Celtic and Rangers have been affected by the economic downturn
Richard Scudamore believes there is no chance of the Old Firm joining the Barclays Premier League.
Both Celtic and Rangers are desperate to quit Scottish football, with England their preferred destination.
But Premier League chief executive Scudamore cannot see his organisation's 20 member clubs voting to let them in.
Scudamore also revealed that he was personally against the Old Firm - who have also been linked with an Atlantic League - leaving Scotland.
"I don't think it's a serious proposition for a whole number of reasons," he said.
"Scottish football is Scottish football. For a traditionalist like me, that's where the Old Firm should play."
Rangers are in the midst of a financial crisis, with manager Walter Smith being unable to make any permanent signings during the summer.
Owner Sir David Murray has stood down as chairman while he attempts to sell his shares, with Smith claiming that the club were now being run by Lloyds bank, although the financial institution has subsequently denied that suggestion.
Celtic have themselves reported reduced profits and warned of a difficult time for the Scottish Premier League after the promise of a large increase in television revenue was lost when broadcaster Setanta collapsed earlier this year.
Bolton Wanderers chairman Phil Gartside is due to raise at the November meeting of the Premier League in England the possibility of a two-tier set-up to include the two Glasgow clubs.
"I see the benefits for Celtic and Rangers if they moved to our Premier League," added Scudamore.
"But I don't think our 20 clubs are going to vote to allow these clubs into our league."
Rangers have suggested that an Atlantic League was the more realistic.
However, claims that top Dutch clubs were interested in such an arrangement, which would also involve outfits from Belgium and Portugal, have been played down in the Netherlands.
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