The report, which has been seen by Reuters, found multiple failings in the current system, saying among its many criticisms that it led to "various abuses at the expense of young players and the integrity of competitions".
It said that an inflated transfer market was driving "unsavoury practices which may lead to the exploitation of players".
In a section on the role of agents, the report added: "The transfer system appears to have turned into a speculative market. This is not fair to the football clubs or grassroots which are the foundation of the professional sport."
VAR to be introduced in Champions League next season
FIFA president Gianni Infantino said after being elected in 2016 that transfer system reform was one of his priorities and he has since voiced his concern at spiralling transfer fees. The report said "mechanisms to achieve transparency and objectivity" in the calculation of transfer fees should be considered.
It raised several ideas for putting the brakes on fees, including the use of an algorithm, or set of mathematical rules, to calculate the value of players.
The task force, set up by Infantino in November, said the Swiss-based CIES Football Observatory had already developed an algorithm to "estimate transfer values and probabilities in a scientific way."
The report also recommended limiting the number of player loans a club could make in a season to between six and eight in and the same number out.
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