The 24 Championship clubs will meet on Thursday to discuss proposals for an £18m salary cap that could be introduced as early as next season.
Clubs were sent a set of proposals in June and asked for their indicative views, before a working party of six clubs met to review the responses earlier this month.
The group's findings will be put to the rest of the clubs on Thursday as part of a wider discussion on league issues, including sustainability, future financial rules and squad sizes.
But the issue of a salary cap is likely to be the most contentious on the agenda, with the £18m proposal also potentially including agents fees, which is certain to spark debate.
The coronavirus pandemic has hit clubs in the EFL hard and the league needs to find a way forward to secure the financial future of its members.
The PFA held discussions with the EFL last Friday but are still to see the proposals in any detail before discussing them with players.
Among the notable issues is what to do with those clubs relegated from the Premier League this year, such as Norwich, who are set for a wage bill of around £28m in 2020-21.
One possibility is the Canaries receiving dispensation for all players on high wages and be audited at a wage equivalent to £10,000-a-week per player. The relegated clubs will not be part of discussions, however.
Spending on promotion bonuses and U21 players are other areas set to be discussed.
League One and League Two clubs have also been discussing the issue of a salary cap, with proposals for a £2.5m limit in the former and £1.5m in the latter being considered.
Whatever the outcome of the discussions with Championship clubs, a subsequent EGM would be required to apply any proposed changes into the regulations.