Clubs from League One and League Two are meeting on Thursday afternoon to discuss easing their financial pressures by capping spending on players' salaries.
EFL clubs fear their inability to raise cash through traditional means such as gate receipts, season ticket sales, sponsorship and advertising means their biggest costs - player wages - must be trimmed if they are to survive.
A number of options under discussion could prompt a reduction in the spending on squad wages of all League One and League Two clubs.
One scheme supported by a group of chairmen and chief executives would cap playing salaries at League One between £2m-£3.5m, while in League Two, clubs could agree to maintain spending on wages to between £1.25m-£1.9m.
An alternative proposal includes an extension of the current system - the Salary Costs Management Protocol - which allows a percentage of turnover to be spent on salaries, ensuring clubs can cover player contracts.
Last Friday, the contingency plan that League One and League Two could be decided by the top eight sides from each division taking part in a mini-tournament to determine who is promoted, was suggested at a meeting between club captains and the EFL.
The body's intention still remains to complete the season, with clubs playing all remaining fixtures within a 56-day period.