The Latics owner suggests teams who cannot balance their books should face points deductions or even the threat of demotion to lower leagues ahead of a major vote on Thursday
If the deal is passed, new rules will dictate teams cannot spend more money than they generate from next season onwards, in an attempt to curb runaway spending in the division.
And Whelan believes implementing new safeguards will prevent more clubs from following the disastrous route of Portsmouth and Rangers and slipping closer to financial oblivion.
"I think the clubs will say break-even is something they want. We could definitely see it," he told BBC Sport."This break-even rule will stop clubs getting into the red. There's nothing worse than seeing a club like Portsmouth getting into financial trouble - or Rangers, who are such a big and powerful club.
"We've got to say 'if you agree with this, you've got to abide by the rules.' If you don't break even, you get relegated or get a 10, 15, 20-point deduction."
Whelan revealed that Fulham, who are thought to be saddled with considerable debts, are strongly opposed to any new rulings, which would require a vote from 14 of the 20 Premier League clubs to be passed
He added: "I don't think Fulham want anything at all to do with it but generally it is accepted it's a very good rule. If it's passed on Thursday I think it's going to be a very good thing for football."
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The most recent figures show Premier League clubs made a total loss of £361 million in 2010-11, highlighting the need for stricter measures. Manchester City alone made a £197m loss in their latest figures.
However, Whelan does not believe clubs will agree to a salary cap for players, with owners still keen on attracting the best talent from across the globe.
He continued: "I don't think they will go along with a wage cap, I can't see them getting a majority to put in too many controls."