Premier League teams are splashing the cash this summer.

Manchester United, Manchester City, Chelsea, Arsenal and Liverpool have spent a whopping £500 million between them already in this transfer window.

And QPR director of football Les Ferdinand, whose club is feeling the effects of previous years' spending now, has described the summer spending as "crazy".

And given all the money that has been spent, Ferdinand believes the Premier League title race will be between the two Manchester clubs this coming season.

Speaking to TalkSport, he said: "It's crazy [the money being spent].

"I think [Pep] Guardiola has come in for stick [last year] and if they had the right strikeforce, [Sergio] Aguero was injured, they'd have won more games.

Action: Les Ferdinand

"They'll be a force this year. I'd edge that way. Manchester United and what they've done, too, it's going to be between them two. Chelsea are set to lose their big striker and we don't know how their new signing will do."

QPR chief says he 'will not overpay' for anyone as he admits to being used to 'negativity' of fans

One team who have not spent any money as yet are last season's runners-up Tottenham - one of Ferdinand's former clubs.

But the QPR man is not worried for his old team.

"Everyone is getting excited about Tottenham not spending money but Daniel Levy [the chairman] does his business in the last two weeks of the window," he added. "He'll spend money but on the right players."