Currently the window closes on 31 August.
The EFL is keen on the proposal and a vote is taking place at Thursday's Premier League shareholders meeting.
"Generally I think the mood is that it will be an improvement," Harvey told BBC Radio 4.
"There are some significant concerns at some Premier League clubs around European competitions - the teams they are playing against being able to sign players after them.
"And from the EFL's perspective we have some real practical challenges to get over as well. Traditionally we start the season at different dates, so which start of the season are we going to use? Some of our clubs also survive on transfer income - selling players is an absolutely critical part of their business plan.
"There are a number of checks and balances we need to take to make sure this decision doesn't lead to some unintended consequences."
'EFL will benefit from exposure in Asia'
The draw took place in Beijing at 11:15am local time in an effort to boost the EFL's exposure in Asia, but the decision met with some criticism.
"The EFL got their first major overseas sponsor in Carabao," Harvey added. "This was their brand launch in China, which is a key market for them.
"In fairness, the draw usually takes place immediately after the last game of the round so it is made somewhere between 10:20pm and 11pm at night - the majority of people at that stage have already gone to bed.
"Picking 4:15am, the net result for the vast majority of people was the same - to wake up and find the result of the draw.
"We have an ambition to build the brand of the EFL and our cup competitions and this was a part of it. Yes it was not popular with a few but the benefits should be felt by the majority going forward."
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