The board members of all 20 top-flight clubs have congregated in order to discuss the new proposals, with the issue of wage restrictions chief among the issues up for vote.
All 20 chairmen of the current Premier League clubs have met to discuss a number of new proposals, including the introduction of a salary cap.
Many are concerned with the issue of teams operating at a loss, and Premier League outfits have shown an interest in introducing a similar framework to UEFA's Financial Fair Play (FFP) regulations. At least 14 votes are needed for any motion, which includes wage restraints and contract guarantees, to be passed.
FFP regulations are intended to ensure that all clubs break even and Wigan chairman Dave Whelan believes that this aim will appeal to all top-flight sides.
"I really think every club in the Premier League has this desire to break even, at least," the Latics owner told Sky Sports News.
Although an outright cap is expected to be legally unviable, a proposal for wage restraint would limit the percentage that any club can add to their annual wage bill.
A suggested initiative for contract guarantees is that any outgoing chairman would have to continue to pay the wages of any highly paid players signed under their tenure, in an effort to avoid owners simply bailing out after creating untenable expenditure at a club.