Liverpool legend Terry McDermott is shocked by the spending of Premier League clubs.

McDermott won four League titles and three European Cups during the most successful period in Liverpool's history.

Chelsea's £30 million chase for Everton's John Stones has set his head spinning.

McDermott told the Sunday Express: “Yes, potentially it looks like he is going to be a very good player. But there are no guarantees and because the big clubs are desperate for English players his price is going through the roof.

“There's probably only the two Manchester clubs and Chelsea who can afford to pay silly money like that – and it is silly money. He's a centre back and you are talking £30 million. I can't get my head around it.

“Where is all this going to end? With the extra money that is going to come into the game this time next year it will filter through to the players who are already on a big whack of cash.

“In 12 months' time £300,000, £400,000 a week is going to be the norm. Don't be surprised if the really top players ask for £500,000 a week. It's ridiculous."