Arsene Wenger has made a dramatic U-turn on his stance on Financial Fair Play and believes the rules "should be scrapped".
The Arsenal boss was in favour of the law when it was first announced, but says there's no point in having a rule "that cannot be imposed".
Paris Saint-Germain are currently under investigation by UEFA for potentially violating FFP rules.
The Ligue 1 giants completed the transfers of both Neymar and Kylian Mbappe this summer for what could total to more than €400million.
Speaking on French TV show Telefoot, Wenger said: "I wanted FFP initially. But now I think it should be scrapped. You shouldn't have a rule that cannot be imposed."
Wenger also confirmed that a club-record bid for Thomas Lemar was made, and that they will try to sign the winger again following their failed attempt.
"€100m for Lemar? Yes all true, I wanted him," said the Arsenal boss. "He decided to stay at Monaco. We will come back for him."
Having touched on the topic of Mbappe, Wenger said he believes the 18-year-old French prodigy can be the next Pele, adding there are no limits to the teenager's ability.
The Monaco attacker sealed a transfer deadline day loan move to PSG, with the option of the transfer becoming permanent for £162million.
Mbappe shot to prominence last season, scoring 26 goals in 44 appearances as Monaco clinched Ligue 1 glory and progressed to the Champions League semi-final.
His fine form had him linked with every major club in Europe - including Arsenal.
"Mbappe could be (the next) Pele. There are no limits to how far he can go," said the Gunners boss.