He explained that increased salaries have been possible in recent years due to the welter of television money that poured into the games since the advent of football on a satellite platform.
He suspects that, with the German precedent in mind, clubs will be more cautious in their approach to wage negotiations in years to come.
"I think it will slowly," said Glenn, when asked if he feels wages will come down with transfer fees.
"Players are going to realise that if they don't change their demands there will be no-one left to play for. It is going to be a gradual change, I don't think it will be next season but I think it will gradually come in.
"I think a lot of clubs out there are thinking that way.
"I think the reason it has been yes, yes, yes is that there has been money behind it. Look at Germany, Germany have just lost their Sky and that is a massive blow for them.
"There's all these things that could happen, I'm not saying that will happen, but the financial climate for the football world is going through a very delicate time.
"I don't think this is going to come in next year, I think it's going to be in the next two, three, four seasons it will evolve."
Glenn adds that if revenues were suddenly to decrease, Spurs could be in a healthier state than some.
"Like I say, we are in a position where we have not mortgaged the house, and in that scenario we are maybe going to be in a stronger position than some clubs.
"I'm surmising a little bit, it's got to be thought through."
Glenn feels that the collapse of the Kirsch media group that covered the Bundesliga could, in time, lead to clubs in England becoming more prudent with regards to player's wage demands.