Manchester United legend Ryan Giggs has said that the current transfer market is "ridiculous" following another summer of record-breaking spending.

Premier League clubs alone spent a staggering £1.4bn during the recent transfer window, but the biggest business happened elsewhere as Paris Saint-Germain flexed their financial muscles to obliterate all previous records.

The Ligue 1 runners-up signed Neymar from Barcelona for £200m before also agreeing a deal to land Kylian Mbappe for more than £165m next summer.

Earlier this week Roy Keane claimed that Giggs would be worth £2bn in today's market, and Giggs returned the compliment by suggesting that his former United captain would be priceless.

"He's always spoken a lot of sense has Roy. I don't know about £2bn, but I think Roy's point was that now you're seeing average players go for massive sums," he told reporters.

"You look back at some of the players we played with - what would they be worth now? Ruud [van Nistelrooy] was an unbelievable goalscorer and guaranteed goals every season. I think that was the point Roy was trying to make and he's right because it's just ridiculous. And it doesn't look like stopping, it's just going up.

"You couldn't buy him because you look around the league and who is like him? [N'Golo] Kante is a fantastic player but Roy is better. He could do everything. When he came to United he was an attacking midfielder going from box-to-box, getting beyond the centre-forward and scoring goals. Then he turned into a midfielder who controlled the tempo and with Scholesy (Paul Scholes) was part of a fantastic midfield."

Giggs also backed his former club United and local rivals Manchester City to be the main title challengers this season.