Premier League chairmen on Thursday will be presented with a range of possible financial controls to limit spending by top-flight clubs.
The league's top executives have produced a discussion paper on financial controls for the chairmen to consider which could eventually lead to clubs being forced to break even every year - or face sanctions.
It would mean a serious blow to clubs such as Manchester City and Chelsea who have return significant losses in recent years.
There is strong support at other clubs for such controls - Wigan Athletic chairman
No decision will be made on any measures on Thursday - instead two groups of 10 clubs, each with clubs mixed up to reflect size and region, are to be formed to discuss the options in more detail.
Whelan's own club Wigan has also operated at a loss - the Latics returned a net loss for the year ending
Whelan told the
"Some clubs are spending way more than they can afford and get into trouble - look at Portsmouth.
"The Premier League is so big and powerful and there is so much money around that the clubs try and chase it. Something has to be done so we will support these measures."
United's chief executive
The Football League has also introduced a similar system into the Championship and Gill believes the top flight should bring in similar measures.
Gill said last week: "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."
At least 12 of the 20 top-flight clubs ended the 2010-2011 season in the red with Manchester City's losses of £197 million ($307.48 million) dwarfing even Chelsea's £68 million ($106.13 million) and Liverpool's £49 million ($76.48 million).
Critics of financial fair rules argue that it will forever favour those clubs such as Manchester United and Arsenal who make a profit and rule out wealthy benefactors such as
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