a-year contract with Autonomy,  was looking at negotiating deals to sponsor shirts in each competition the team play in.
However, seven clubs have deals worth £1m or less - including newly-promoted West Bromwich Albion who have signed a £750,000 agreement with Homeserve after spending the previous two season without a permanent sponsor.
At £500,000-a-year, Blackpool's sponsorship is the least valuable, according to the report.
Deals remain unchanged for eight clubs including Everton, West Ham and Birmingham.
Shirt sponsorship typically makes up between 2% and 10% of total club revenues, industry figures suggest.
But Alex Miller, who carried out the study, said there was "an increasing chasm between the haves and the have-nots".
"You've got the really big earners and then the rest. For some of them, the amount they can command for shirt sponsorship is almost beer change, especially when compared with television revenues."
But he added the Premier League would be pleased to now have more valuable kit deals than the Bundesliga.
"It shows how successful the English top flight is when firms will pay such huge sums for their brands to be seen in stadiums and, crucially, on television around the world."
Mr Miller warned there may be a too-heavy reliance on online gambling firms, which sponsor seven of the Premier League clubs.
"These companies appear to be coming in with fairly short-term deals  with the aim of raising their profile quickly and then getting out.
"I don't think we'll be seeing any long-term partnerships as we did with, say, Liverpool and Carlsberg for example."
Gareth Moore of the consultancy Sport+Markt agreed that the gap between the clubs at the top and bottom of the sponsorship table was too large.
He said the deals of the lower-placed teams were valued at about the same level as some of the agreements in Germany's second division.

Sum: Premier League football clubs have negotiated a world record level of shirt sponsorship for the new season of almost £100m, a study suggests.


25 August 2017 Last updated at 15:25 BST
So we've been talking to kids about their feelings on the first day of high school.
And what better way to explain than by using emojis!
They also have some top tips for all of you who are about to start secondary school for the first time.
Check out the video...
Watch our special programme all about starting high school.

Sum: The new school year is about to start and it is a bag of mixed emoji-tions (see what we did there).


Victoria Gayle, 32, pleaded guilty at Kingston Crown Court in December to preventing the lawful burial of Kyzer Gayle, whose remains were found in a garden shed.
The offence only came to light after the death of Gayle's two-year-old daughter Ava in 2015.
Investigations are under way into possible official failings.
Prosecutor Bill Emlyn Jones told the court that estimates put Kyzer at about 13 or 14 months old when he died.
There is no record of any official agency having seen him after he left hospital with his mother in February 2004, he said.
Gayle, of no fixed address, had also been charged with perjury and perverting the course of justice. Those charges will now lie on file.
Judge Susan Tapping told Gayle "your little boy was denied a decent burial for so many years".
She added that "the full truth of his sad and short life will never be known" because the defendant had spun a "web of lies".
Kyzer's remains, which showed signs of malnourishment, were discovered in a garden shed at the home of Gayle's mother and step father, although they were unaware of the fact.
The body was found encased in grey adhesive tape and concealed in a laundry bag, which was inside a cardboard box, wrapped in a bin liner.
Opening the facts of the case, prosecutor Mr Jones said an inquiry into Kyzer's whereabouts started after the death of Ava Gayle in August 2015.
The toddler died after accidentally swallowing a "button battery" while with her mother.
It then emerged there were "no records" of anyone having seen Kyzer since the day of his birth and a missing person's inquiry was launched.
On 30 May 2016 detectives arrested Gayle on suspicion of murder.
The court heard she provided "a lengthy and elaborate account" denying any knowledge of Kyzer's whereabouts and insisting he had been taken away by his father, whom she claimed was a traveller.
Despite two post-mortem examinations, the cause of the boy's death has been given as "unascertained".
A serious case review is investigating potential failings by Barnet Council and other official bodies in protecting the children.
In a statement, the council said: "The death of any child is tragic and we are working with Barnet Safeguarding Children's Board to provide information for their serious case review and to establish any learning from our involvement with the family."
The Independent Police Complaints Commission has also opened an inquiry and said "we now know the family of the child had significant contact, not just with the police, but also with other agencies."

Sum: A mother has been jailed for 21 months for covering up the death of her baby son for more than a decade.


Jake Gosling's drilled cross was turned in by Lee Mansell before Shaun Miller's lob levelled for the Shrimps.
Billy Bodin and Matty Taylor both converted to give Rovers a two-goal cushion but Tom Barkhuizen stroked home from close range to reduce the deficit.
In the final 10 minutes both sides were awarded penalties with Ellis Harrison netting for Rovers and Paul Mullin for Morecambe, the visitors moving to 12th.

Sum:
Bristol Rovers triumphed in a seven-goal thriller away at Morecambe.