WATCH: Should the Premier League have a salary cap?

The Premier League is the most-watched league in the world and attracts star players with contracts worth millions of euros. Player wages have grown exponentially over the years, and the discussion on whether to implement a salary cap has gained momentum.

For example, Manchester City's Kevin De Bruyne is the highest earner in the league. The midfielder is paid around €46,000 a week for his services to football.

Football insiders have voiced concerns over the sustainability of such wage rises. They are calling for a salary cap and a structure similar to other sports to be implemented to level the playing field. Other sports with a salary cap include Formula 1, the NFL, the NHL, and the MLS. However, implementing changes has its challenges.

The Premier League's profit and sustainability rules aim to curb excessive club spending. Football clubs must declare all their earnings and spending and balance their books to avoid being fined. If clubs are forced to reduce the number of players they buy and sell, this could have considerable implications in the transfer market.

The UK government implemented the Football Governance Bill. The stand-alone legislation established a regulatory body independent of both government and football authorities that oversees club operations and addresses governance, ownership, and financial sustainability concerns amidst the ongoing wage debate.

To counteract the new legislation and a potential reduction in power, the Premier League aims to align its sustainability and profitability regulations with UEFA's, which are designed to keep clubs stable and encourage more investment into academies and homegrown talent.