The Qatari-owned Ligue 1 side more than doubled the previous world transfer record by meeting Neymar's €222m (£200m) Barcelona release clause in early August, then following it up with an agreement to sign Monaco starlet Kylian Mbappe for €180m (£160m) next summer.
Elber, who picked up four Bundesliga titles, three German cups and the Champions League during his time with Bayern, claimed that the French outfit's actions have led to an "unhealthy" situation for clubs around the world.
"There is no [Bundesliga] club that would say 'Yes, we pay 100 or 200 million euros'. I don't think any player is worth such a large amount," he told DAZN.
"Neymar is a superb player but I think PSG has destroyed the whole market right now by paying these amounts. Not only for Neymar but also Mbappe. €200m if they buy him, that is unhealthy for football.
"If a player wants to leave his club, a contract has no worth anymore, he just rips the contract up and leaves."
Following Neymar's departure Barcelona went on to spend £135m on 20-year-old Ousmane Dembele, who had cost Borussia Dortmund just £13m one year earlier.