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A key decision on the potential removal of the Premier League's debated PSR regulations and introduce a new framework is said to be approaching, according to the league's top executive Richard Masters.

The current regulations, established in the 2015-16 season to curb excessive club spending, allow losses of £105m over a three-year reporting cycle.

However, they have been criticised by multiple Premier League clubs for restricting their investment potential.

Reports indicate that a ruling regarding modifications is likely to be made at a meeting in November.

In February clubs chose to continue with PSR for the current season.

However a squad cost ratio (SCR) system of financial control was adopted by the Premier League on a trial, non-mandatory footing.

SCR is similar to Uefa's current financial regulations and enables teams to expend up to a portion of their overall income on team-related expenses.

Nine of the league's 20 clubs must already adhere with Uefa's SCR as a consequence of European qualification.

Both Chelsea and Aston Villa were penalized by European authorities recently for breaching the rules.

Asked about SCR at the sports leadership summit in London, Masters said: "We are talking to our clubs about an alternative system.

That's not to say we don't think the PSR system works."

He added: "It's about closer alignment with continental rules, which is squad cost ratio, which is a revenue test.

In Uefa, it's now set at 70%. Our system will be 85% because we always want our clubs to have the ability to invest.

"English football's top division was established on the foundation of financial backing in which global financial resources are coming in. We don't want that to be stifled off."

Previous Rule Breaches

Premier League clubs Everton and Nottingham Forest were penalized with point deductions in the previous campaign for breaching PSR.

Last year, a Villa executive Nassef Sawiris said the regulations "do not make sense" and favored established teams, while he was considering legal action against the rules.

After being compelled to sell squad members to adhere to the rules, Newcastle manager Eddie Howe has also been outspoken against financial regulations, claiming it encourages teams to part with homegrown talent.

"Financial sustainability rules represent retrospective profit assessment and has its own advantages and drawbacks. No system will be perfect," Masters commented.

"We have to keep these things balanced and persist with discussions with our clubs, and that's an important decision, so we need to allocate sufficient time to ensure accuracy. However, the verdict is imminent."

Supplementary Regulatory Approaches

The league is additionally testing an alternative framework called 'top to bottom anchoring' (TBA) which essentially limits the expenditure any team can make as a multiple of the income generated by the lowest-earning club.

Reports suggest the proposed regulations - if approved could incorporate revenue anchoring, and would take effect at the beginning of the upcoming campaign.

Historic expenditure during the recent transfer window amplified certain Premier League teams' worries about PSR, and if modifications are necessary to maintain league parity considering the extra income being earned by participants in the enlarged European competition and global club tournament.