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He said: "I would like 20 players registered with a salary cap, a figure that each team agrees on. You might get Manchester United or Arsenal supporting it on the basis they can see Chelsea ruining this league.
"This is not something I've just brought up, it's something I've been advocating for five or six years. If this continues then the league is over the next four or five weeks. Manchester United have debts and Arsenal are funding a new stadium - it's Chelsea on their own.
"Good luck to Chelsea, I've got nothing against them but the competition has gone. If Mr Abramovich chooses to stay there and they continue with building their squad, nobody in the league can compete with that.
"It makes sense to see a £25m or £30m limit on Premiership wages per club in order to guarantee healthy competition. I know for a fact that the chairmen of Blackburn Rovers, West Bromwich Albion, Sunderland and Charlton Athletic - along with many more - support my views, so let's see it happen sooner rather than later."
A Premier League spokesman told The Independent: "We are open-minded on this issue but very sceptical that a workable system can be found or implemented."