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Cook County State`s Atty. Jack O`Malley raised nearly three times the amount his Democratic challenger did in the last four months and is likely to outspend him by more than 2 to 1, reports and interviews indicated Monday.

Campaign finance reports filed Monday show O`Malley has raised more than $250,000 since July 1 in his battle to retain his job, while Ald. Patrick O`Connor (40th) raised more than $96,000 in the same period.

O`Malley officials said Monday the campaign hopes to raise $1.45 million. ”We`re going to spend every penny of it,” said Rob Warden, a campaign spokesman.

O`Connor aides said he plans to raise about $750,000 overall and spend nearly $450,000 on the general election fight with O`Malley. ”We`ll spend what we`ve got,” said campaign manager Mike O`Connor.

Both campaigns have received large donations from political contributors in the last several days. Monday was the deadline for filing reports covering the period ending Oct. 4.

O`Malley received $25,000 from Dr. James Desnick, the operator of a Chicago eye clinic, and another $25,000 from insurance magnate Patrick Ryan.

In the last several days, O`Connor has received about $35,000 in contributions of more than $500, the largest being $10,000 from a political action committee of the Teamsters union.

O`Malley`s office earlier this year unsuccessfully prosecuted a high-ranking Teamsters` official, Dan Ligurotis, in connection with the shooting death of his son, Dan Jr.

The Illinois Department of Professional Regulation this month accused Desnick, who owns Desnick Eye Centers, of ”gross malpractice” for allegedly performing cataract surgery in 1983 on a patient suffering from glaucoma. The department, which also accused Desnick of violating licensing rules, seeks to revoke his license.

Desnick`s attorney, Dan K. Webb, called the charges unfounded. Earlier this year, Desnick contributed $3,000 to O`Malley`s campaign fund.

In the race for Cook County recorder of deeds, Democrat Jesse White, a state representative, raised $26,000 in the 4-month period, compared with Republican Susan Catania`s $8,700.

The race for clerk of the Circuit Court pits incumbent Aurelia Pucinski, a Democrat, against Republican Cook County Board member Herb Schumann.

Pucinski`s political committees raised slightly more than $100,000 in the four months, the reports showed. Meanwhile, Schumann raised almost $28,000, including a $5,000 contribution from the Illinois Cable Television Association Political Action Committee.

In a hotly contested state Senate race on the North Shore, Republican incumbent Roger Keats has raised nearly $190,000 in the last four months, while Rep. Grace Mary Stern, his Democratic challenger, has raised $127,000.