The Premier League clubs will meet next week to discuss the imposition of some radical new cost control measures.

Among the ideas up for debate is a proposal from Ellis Short, Sunderland's owner, that clubs should agree to limit any increases in player costs to a fixed sum, say 10%, for prearranged periods. The ensuing restrictions on wage rises would make it increasingly difficult for leading players and their agents to demand huge salary hikes mid-contract, thereby helping achieve the Premier League's aim of financial sustainability for all members. An alternative suggestion is that clubs should spend no more than 70% of their turnovers on wages.

Another item on the agenda which will be discussed when the 10 southern clubs meet on Monday and their 10 northern counterparts convene on Wednesday is asking chief executives to supply the Premier League with five-year financial forecasts. At present the League receives one-year financial plans from all clubs but there is a feeling that, with player and managers sometimes joining on five-year deals, it is important that they demonstrate a longer term ability to guarantee such contracts.

A third possibility is that all England's elite clubs may agree to adopt and abide by the "break even" element of Uefa's new financial fair play rules, which from 2014 will affect British clubs involved in European competition.

With the recent salutary examples set by Portsmouth and Leeds serving as stark warnings, "financial sustainability" is increasingly heard in Premier League circles but persuading all 20 clubs to enforce such cost control stipulations and agree sanctions will prove tricky. Chelsea, Fulham and Manchester City are all opposed to the mooted restrictions and there will be much debating before concrete proposals are put to the vote.

Even so there is a sense that the wind of financial change beginning to blow through English football will eventually become inexorable.