A working party, which was set up in May and is headed by QPR chairman David Davies, is delivering its findings to a Football League meeting in Oxford.

Should club chairmen agree to the proposals, a salary cap could be in place by the start of next season.

The report will include a recommendation to introduce a system whereby clubs would be allowed to spend no more than 60% of their annual turnover on player wages.

However, the limit could become stricter in future years.

The idea is similar to that proposed by the G14 group, which includes 18 of Europe's top clubs, who have agreed in principle to a self-imposed wage cap of 70% of annual turnover.

Davies explained: "We're not saying any individual player will have his wages capped, but we are suggesting the collection of the players can't be paid above a certain level.

"We are looking at a pot of money that is so large that no player in his own right is going to be able to demand that kind of wage.

"But when the club has reached a collective upper limit, it can turn round and say 'we're not going to push ourselves too far'."

The idea of a salary cap was mooted after the collapse of ITV Digital and the ensuing financial difficulties of many lower division clubs.

The Professional Footballers Association (PFA) was initially opposed to the proposal, but has since said that if it meant improving many clubs' financial situations, it would back wage limits.

If the proposals are approved at Thursday's meeting, the Football League will meet with the PFA next week to continue discussions.

"All these things take time and we're starting off with discussions with the chairmen," Davies told BBC Radio 5 Live.

"The pulse tests so far suggest there is broad support for us and, following today's meeting, I hope we will be able to take those proposals to a wider audience.

"That will include the Premier League, the FA, the PFA and the Conference because all of those people have clubs that will be affected or members that play for the clubs."