Other clubs such as Sunderland are more keen on capping wage increases for players but Gill said that would be a "quid pro quo" with those clubs having to agree to financial fair play.
A smaller group of clubs - Chelsea, Manchester City, Fulham and West Brom - are opposed to any form of regulation but it looks likely that a compromise will be agreed at the next meeting on February 7 which would allow owners to cover a fixed amount of losses.
Gill said: "It's a debate - we're having a discussion on financial fair play. The impact of the new TV money has clearly focused the minds. Seven or eight clubs are going to have to abide by UEFA's regulations in any case.
"The league are working on this and will put a paper together to be discussed at the February meeting. Whatever's decided is dictated by 14 clubs.
"On wage cost protocol it's a quid pro quo. It depends what direction you come from. If they get that we will want the other. In my opinion it's a joint program, and the two things are linked."
Gill confirmed that he had suggested to other club chiefs the Premier League could use UEFA's systems to implement similar rules - but denied a report that he wanted the European body to administer the English rules too.
UEFA's regulations are being monitored by Jean-Luc Dehaene, the former Prime Minister of Belgium.
Gill added: "That was totally wrong. What I said was if we subscribed to the UEFA system we could use their computer systems and analysis on things like related party transactions but the control and the decisions will be made here. I wasn't saying 'give it to Mr Dehaene'. I was saying we could piggy back on their system."