UEFA will introduce the system into European competition in 2014, which will mean clubs in its tournaments can only spend what they earn.
The Football League has also introduced a similar system in the Championship and Gill believes the top flight should follow suit.
He said: "The Premier League is having discussions now as to what, if any, additional financial regulations we should bring in.
"We've discussed it at the Premier League meeting in the summer.
"A lot of clubs would be happy just to introduce the financial fair play regulations into the Premier League now, some wouldn't, but that's a debate that has to have happened.
"And it will happen. If you look at it we've got financial regulations in the league below us, the Championship, and the competition above us, the Champions League, so we need to do it.
"The Premier League being the best league in the world, the most commercially effective league in the world, I think there's a real opportunity to introduce some sensible rules that effectively improve and enhance the long-term or medium-term financial stability."