Chief executive Richard Scudamore has denied that Sven-Goran Eriksson's corruption comments forced the Premier League into launching an inquiry.
Scudamore keen to resolve bung allegations
The announcement of an independent probe into irregularities in transfers follows Eriksson's comments that corruption is rife in the game.
But Scudamore said: "It is not a knee-jerk reaction at all. We have our own business reputation to protect.
"If anybody accuses somebody of being corrupt, you don't react kindly to it."
Scudamore remains determined to challenge the claims by the departing England boss as well as those made by Luton manager Mike Newell.
"We know there is rumour and gossip," he added. "I have spoken to 20 clubs in the last 48 hours who don't believe there is any room for that culture to exist.
"If clubs and managers are prepared to expose themselves to that sort of scrutiny, we should be able to prove beyond reasonable doubt that there is nothing going on at a particular club or with a manager.
The last 'bung' inquiry took four years to complete and Scudamore is keen to avoid such a lengthy inquest.
He said: "We don't want this to last four years. If we have to wait that long for the answers we are looking for, it is unacceptable.
"We will throw enough resources at it to make sure it is done as quickly as possible."
The inquiry will examine transfers concluded since January 2004 and look for details of any irregular payments.