FA chairman David Bernstein and general secretary Alex Horne told a Parliamentary inquiry into football governance that a licensing system similar to UEFA's financial fair play rules should be brought in to the top four divisions.
Horne told the culture, media and sport committee: "This is a decision moment for the game. I think it's time to consider closing the gap between the salary cap that exists in League Two and UEFA's financial fair play system.
"This is the moment to reach across all four leagues and look at appropriate cost control measures. That would chime with the position of the Football League and their concerns about the debts of clubs."
UEFA's rules will compel clubs in European competition to only spend what they earn and Bernstein told the MPs he would like to see it extended across the Premier League and Football League as well.
"He admitted however that the leagues had to agree to such a change and that there could be opposition from the top flight.
Bernstein said: "I'm not saying they agree that at the moment, we have yet to explore some of these things but I'm hopeful.
"It's a journey I think we have to take and we will be taking it quickly and working with them, and I hope for a positive conclusion."
The inquiry heard that Bernstein has called a meeting of all Premier League and Football League chairmen and chief executives to discuss a way forward.