According to a well-known theorem of algebra [3, p.47], an integral domain can be embedded in a field, called its field of quotients. Every freshman is familiar with the simplest form of this theorem concerning the integers and the rational numbers. Many generalisations have been given in which a "ring of quotients" is constructed for a given ring [e.g. 6, 7, 11, 12, 13]. Of course, we cannot expect a ring of quotients to be a field, or even a skew field. As Malcev [9] has shown, there even exist rings without proper divisors of zero which cannot be embedded isomorphically in a skew field. The most recent construction, by Utumi [12], gives a ring of quotients for any ring with zero left annihilator. We show in this paper that this construction can be extended to arbitrary rings, in fact, to arbitrary modules. The method used is more abstract: a fundamental relation between rings, defined by Utumi in terms of their elements, is here replaced by a corresponding relation between modules, defined by means of homomorphisms.