FIFA is set to adopt significant reforms to the transfer system including tighter restrictions on loan rules and a cap on agent fees.

The Football Stakeholders Committee, a FIFA body comprised of various representative groups, met in London on Monday to formalise a set of recommendations designed to "increase the transparency" of transfer dealings.

While still to be approved by the FIFA Council, the proposals involve limiting the number of each club's permitted loans and outlawing "bridge transfers and sub-loans".

The move would force clubs such as Premier League side Chelsea, who have 40 players currently listed as being out on loan, to alter their approach to squad building.

Uniform restrictions on compensation for player agents and a required registration procedure have also been agreed in principle.

FIFA president Gianni Infantino welcomed the expected changes, saying: "We have brought everyone to the table and all key actors of the industry have understood that we need to take action, leading today to this reform proposal.

"This is a significant first step towards achieving greater transparency, the effective enforcement of rules that will deliver millions in solidarity payments to clubs, and developing a consensus on how to tackle the issue of agents, loans and other key aspects of the transfer system."

The proposed reforms will be submitted for approval to the FIFA Council at its next meeting on October 26.

Former players Cafu and Edwin van der Sar, outgoing Arsenal chief executive Ivan Gazidis and Premier League executive chairman Richard Scudamore are among the members of the Football Stakeholders Committee.