The plans, which are reported to be similar to the measures taken by Uefa with their Financial Fair Play (FFP) scheme, will be discussed further at a meeting on Thursday.
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"This proposal has come from Manchester United — I think City haven shaken them up a little bit — but I think there should be some controls on spending," Whelan told the Daily Mail.
"Some clubs are spending way more than they can afford and getting into trouble — just look at Portsmouth. Something has to be done so we will support these measures."
United chief executive David Gill, meanwhile, believes that new rules are necessary given the moves that have been made in other competitions to ensure more responsible spending.
Gill also insisted that many clubs would be happy to implement FFP in the top flight immediately.
"A lot of clubs would be happy just to introduce the financial fair play regulations into the Premier League now, some wouldn't," he said.
"We've got financial regulations in the Championship and the Champions League, so we need to do it."