Premier League club bosses will hold further talks on new cost control measures and extra funding for the EFL across Thursday and Friday.

The top flight is examining the introduction of a model along similar lines to UEFA’s squad cost ratio which, by 2025-26, will cap the spending of clubs involved in European competitions on wages, transfer fees and agent costs at 70% of revenue.

English clubs playing in Europe will therefore need to abide by this system.

The Premier League will continue to discuss its own cost control regulations which would ultimately supersede the existing profitability and sustainability rules (PSR) at a strategy meeting on Thursday and a shareholders’ meeting on Friday.

It is understood discussions have taken place on allowing clubs outside European competition, who are therefore not subject to the UEFA rules, more leeway on spending, with a ratio of around 85% of revenue having been discussed.

Albion chief executive and deputy chairman Paul Barber recently spoke, in more general terms, about the importance of clubs controlling their spending and limiting their financial losses.

He told TalkSport: "We should be looking at rules that limit our losses, make our clubs more sustainable, ensure that we live within our means as best we can.

“I think most owners would like to lose less money.

“We have got to find ways to make the entire pyramid more sustainable.”

Premier League chief executive Richard Masters said there are proposals out for consultation with clubs about aligning more with the UEFA system.

He added: “We need to consider whether that is an appropriate move for us, and how we do that and when.

"So that’s sort of a large chunk of day one (Thursday). On day two (Friday), it’s a normal shareholders’ meeting, when we’ll be discussing again the New Deal.

“I don’t necessarily expect it to be the moment when we formalise things, we need the time to make sure that all aspects of the deal are fully understood by everybody.”

One major sticking point in the Premier League’s New Deal discussions with the EFL centres on the top flight’s support for clubs relegated to the Sky Bet Championship being able to continue to work to the 85% ratio.

The EFL’s chairman Rick Parry says this, along with the continuation of parachute payments, will widen the gulf between such clubs and the rest of the Championship who are set to work to a much tighter limit, closer to the 70% UEFA mark.

“Some of the issues that are still at debate between (the EFL and the Premier League) and internally within the Premier League itself are about trying to find a resolution on exactly how the financial regulatory system will work in the future,” Masters added.

“There’s an area of disagreement between us on how cost controls are going to work. Because obviously if you’re going to put more money into a system, that system has to be properly regulated. That system has yet to be fully agreed on how Championship clubs, how relegated clubs and how Premier League clubs operate a common system.”

Masters admitted there was also still a debate among his clubs over how extra funding to the EFL should be paid.